Depósito Central de Valores (DCV), a crucial institution in the Chilean financial market, will play a major role in implementing the 2025 Pensions Reform, the largest overhaul of the pension system in over forty years.

Since its founding in 1993, DCV has helped strengthen the trust and traceability of the country’s financial instruments. Its work has been crucial in modernizing the national market, achieving milestones such as the dematerialization of securities and the switch to electronic platforms that now support transactions for banks, AFPs, GFAs, brokerage firms, and investment funds. Today, with the new pension system, DCV faces a new challenge in meeting a national goal: managing records directly linked to millions of members.

The Pension Reform creates a hybrid system that combines individual accounts with a new solidarity element. This will be financed by an additional 7% employer contribution, of which 2.5% will go to the Fondo Autónomo de Protección Previsional – Autonomous Pension Protection Fund (FAPP), an entity chaired by Enrique Marshall.

“The participation of DCV provides certainty to the members that the liability incurred by the Fund (FAPP) with each of them constitutes an enforceable instrument, and therefore will be included among their assets at the time of retirement,” explains Rodrigo Roblero, General Manager of the DCV.

In this context, DCV assumes responsibility for the safekeeping, recording, and administration of the Pension Security Bonds (BSP) and Amortizable Bonds (BA) issued by the FAPP, instruments representing the pension-related debt the State owes to each worker. In this way, DCV will ensure that each bond is duly backed and traceable, protecting the members’ interests with respect to the State’s commitment.

In addition to its custodial role, DCV will also serve as the operational reporter for the bond payments, documenting the debt, reflecting its terms, and overseeing the execution of monthly payments once each individual reaches retirement age.

Regarding technology, DCV will provide the infrastructure to enable the large-scale, secure management of the new pension instruments. Based on Nasdaq technology—the same technology that underpins its new digital securities issuance and custody platform—the platform will enable the processing of between 5.5 and 7 million monthly records associated with the contributions that give rise to the BSP.

Meanwhile, DCV’s professional teams are actively engaged in technical working groups with the Superintendence of Pensions, the Ministry of Finance, and the FAPP, where they provide their operational expertise to help define the processes for issuing, safekeeping, recording, and settling the pension bonds. In the words of Rodrigo Roblero, the company “acts as a strategic ally of the pension system with a technical and functional approach.”

Through this role, DCV consolidates its position as an operational pillar of the pension system. These new steps represent a natural extension of its work – custody, registration, settlement – now implemented on an unprecedented scale and directly connected to citizens. With this, Depósito Central de Valores reaffirms its commitment to the country’s development by supporting the State and the financial system during one of the most significant structural changes in recent decades.