The Bravo Report proposes a pension system reform based on individual accounts, but without presenting simulations of the real impact on future pensions. The lowest pensions lose legal protection and become vulnerable to political cycles and economic crises, leaving workers without minimum guarantees.
Enrollment in private pension plans is presented as "voluntary," but imposes significant burdens on workers. They have only one month to refuse membership, are subject to mandatory periodic re-enrollments, and receive no reimbursement if they suspend contributions.
The report proposes that the State finance the new private pension plans, transferring public resources to the financial sector. Owner-occupied housing is also mobilized as collateral to finance a system in which insurance companies, banks and investment funds are the main beneficiaries.
