The Colombian Pension Administrator COLPENSIONES is an Industrial and Commercial Company of the State organized as a special financial entity, linked to the Ministry of Labor.

Decree number 309 of February 24, 2017, by which “By which the structure of the Colombian Administrator of COLPENSIONS is modified,” adopts, adopted a new operation model that will allow it to improve the effectiveness of the service it provides to citizens in old-age protection, improve its management evaluation and control processes and give a timely response to citizens' requests or procedures.

In accordance with Article 5 of Decree 309 of February 24, 2017, In development of its purpose, the Colombian Pension Administrator, COLPENSIONES, will carry out the following main functions and the others stated in the decree:

1. Manage the solidarity system of average premium with defined benefit of the General Social Security System in pensions.
2. Determine the pension rights and economic benefits in favor of those affiliated to the Medium Premium Regime with Defined Benefit of competence of the Company.
3. Determine the pension rights and economic benefits related to the Medium Premium Regime with Defined Benefit, which are caused after the liquidation of the previous administrators of the average premium regime has been ordered or the cessation of activities as administrator is defined, always and when, at the time of the liquidation or cessation of activities, the affiliates or those who were affiliated have not complied with the requirements of time of service and age required by legal regulations or that, at the time of liquidation or cessation of activities , the public servant has reached the necessary age, but not the time of service.
4. Manage, separately from its assets, the resources corresponding to the average premium regime with defined benefit, in accordance with the law.
5. Manage, separately from its assets, the portfolio of investments, savings and payments of the Periodic Economic Benefits Savings System, as well as the incentives granted by the National Government for the promotion of this type of savings by COLPENSIONES.
6. Advance the management of resources of the regimes that it administers and the Company's own resources, determine the income, manage the collection and collection, including coercive collection, and administer the reserves and investments.
7. Manage the labor and pension history, the individual accounts of the related parties, the news records and the consistency of the information.
8. Manage the payroll of those who are recognized benefits and benefits, manage news, settle, verify and pay the corresponding benefits and benefits.
9. Prepare and keep actuarial calculations up-to-date in order to quantify the pension liabilities of current, future allowances, pension commutations, bonds, shares and carry out other calculations that are necessary in accordance with legal regulations.
10. Carry out, collection, payment and transfer operations of the resources that must be managed. For this purpose, it may do so directly or through third parties, associating itself, entering into business collaboration agreements, making agreements or contracting with financial institutions or companies that provide low value network administration services.
11. Design and adopt strategies for the granting of additional or complementary services, for the use and enjoyment of its affiliates, savers, pensioners and beneficiaries, such as payment services and virtual transactions or cash cards, for which it may, among others, enter into agreements with Public and private entities, including compensation funds.