/ SP Publishes Draft Rule for Consultation on Caps to Underlying Fees in Pension Funds

Felipe Cousiño Prieto
Partner

Francisca Donoso Fernández
Senior Associate

Laura Tressler Iglesias
Associate

On January 14, 2026, the Superintendence of Pensions (SP) published for consultation a draft rule containing instructions for implementing the amendments to Article 45 bis of Decree Law 3,500 (DL 3,500), introduced by Law No. 21,735 on Pension Reform. This regulation aims to govern the payment of underlying fees charged to pension funds (Underlying Fees) and establish aggregate maximum caps. The deadline for submitting comments is January 26, 2026.

1. Prohibition on Payment of Underlying Fees

The draft rule establishes a general prohibition on paying fees charged to pension funds to investment vehicles or managers that invest more than 10% in:

a. Certain domestic instruments corresponding to those listed in letters b), c), d), e), f), g), h), i), and ñ) of Article 45 of DL 3,500, namely: time deposits; bonds and securities representing deposits issued by financial institutions; guaranteed securities and mortgage bonds; bonds of public and private companies, including those exchangeable for shares; shares of publicly traded corporations; mutual fund and investment fund shares regulated by Law No. 20,712; commercial papers; and bonds issued by investment funds.

b. Instruments issued by the Central Bank or the General Treasury of the Republic.

c. Foreign instruments, transactions, and contracts referred to in Article 45(j) of DL 3,500 which, in turn, invest more than 10% in the aforementioned domestic issuers.

2. Exceptions to the Prohibition

The draft rule includes relevant exceptions: investment vehicles or managers may receive fees if they invest primarily—at least 90% of the respective vehicle’s assets—in domestic issuers of low or medium capitalization, defined as those not included in the IPSA index and whose equity is lower than that of the smallest company within said index.

Additionally, domestic or foreign vehicles with a regional or global focus are exempt if their exposure in Chile to the instruments mentioned in letters a. and b. of number 1 above is less than 12%.

3. Aggregate Caps for Underlying Fees

The draft rule sets annual caps for the total Underlying Fees that may be charged to pension funds. Any excess over these caps will be borne exclusively by the Pension Fund Manager (AFP). The proposed caps, expressed as a percentage of the pension funds’ value, are:

The calculation methodology and applicable criteria will be established according to the instructions issued by the SP through a general rule. These aggregate caps are in addition to (and, therefore, do not replace) the current maximum TER regime which applies at the individual underlying fund level.

4. Effective Dates

• April 1, 2026: Restrictions on the payment of underlying fees charged to pension funds take effect.
• November 1, 2026: Maximum caps for global fees take effect. These caps will apply from November 1, 2026, until March 31, 2027, the last date on which the current multi-fund system will operate.
• April 1, 2027: New Target Date Funds will replace the multi-fund system. Maximum aggregate fee levels for these funds will be established in due course, in line with the characteristics of the reference portfolios and authorized fluctuation bands.

You can access the full text at the following link:
https://www.spensiones.cl/portal/institucional/594/articles-11315_nt_541_proy.pdf