New regulations designed to encourage saving through voluntary collective pensions (VCPs) came into effect on June 1, 2011. The government hopes that these will encourage more employers to set up second pillar plans for their employees.
Several important changes to the rules have been introduced:

Minimum membership
Under the new rules, a VCP can now be established with a minimum membership of 15% of the workforce (at least 100 employees). Previously, a minimum of 30% of the workforce, and 300 employees, had to sign up.

In the past, employers’ contributions vested in full immediately. There is now a rolling 24-month period, with an upper limit of over 60 months of employment for full vesting.

Employers can now offer different contribution rates to employees based on service periods, provided that all employees who meet the requirements are eligible when the service period is reached.

Cruz del Sur
Ranked among top 10 insurers in Chile, Seguros de Vida Cruz del Sur was established in 1992. The company offers a wide range of insurance products for group and individual through the extensive network of branch offices nationwide. Cruz del Sur has been a Swiss Life Network Partner since 2002.

For more information
please visit
or contact Ms. Bernardita Montt
Phone: +56 2 461 83 52