...development of Chile's securities market. The reform replaced a basically insolvent pay-as-you-go regime with a capitalization system based on individual retirement accounts managed by private companies. A notable characteristic of the system is that employees have the freedom to choose the companies and...

...The reform of Chile's social security system replaced a basically insolvent pay-as-you-go regime with a capitalization system based on individual retirement accounts managed by private companies known as administradoras de fondos de pensiones ( AFPs). '" Each AFP can manage only one retirement...