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in 1980 chilla reformed its pension provision from a public pay-as-you-go system to a private individual capitalization one it was one of the biggest privatization experiments of the time and today the system is still far from perfect Edoardo real de sola from AFP capital is with me now Eduardo welcome Thank You Lanie what is the foundation of Chileamp;#39;s pension system today and how has it changed basically the the current system is based on individual accounts that means that every worker every month put their money in the account for the all working life which is roughly 40 years and then they receive what they have been saving for for that time that is compared with the pay-as-you-go system where you were basically saving for passive workers in a common fund and there was not a direct relationship between what they were saving they were receiving at the end of their work life besides of that the the current system is based on this individual accounts which is the mandatory savi