Chilean Pension Regulator Investigates AFPs Over Massive Fund Losses

AFP Fondo E Superintendencia de Pensiones Chilean pension system interest rate derivatives

The Chilean Superintendency of Pensions has launched a sanctioning process against all seven pension fund administrators (AFPs) following significant losses in the country's most conservative investment portfolios. The investigation aims to determine if the administrators breached their legal duties of loyalty and diligence.

Fondo E, the system's most conservative fund, recorded a real negative return of 10.39% between January and September 2026, including a 4.92% drop in September alone. Fondo D also saw a decrease of 6.38% during the same period. These losses are linked to increased exposure to international interest rate derivatives, specifically US interest rate swaps, with estimated losses reaching approximately $7.7 billion.

Finance Minister Jorge Quiroz expressed full support for the investigation, noting that if negligence is proven, directors could be held personally liable with their own assets. Meanwhile, members of the Chilean Congress, including Deputy Diego Schalper and various parliamentary committees, have demanded transparency and potential restitution for the hundreds of thousands of affected affiliates.

Entities

AFP · AFP Capital · AFP UNO · Chile · Comisión para el Mercado Financiero · Diego Schalper · Fondo E · Jeannette Jara · Jorge Quiróz · Superintendencia de Pensiones

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] Jeannette Jara called the investment strategy applied by the administrators ‘brutal’ and ‘reckless’. elminuto.cl
[● 4 SOURCES] Two protection writs were filed against AFP Capital and AFP UNO in the Santiago and Puerto Montt Courts of Appeal. lamegafm.cl
[● 9 SOURCES] Fondo E accumulated a real negative return of 10.39% between January and September 2026. publimicro.cl · elminuto.cl · lamegafm.cl · www.atentos.cl · chocale.cl · +3 more
[○ 1 SOURCE] Deputy Diego Schalper requested information from the Superintendency of Pensions and the CMF regarding the causes of negative returns. publimicro.cl
[● 5 SOURCES] Fondo E experienced a 4.92% real decrease in September 2026. publimicro.cl · elminuto.cl · g5noticias.cl
[● 7 SOURCES] The losses are linked to increased exposure to long-term instruments and interest rate derivatives, specifically US interest rate swaps. lamegafm.cl · publimicro.cl · www.latercera.com · g5noticias.cl · dominicanaaldia.com
[● 3 SOURCES] As of June, there were 774,243 people affiliated with Fondo E. publimicro.cl · dominicanaaldia.com
[○ 1 SOURCE] The Banco Central and the Superintendency of Pensions had warned about the risks of this type of exposure since last year. www.latercera.com