Petro accuses bankers of "robbery" over lawsuit to block $25 trillion transfer to Colpensiones

President Gustavo Petro has reignited controversy over Colombia's pension system, accusing private pension funds and the financial sector of attempting to block the transfer of approximately 25 trillion pesos to Colpensiones, as part of the new transition framework for the pension system. The accusations stem from a legal challenge filed by several pension fund administrators (AFPs) before the State Council, seeking to suspend Decree 0415 of 2026 from the Ministry of Labor, which orders the movement of resources from affiliates who migrated from the private regime to the public system.

The source of the conflict lies in the lawsuit filed by multiple AFPs, which argue that the decree would force them to release savings belonging to workers who voluntarily chose to transfer to Colpensiones. These institutions are seeking judicial suspension of the ministerial decree, generating a direct confrontation with the government's pension reform agenda. According to Petro's official statements, the refusal to transfer these resources constitutes a direct attack on workers' savings, a position that has intensified the ongoing dispute between the executive branch and the private financial sector.

The legal battle now puts the State Council in a critical position as arbiter of a conflict that combines fiscal implications, labor rights, and the interests of Colombia's private financial sector. The outcome of this judicial process could set a significant precedent for the implementation of the new pension transition scheme, directly affecting millions of workers' savings and the operational structure of the Colombian pension system.