On June 28, the Colombian House of Representatives approved the pension reform bill that had previously been approved by the Senate. The reform had been held up for almost a year after the Constitutional Court (CC) asked Congress to rectify a procedural error. The House of Representatives did not modify any substantial aspect of the reform, so the so-called “conciliation” process between both branches of the legislature won’t be necessary.
After more than four hours of debate, the reform was approved, despite the attempt of the Colombian right-wing parties (Radical Change and Democratic Center) to leave the session without a quorum. At the end of the process, the pension reform was overwhelmingly approved: 104 affirmative votes and only nine against. Now Congress must send a report to the CC explaining how the procedural error was resolved. After the approval of the CC, the president of Colombia, Gustavo Petro, will be able to ratify the reform and put it into operation.
A new victory for the ruling party
In a post on X, Colombia’s progressive President Petro said: “We have triumphed. Long live the grandmothers and grandfathers of Colombia. The pension reform has been approved. I have complied, and the House of Representatives has complied.”
On several occasions, Petro has stated that this reform is one of his government’s ambitions. According to the president, it is expected that at some point 100% of Colombian senior citizens will have some kind of pension or bonus.
Thanks to the pension reform, Petro has achieved a new political victory. In December 2022, the tax reform was approved, and in June 2025, Pacto Histórico (the ruling party) achieved the longed-for labor reform. Petro also achieved the approval of the Total Peace Law, the Agrarian and Rural Jurisdiction Law, the declaration of the peasantry as a subject of constitutional protection, and the National Development Plan Law, among others. Petro also announced his intention to consult Colombians on whether they support the development of a Constituent Assembly to draft a new constitution.
What does the pension reform modify?
First, the reform eliminates the competition system between Colpensiones (the public institution that manages pension funds) and private funds, making both systems part of a single integrated model that will calculate the pensions of retirees. In addition, an Integral Social Protection System for the Elderly will be created, which seeks to safeguard the welfare of the elderly.
According to the reform, the pension system will be based on four pillars:
- Solidarity Pillar: The reform will benefit men over 65 and women over 60 who live in poverty and/or have some type of disability. The goal is to support vulnerable populations who may not have contributed enough to the pension system.
- Semi-Contributory Pillar: This applies to people who contributed between 300 and 999 weeks during their lifetime but did not reach the minimum requirement for a full pension. They will now be eligible for certain benefits, including a life pension. The pension amount will be calculated based on individual savings, plus 3% interest per year, and a state subsidy of 20% for men and 30% for women on the remaining balance. Those who contributed fewer than 300 weeks will be entitled to a refund of their contributions.
- Contributory Pillar: This will include all individuals formally affiliated with the pension system. It allows contributions made across different pension saving entities – including personal savings – to be combined in order to qualify for a retirement pension.
- Voluntary Savings Pillar: This consists of additional, self-directed contributions made by individuals to increase their pension benefits. These contributions can help increase the final pension amount or compensate for missing weeks of contribution needed to retire.
Several people sought a reduction in the retirement age in the reform. However, the age (62 for men and 57 for women), and the number of weeks of contributions to qualify for retirement (1,300 weeks), will remain the same as it currently is.
However, there will be changes for women with children. Women who have children will be able to retire with fewer weeks; 50 weeks less for each child (maximum 150 weeks), to be specific. There will also be advantages for parents who have children with a permanent disability.
