By San José, Costa Rica — San José – A fierce debate over the future of Costa Rica’s retirement savings has erupted in the Legislative Assembly, with an independent lawmaker accusing the national pension regulator of deliberately misleading the public. Deputy Gilberth Jiménez presented a fiery address, armed with calculations he claims prove the country’s ₡14.3 trillion Mandatory Complementary Pension Plan (ROPC) is more than capable of providing full, lump-sum payouts to retirees, directly contradicting the official narrative of systemic risk.
The controversy centers on the growing demand from workers to access 100% of their ROPC funds upon retirement. Currently, retirees are forced to receive their savings in small monthly installments. Pension regulators, led by the Superintendency of Pensions (SUPEN), have long argued that allowing full withdrawals would “decapitalize” the system, jeopardizing its long-term stability. Jiménez has forcefully rejected this premise as a falsehood designed to benefit fund operators.
Addressing the pension authorities directly from the assembly floor, the deputy issued a stark challenge to their official position. He accused them of using scare tactics to retain control over worker’s capital while the numbers tell a different story of immense liquidity and solvency.
Don’t come to deceive and don’t come to lie… Here are the numbers, here is the reality.
Gilberth Jiménez, Independent Deputy
The core of Jiménez’s argument rests on a straightforward mathematical analysis. He detailed that the pension system’s total managed assets currently stand at a colossal ₡14.3 trillion. Against this backdrop, he presented demographic projections showing that between 82,000 and 84,000 people are expected to retire over the next five years. Based on average balances, paying every single one of these individuals their full ROPC savings would cost an estimated ₡995 billion.
Jiménez emphasized the disparity between the payout cost and the total fund size, highlighting that the projected mass withdrawal would represent a mere 7% of the total capital. This fact, he argued, dismantles the “decapitalization” theory entirely and exposes the regulators’ reluctance as a political choice, not a financial necessity.
Listen, gentlemen, there are 14 trillion in capital today… we wouldn’t even spend one trillion.
Gilberth Jiménez, Independent Deputy
For retirees, the debate has profound real-world consequences. The current system of monthly installments often provides sums too small to cover significant expenses like paying off a mortgage, starting a small business, or handling a medical emergency. Jiménez framed the issue as a matter of fundamental ownership rights, arguing that the funds belong to the workers who earned them and should be available when they are most needed.
The savings must be returned to the people when they need them, not when they die.
Gilberth Jiménez, Independent Deputy
As the debate intensifies, political pressure is mounting in what is described as a pre-electoral year. The deputy warned his colleagues in the assembly that public sentiment is strongly in favor of reform and that ignoring the popular will could have consequences at the ballot box. The slogan “if there’s no ROPC, there’s no vote” has begun to circulate, transforming a technical financial discussion into a potent political movement.
The standoff now pits a data-driven legislative challenge against the established position of the country’s financial regulators. With citizens demanding control over their life savings and operators benefiting from managing a multi-trillion colón fund, the battle over the ROPC is set to become a defining issue for Costa Rica’s economic and political landscape in the coming months.
For further information, visit supen.fi.cr
About Superintendencia de Pensiones (SUPEN):
The Superintendencia de Pensiones is the government body in Costa Rica responsible for regulating and supervising the country’s pension systems. Its primary mission is to ensure the solvency and proper functioning of the pension funds, protecting the savings and future benefits of affiliated workers. SUPEN sets operational rules for pension operators and oversees compliance to maintain the stability of the national retirement framework.
For further information, visit asamblea.go.cr
About Legislative Assembly of Costa Rica:
The Legislative Assembly is the unicameral parliament of the Republic of Costa Rica. Comprising 57 deputies elected by popular vote, it is the branch of government responsible for passing laws, approving the national budget, and exercising political control over the executive branch. It serves as the primary forum for national debate and the creation of public policy.
