Chile: Retirees protest against private pension funds in Santiago

Pensioners marched to the La Moneda Palace, Santiago, on Thursday, to demand an end to the Private Pension Funds( Administradoras de Fondos de Pensiones, AFP) system.
Chile's current pension system was set up during the dictatorship of General Augusto Pinochet. From July this year, will see an average of a two percent reduction in the pay-out to retirees.
Chilean workers need to make yearly contributions in the private pension fund; this results in the fund accumulating a significant amount of capital but the pensioners protesting on Thursday say that, despite high contributions, their returns from the pension fund are insufficient.
A spokesperson for the Coordination 'No More AFP' Luis Mesina criticised the amount of campital and authority accumulated by the fund, saying, "170,000 million dollars, over 60% of the gross domestic product, is in the hands of the AFP, who negotiate with our money, and lend us our same money in loans, retail - and do vile business with our money. "