Senate President Paulina Núñez announced on Tuesday, October 20, that she would convene a special session over losses in Fund E of the pension fund managers (AFP). She did so after receiving formal requests from government and opposition caucuses.
According to CNN Chile, the requests arrived on Monday in two letters. The first was signed by Senators Yasna Provoste and Juan Luis Castro on behalf of the United and Democratic Socialism caucuses. The second came from the Republican, National Renewal, Independent Democratic Union and Political Evolution caucuses, represented by Renzo Trisotti, María José Gatica, Gustavo Sanhueza and Luciano Cruz-Coke.
Fund E is the system’s most conservative fund. It typically holds the savings of people nearing retirement or seeking lower risk. According to the letters, it has recorded an average decline of 10.4% during 2026, with almost half of that drop occurring in September alone.
The lawmakers attribute the problem to derivatives contracts held by the fund managers. ADN Radio puts the losses at US$7,700 million. The decline hits precisely the fund designed to protect people approaching retirement.
The letters add another element. In April, the Superintendency of Pensions set limits on potential losses in derivatives portfolios and gave the AFPs 210 days to comply. According to the senators, the expiry of that deadline could turn current accounting losses into realized losses for contributors.
Núñez set out her position on X. She wrote on the platform that the situation was serious and warranted clear explanations. She added that sanctions must be imposed if responsibility is established, and that contributors deserve answers.
The Senate thus joins the Chamber of Deputies. According to ADN Radio, its president, Jorge Alessandri, had already announced a special session to review what happened, hear from the AFPs and the regulator, and discuss measures to prevent further losses.
The underlying question is who is accountable. The sources do not specify whether the failure lay with the fund managers or with oversight. That is the discussion both chambers seek to open.
Both requests call for the Minister of Labor and Social Security, the Superintendent of Pensions, the chair of the Pension Advisory Council and the chair of the Financial Market Commission (CMF) to be summoned. No date has yet been set for the session. Núñez said she would report to the Senate chamber on Tuesday and convene it shortly.
