Chile’s Sudden Pension Fund Losses Draw Fire From Lawmakers

Chilean lawmakers are demanding explanations from pension regulators after privately managed pension funds suffered massive losses on US interest-rate bets. Socialist deputy Daniel Manouchehri said Congress will question the pensions regulator on its oversight and the scale of potential losses, and will ask the Comptroller General to review the legality of the regulator’s actions. He emphasized that workers’ pension savings cannot be treated like casino bets.

The losses stem from large positions in US interest-rate derivatives built up by AFPs over the past two years, which initially profited as yields fell but reversed sharply during a global bond selloff that pushed US yields higher. The market value of these positions swung from a $1.4 billion gain a year ago to a $7.7 billion loss by September, according to regulator data. Most of the exposed funds are in the E funds, marketed as the safest option for those nearing retirement.

The regulator introduced derivative risk limits in April, requiring reduced exposure by Nov. 4, but the unwinding has been worsened by ongoing US bond selloffs. Independent lawmaker Jaime Araya said workers deserve to know what happened to their money, how much was lost, and who is responsible.

智利立法者在私人管理的养老基金因美国利率押注而遭受巨额损失后，要求监管机构说明。社民主主党议员丹尼尔·马努谢尔里表示，国会将质问养老基金监管机构其监管情况和潜在损失的严程度，并要求审计长审查监管机构行为的法律性。他强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强强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