Frequent questions PENSIONS
1. ¿What is the current age at which women affiliated to Colpensiones may retire from work?
The age required currently by law for women to retire from work is 57 years of age. Once any woman turns 57 years old, she may request her retirement pension before Colpensiones.
2. ¿What is the current age at which men affiliated to Colpensiones may retire from work?
The age required currently by law for men to retire from work is 62 years of age. Once any man turns 62 years old, he may request his retirement pension before Colpensiones.
3. ¿Can someone be affiliated to mandatory pensions in two different regimes at the same time?
NO. The affiliation to the average Premium regime with defined benefit (Social Security Institute – ISS by its Acronyms in Spanish), does not allow the affiliation to the Individual Savings and Solidarity Regime (Pensions Administration Fund) or vice versa, even if the worker has a labor contract with two or more employers.
4. ¿Should someone have several employers, how are the contribution quotes distributed?
The contribution quotes shall be paid in proportion to the earned salary in each of the labor agreements, without exceeding 25 minimum legal in force salaries.
5. ¿When does the obligation contribute cease?
The obligation to contribute ceases when the person registered in a pension fund (afiliado) meets the required age and time to obtain the old age pension or when such person obtains a disability pension.
6. ¿If the person registered in a pension fund does not meet the age and/or time requirements to obtain the pension, what is such person entitled to?
When the requirements to access the disability, survivors or old age (becoming of a certain age) pension are not met by the person registered in a pension fund, such person is entitled to a Substitute Compensation equivalent to a weekly average liquidation base salary, multiplied by the number of weeks quoted. To such result, the weighted average of the percentages on which the person registered in the pension fund has contributed, shall be applied.
7. ¿Who are entitled to, where should it be filed, and which documents are required to request funerary aid?
Anyone who can prove having paid for the funerary expenses of someone registered in a pension fund, before or after receiving a disability or old age pension is entitled to this compensation. The request shall be filed before a pensions attention center (Centro de Atención en Pensiones - CAP). The documents that shall be filed are: *Death Civil registry (death certificate) *Aid request letter *Original invoice regarding the funeral expenses, with “paid” stamped on.
8. ¿Can someone registered in a pension fund receive simultaneously old age pension and disability pension?
No, they exclude each other.
9. ¿What is a pension bond?
It is a security through which the calculation of all the time worked before choosing any o two pension regimes created by Law 100, 1993, is guaranteed. Pension bonds are payments intended to contribute in forming the required equity to finance the pensions of those registered to the General Pensions System (Sistema General de Pensiones).
10. ¿If, for any given reason, the pensioner cannot collect personally his/her pension allowance, what can he/she do?
He/she shall grant a power and attach a certificate of survival granted before a notary.