APV (ahorro previsional voluntario, voluntary pension savings) is the extra money a worker saves to improve or bring forward their pension, on top of the mandatory AFP contribution. The appeal is tax: under regime A the state adds a 15% bonus on the amount saved, capped at 6 UTM a year, and under regime B the savings are deducted from the income tax base, up to 600 UF a year, according to the Superintendencia de Pensiones (SP).
As of March 2026 there were 3,411,371 APV accounts holding CLP 14.1 trillion, 15.3% more than a year earlier, according to the joint SP and CMF report. 82.6% of the money sits in regime B. This guide explains how each regime works and how much tax you save at each income level, using the SII table in force in November.
View the data as a table
| Total balance (Mar 2026) | CLP 14.1 trillion |
| APV accounts | 3.41 million |
| Maximum regime A bonus (6 UTM) | CLP 434,640 |
| Annual regime B cap (600 UF) | CLP 24.8 million |
What APV is and where to open one
An APV can be opened at an AFP, an insurance company, a bank, a mutual or investment fund manager or an authorized stockbroker. Savings are made through payroll deduction (the employer takes it out of the salary) or direct deposits. There is also APVC (collective APV), offered by employers with their own contributions. Unlike the mandatory contribution, APV can be withdrawn before retirement, though with tax effects that depend on the regime.
AFPs hold 41.9% of the balance and 60.2% of accounts, followed by insurers and mutual funds. Our story on AFP returns compares how funds A to E, which also take APV money, have performed.
| Industry | Regime A (CLP m) | Regime B (CLP m) | Accounts |
|---|---|---|---|
| AFPs | 883,676 | 5,038,416 | 2,052,261 |
| Insurance companies | 807,801 | 2,491,268 | 177,137 |
| Mutual funds | 651,956 | 1,922,020 | 1,135,449 |
| Stockbrokers | 106,622 | 2,150,823 | 45,348 |
| General fund managers | 11,113 | 75,449 | 753 |
| System | 2,461,168 | 11,679,205 | 3,411,371 |
Source: Superintendencia de Pensiones and CMF, APV and APVC report as of March 2026. The total includes small amounts at banks and investment funds. Figures in millions of March 2026 pesos.
APV regime A or B: how each one works
| Feature | Regime A | Regime B |
|---|---|---|
| Benefit | 15% state bonus on the amount saved | Deduction from the income tax base |
| Cap | Bonus of up to 6 UTM a year (about CLP 434,640) | 600 UF a year across both regimes (about CLP 24,761,328) |
| Tax when saving | Savings come from already-taxed pay | No tax on the amount saved |
| Withdrawal before retirement | The bonus is returned; only the returns are taxed | 15% withheld as a single tax, plus a possible surcharge on the global complementary tax |
Source: Superintendencia de Pensiones and CMF Educa. The SP adds that regime A savings eligible for the bonus are limited: the APV amount that earns the bonus cannot exceed ten times the worker's total contributions. Members choose one regime and can switch to the other for later contributions.
A 15% bonus capped at 6 UTM means the full benefit is reached by saving 40 UTM a year (about CLP 2,897,600, or CLP 241,467 a month). Beyond that, regime A adds no further bonus. The UTM rises every month with inflation; our story on the UTM in 2026, month by month lists its values. SII sets the cap using the UTM of December 31 of the savings year: for 2025 it was CLP 417,252, according to its 2026 tax return guide.
APV calculator: how much tax you save at your income level
Under regime B, the tax saving equals the marginal rate of the bracket the income falls into: someone in the 4% bracket saves CLP 4 for every CLP 100 of APV; someone in the 35% bracket saves CLP 35. Under regime A the benefit is always 15%, whatever the salary. That is why A pays more in the 0%, 4% and 8% brackets and B wins from the 23% bracket up; at 13.5% they are very close. This is SII's monthly table for November 2026:
| 0 | 977,940 | 0.0% | 0 |
| 977,940 | 2,173,200 | 4.0% | 4,000 |
| 2,173,200 | 3,622,000 | 8.0% | 8,000 |
| 3,622,000 | 5,070,800 | 13.5% | 13,500 |
| 5,070,800 | 6,519,600 | 23.0% | 23,000 |
| 6,519,600 | 8,692,800 | 30.4% | 30,400 |
| 8,692,800 | 22,456,400 | 35.0% | 35,000 |
| 22,456,400 | No data | 40.0% | 40,000 |
With an APV of CLP 100,000 a month, the monthly benefit under each regime looks like this (net taxable income, that is, after mandatory contributions):
| Net taxable income | Saving under regime B | Bonus under regime A | Better option |
|---|---|---|---|
| CLP 800,000 | CLP 0 | CLP 15,000 | A |
| CLP 1,500,000 | CLP 4,000 | CLP 15,000 | A |
| CLP 2,500,000 | CLP 8,000 | CLP 15,000 | A |
| CLP 4,000,000 | CLP 13,500 | CLP 15,000 | A |
| CLP 6,000,000 | CLP 23,000 | CLP 15,000 | B |
| CLP 8,000,000 | CLP 30,400 | CLP 15,000 | B |
| CLP 12,000,000 | CLP 35,000 | CLP 15,000 | B |
View the data as a table
| Regime B (tax deduction) | Regime A (15% bonus) | |
|---|---|---|
| 0.8M | CLP 0 | CLP 15,000 |
| 1.5M | CLP 4,000 | CLP 15,000 |
| 2.5M | CLP 8,000 | CLP 15,000 |
| 4.0M | CLP 13,500 | CLP 15,000 |
| 6.0M | CLP 23,000 | CLP 15,000 |
| 8.0M | CLP 30,400 | CLP 15,000 |
| 12.0M | CLP 35,000 | CLP 15,000 |
A practical difference: under regime B the tax saving arrives as lower tax withholding on the payslip (when APV is deducted through payroll) or in the annual tax refund; under A, the bonus is paid into the APV account and can only be used for the pension. In the tax-free bracket (monthly income up to CLP 977,940), regime B gives no benefit at all because there is no tax to reduce.
Two cases over a full year
Case 1: net taxable income of CLP 2,500,000 and an APV of CLP 200,000 a month (CLP 2,400,000 a year). Under regime B the tax saved over the year is CLP 192,000; under A the bonus is CLP 360,000, below the 6 UTM cap. A wins by CLP 168,000.
Case 2: income of CLP 6,000,000 and an APV of CLP 500,000 a month (CLP 6,000,000 a year). Under regime B the annual tax saving reaches CLP 1,380,000; under A, 15% would be CLP 900,000, but the bonus is cut off at the CLP 434,640 cap. B wins by CLP 945,360. Pauta Financiera calculations using SII's November 2026 table and the November UTM (CLP 72,440); in practice the table changes every month with the UTM.
Do you manage funds, insurance or APV plans? Show your offer to Pauta Financiera readers deciding where to save.
See advertising optionsWhat happens if you withdraw the savings before retirement
Under regime A, a withdrawal returns 15% of the withdrawn funds (the bonus) to the Treasury, and tax is paid only on the real returns, not on the savings, which were already taxed. Under regime B, the institution withholds 15% of the withdrawal as a single tax and, at tax time, the person may owe a surcharge on the global complementary tax, according to the SP. That is why B suits mainly those who do not plan to take the money out before retiring.
- Low or middle income (0%, 4% and 8% brackets): regime A gives a larger benefit than B.
- 13.5% bracket: the difference is small; it matters whether you plan to withdraw before retirement.
- 23% bracket and above: regime B cuts more tax than the 15% bonus.
- Savings above 40 UTM a year in regime A: the excess earns no bonus.
APV complements state benefits rather than replacing them. Someone reaching 65 with a low pension may also receive the Universal Guaranteed Pension, which is reduced only if total pensions exceed a set threshold.
Frequently asked questions about voluntary pension savings
Which is better, APV regime A or B?
It depends on the tax bracket. With the November 2026 table, A gives more to people in the 0%, 4% and 8% brackets, and B to those in the 23% bracket or higher. This comparison is educational; it is worth simulating your own case with the institution.
What is the APV cap?
The regime A bonus is capped at 6 UTM a year (about CLP 434,640 at the November UTM). Tax-advantaged contributions across both regimes are capped at 600 UF per calendar year, according to the Superintendencia de Pensiones.
Can I withdraw my APV whenever I want?
Yes, APV can be withdrawn before retirement, but under regime A the bonus is lost and under B 15% is withheld as tax, with a possible surcharge at tax time.
Does APV count towards the PGU?
The SP notes that APV savings are not counted for the state minimum pension guarantee or for the additional contribution to disability and survivor pensions. For the PGU, what is measured is the base pension the person ends up receiving.
Where can I see how much I have saved in APV?
In the statement from the institution holding the plan (AFP, bank, insurer, fund manager or broker). AFPs also show the balance on their websites with ClaveÚnica.
This information is journalistic and educational, not financial advice. Check the terms, fees and tax regime with the institution before signing up.
