3/3. In 2020, at the height of the pandemic, after special authorization, Chileans rushed to withdraw part of their retirement savings (through capitalization). The government and civil servants, however, were exempt because they were beneficiaries of the state system. As in Switzerland, where the pension system for the government and civil servants differs from the pension funds (approximately 2,000) for ordinary citizens, it is not uncommon for this captive wealth to be outsourced for management at a cost of around 5% per year.
