Chile’s pension-fund system is admired and revered worldwide. It is the model reformers from other countries always turn to. But the system is not without blemishes. Fierce competition between fund managers has led to high-pressure sales methods and finally an industry shake-out. The gains for account holders of lower fees could be short-lived as consolidation gets under way.
Battling for survival, fund managers have recently cut an average of 0.24% off fees on individual accounts bringing them down to 2.76%.
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