Documento de Trabajo N° 73: Replacement rates in the Chilean pension scheme and projections under different scenarios

Median replacement rates for the period 2015-2022 are 17% for self-financed pension and 63% for total pension (that includes benefits from the first pillar). Projections for different reform scenarios significantly improve replacement rates, especially for actual pensioners when inter and intra generational solidarity are considered. Additionally, the evaluation of changes in replacement rates after the large-scale withdrawal of pension funds by the affiliates during the COVID-19 pandemic are presented, showing the size of the damage of such an initiative that significantly undermined social protection.