彭博新闻周四报道称，智利养老金基金的高管们曾向监管机构呼吁，在美债下跌导致他们遭受数十亿美元损失之前，对波动性利率衍生品实施限制。
Executives at Chile's pension funds appealed to regulators for curbs on volatile interest-rate derivatives before a downturn in US Treasuries left them with billions of dollars in losses, Bloomberg News reported on Thursday.
该报道称，基金经理们曾警告那些后来严重冲击系统最保守基金的头寸风险。这些损失引起了一些立法者的批评，并使退休人员产生了担忧。
The report said that fund managers had flagged risks of positions that have since hit the system's most conservative fund hard. The losses have drawn criticism from some lawmakers and raised concerns among pensioners.
智利的私人养老金体系由被称为“Administradoras de Fondos de Pensiones”（养老金基金管理公司，简称AFP）的公司管理，这些公司监管五只投资基金，从风险最高的A基金到最保守的E基金。
Chile's private pension system is managed by firms known as Administradoras de Fondos de Pensiones, or pension fund administrators, which oversee five investment funds ranging from Fund A, the riskiest, to Fund E, the most conservative.
本周早些时候，AFP协会研究主管罗伯托·富恩特斯·席尔瓦将E基金的下跌归因于美国利率上升，此前彭博报道称，智利养老金基金因利率相关头寸而蒙受约77亿美元的损失。
Earlier this week, the AFP Association's head of research, Roberto Fuentes Silva, attributed a decline in Fund E to rising US interest rates after Bloomberg reported that Chilean pension funds had posted losses of about $7.7 billion on interest-rate-related positions.
彭博周四的报道称，管理这些养老金基金的高管们曾在私下对话中呼吁监管机构执行关于囤积波动性衍生品的规则，报道引用了熟悉这些对话的人士的消息。
Executives managing these pension funds had asked regulators in private conversations to enforce rules on the stockpiling of volatile derivatives, Bloomberg's Thursday report said, citing people familiar with the conversations.
报道补充称，由于该交易具有高收益性，这些高管若独立行动就会放弃竞争对手继续获利的回报。智利养老金监管机构尚未立即回应路透社的置评请求。
The lucrative nature of the trade meant the executives could not act independently without forgoing returns that rivals would continue to cash in, the report added. Chile's pension regulator did not immediately respond to Reuters' requests for comment.
AFP协会一直试图安抚缴费者，称在一份声明中表示，养老金基金的表现应从长期评估，而不应仅基于短期市场波动。
The AFP Association has sought to reassure contributors, saying in a statement that pension fund performance should be assessed over the long term rather than based on short-term market fluctuations.
富恩特斯·席尔瓦对当地媒体表示：“养老金基金既没有亏损也没有收益，而是经历估值的增加或减少。”
"A pension fund does not have losses or gains; rather, it experiences increases or decreases in its valuation," Fuentes Silva told local media.
智利目前的私人养老金体系始于20世纪80年代初的奥古斯托·皮诺切特独裁时期，完全依赖由AFP管理的劳动者缴费。
Chile's current private pension system started in the early 1980s during the Augusto Pinochet dictatorship and relied solely on worker contributions managed by the AFPs.
该系统长期因生成相对较低的养老金而受到批评，而AFP运营商仍继续实现可观利润。经过多年政治辩论，国会于2025年1月批准了一项重大养老金改革，改革自去年8月起分阶段推出，并将持续数年。
The system has long faced criticism for generating relatively low pensions while AFP operators continue to post significant profits. After years of political debate, Congress approved a major pension reform in January 2025, with the rollout beginning in stages from August last year and continuing over several years.