Colombia's State Council suspended Chapter 5 of Decree 415 of 2026, ordering AFP to transfer $25 trillion immediately to Colpensiones. The precautionary measure affects savings of those who switched regimes but have not yet met pension requirements. Asofondos requested extending the suspension to the remaining $5 trillion.
Colombia's State Council partially suspended Decree 415 of April 20, 2026, issued by the government to speed up the transfer of resources from Administradoras de Fondos de Pensiones (AFP) to Colpensiones' Régimen de Prima Media (RPM). Jesús Hernando Baena Álvarez's lawsuit argued excess regulatory power and financial risk, as the decree required 50% of capital in 20 days and the rest in 10 more days.
The suspension covers Chapter 5, ordering transfer of savings from about 100,000 contributors who used the transfer window but have not yet vested pension rights. Chapter 6, on $5 trillion for 20,000 already pensioned, may survive, per legal analysis. Asofondos president Andrés Velasco asked to extend the measure to these remaining funds, stating: "we would do wrong to transfer them".
Velasco detailed the $25 trillion comes from non-eligible contributors ($20 trillion) and pensioners ($5 trillion), stressing: "The only way to have a sustainable pension system is by building it around savings". Asofondos technical document warns of portfolio impacts, like forced sales of $3.59 trillion in stocks and pressure on TES.
Labor Minister Antonio Sanguino accused AFP of seeking to retain control over 120,000 workers' resources, while President Gustavo Petro called it a "true robbery". Velasco countered there are no commissions on those savings and they must stay with AFP.
