Updated November 7, 2026. Choosing an AFP (Chile's private pension fund managers) means choosing two things: the fee you pay, a fixed and known figure, and the fund you invest in, which weighs far more on your pension. According to the Superintendency of Pensions, Pension Statistics Sheet No. 166 (September 2026), the fee ranges from 0.46% of taxable pay at Uno to 1.45% at ProVida, while Fund A's real return over the last 36 months varied only between 12.44% and 12.96% a year across managers. The system has 12,204,541 members and funds worth US$250.554 billion.
View the data as a table
| Lowest fee (Uno) | 0.46% |
| Highest fee (ProVida) | 1.45% |
| Members | 12,204,541 |
| Pension funds | US$250,554 million |
AFP fees 2026: how much each manager charges
The fee is charged monthly as a percentage of taxable pay or income, by law and on top of the pension contribution, according to the Superintendency of Pensions. It is not deducted from the savings balance. The table shows what it means for a taxable salary of CLP 1,000,000 and for each AFP's average taxable income in July 2026.
| AFP | Monthly fee | On a CLP 1,000,000 salary | Average taxable income of its contributors |
|---|---|---|---|
| Uno | 0.46% | CLP 4,600 | CLP 988,206 |
| Modelo | 0.58% | CLP 5,800 | CLP 1,225,091 |
| PlanVital | 1.16% | CLP 11,600 | CLP 1,245,135 |
| Habitat | 1.27% | CLP 12,700 | CLP 1,700,532 |
| Capital | 1.44% | CLP 14,400 | CLP 1,562,196 |
| Cuprum | 1.44% | CLP 14,400 | CLP 2,381,212 |
| ProVida | 1.45% | CLP 14,500 | CLP 1,153,749 |
Source: Superintendency of Pensions, Pension Statistics Sheet No. 166, tables 9 and 10 (July 2026 fees and incomes). The system's average fee, weighted by contributors, is 1.07%. On a CLP 1,000,000 salary, the gap between the cheapest and the most expensive AFP is CLP 9,900 a month, about CLP 118,800 a year.
Which is the best AFP by returns
On returns, differences between managers are small compared with differences between funds. In the real annual average of the last 36 months (September 2023 to August 2026), Fund A ranged from 12.44% at Habitat to 12.96% at Uno; Fund C, from 6.50% at ProVida to 7.07% at Capital; and Fund E, from 1.06% at Modelo to 1.83% at Cuprum. The month-by-month and yearly detail is in our report on AFP returns in 2026.
| Uno | 0.46% | 12.96% | 10.67% | 7.03% | 3.84% | 1.64% |
| Modelo | 0.58% | 12.67% | 10.32% | 6.70% | 3.32% | 1.06% |
| PlanVital | 1.16% | 12.87% | 10.66% | 6.99% | 3.70% | 1.71% |
| Habitat | 1.27% | 12.44% | 10.19% | 6.83% | 3.79% | 1.77% |
| Capital | 1.44% | 12.84% | 10.59% | 7.07% | 3.79% | 1.70% |
| Cuprum | 1.44% | 12.92% | 10.77% | 7.03% | 3.84% | 1.83% |
| ProVida | 1.45% | 12.77% | 10.49% | 6.50% | 3.39% | 1.57% |
View the data as a table
| Monthly fee (%) | Fund C return (%) | |
|---|---|---|
| Uno | 0% | 7% |
| Modelo | 1% | 7% |
| PlanVital | 1% | 7% |
| Habitat | 1% | 7% |
| Capital | 1% | 7% |
| Cuprum | 1% | 7% |
| ProVida | 1% | 7% |
The chart plots the fee against Fund C's return (bubble size is each manager's share of members). There is no visible relationship: Uno, the cheapest, is among the best performers, and ProVida, the most expensive, came last in Fund C. Past returns, in any case, do not guarantee future ones.
Where members are moving
Modelo has the most members (22.8%), followed by ProVida (20.3%); Habitat manages the most assets (26.3%). Over 12 months, Uno added 394,102 net members, because first-time workers must join the AFP that won the tender and stay 24 months, unless it raises its fee or another charges less (SP). ProVida lost 106,856 and Habitat 46,823. In voluntary transfers in July, the biggest gainers were Cuprum (+4,371) and PlanVital (+4,312).
- Aug. 2010 – Jul. 2012Modelo: 1.14%Fee offered.
- Aug. 2012 – Jul. 2014Modelo: 0.77%Fee offered.
- Aug. 2014 – Jul. 2016PlanVital: 0.47%Fee offered.
- Aug. 2016 – Jul. 2018PlanVital: 0.41%Fee offered.
- Oct. 2019 – Sep. 2021Uno: 0.69%Fee offered.
- Oct. 2021 – Sep. 2023Modelo: 0.58%Fee offered.
- Oct. 2023 – Sep. 2025Uno: 0.49%Fee offered.
- Oct. 2025 – Sep. 2027Uno: 0.46%Fee offered.
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See advertising optionsWhich AFP fund to choose: the age rules
The five funds range from A, with the most equities, to E, almost all fixed income. Anyone who does not choose is placed in a fund by age. In addition, men from age 56 and women from 51 cannot keep their mandatory contributions in Fund A, and programmed-withdrawal pensioners cannot choose A or B, according to the SP rulebook. Members can make two free fund changes per calendar year; from the third on, the AFP charges a fixed fee that cannot be deducted from the balance.
| Group | Default fund | Funds you can choose |
|---|---|---|
| Up to 35 | B | A, B, C, D, E |
| Men 36 to 55 and women 36 to 50 | C | A, B, C, D, E |
| Men from 56 and women from 51 | D | B, C, D, E |
| Pensioners (programmed withdrawal or temporary annuity) | D | C, D, E |
Source: SP, Rulebook, fund changes and assignment. When moving to a new age group, the default assignment is gradual: 20% of the balance when reaching the age and 20% more each year, reaching 100% in four years. The rules apply to mandatory and voluntary contribution accounts.
The risk shows in the numbers. Over the long run, Fund A averages a 5.95% real annual return since September 2002 and Fund E 2.80%; but over the last 60 months A returned only 3.42% a year, due to the 2022 slump, and over the last 12 months E lost 4.26% because of rising rates. That is why the SP designed the age rules: more risk when there is time to recover and less close to retirement.
View the data as a table
| Fund A | Fund B | Fund C | Fund D | Fund E | |
|---|---|---|---|---|---|
| 12 months | 11.81% | 8.97% | 3.95% | 0.08% | -4.26% |
| 36 months | 12.73% | 10.49% | 6.84% | 3.65% | 1.66% |
| 60 months | 3.42% | 3.02% | 1.61% | 1.03% | 0.99% |
| Since 2002 | 5.95% | 5.11% | 4.30% | 3.47% | 2.80% |
How much the AFP fee adds up to over a working life
The fee looks small because it is viewed month by month. On a taxable salary of CLP 1,000,000, the gap between Uno (CLP 4,600) and ProVida (CLP 14,500) is CLP 9,900 a month. Over 30 years of contributions that adds up to CLP 3,564,000 in today's pesos, before wage increases or what that money could have earned (Pauta Financiera calculation). Because the fee is not deducted from the fund, it does not change the pension balance: what changes is each month's take-home pay.
Each AFP's profile also differs. Cuprum has the highest average taxable income among its contributors (CLP 2,381,212) and only 4.5% of members, but 17.3% of assets; Uno has the lowest (CLP 988,206), because it receives people entering the labor market for the first time. The SP reports 382,641 new members between May 2025 and April 2026, with an average age of 27.
| AFP | Assets | Members | Contributors |
|---|---|---|---|
| Uno | 2.3% | 14.0% | 12.8% |
| Modelo | 8.9% | 22.8% | 21.5% |
| PlanVital | 7.0% | 13.0% | 12.3% |
| Habitat | 26.3% | 13.9% | 15.3% |
| Capital | 18.6% | 11.5% | 12.7% |
| Cuprum | 17.3% | 4.5% | 6.3% |
| ProVida | 19.6% | 20.3% | 19.1% |
Source: Superintendency of Pensions, Pension Statistics Sheet No. 166, table 9. Assets as of August 2026; members and contributors as of July 2026.
View the data as a table
| Uno | Modelo | PlanVital | Habitat | Capital | Cuprum | ProVida | |
|---|---|---|---|---|---|---|---|
| Assets | 2 | 9 | 7 | 26 | 19 | 17 | 20 |
| Members | 14 | 23 | 13 | 14 | 12 | 5 | 20 |
| Contributors | 13 | 22 | 12 | 15 | 13 | 6 | 19 |
Generational funds replace the multifund system in 2027
The current rules have an end date. Under the pension reform, the SP issued on September 1, 2026 the investment rules for generational funds, which start on April 1, 2027 and replace funds A to E (SP). There will be 10 age-based funds: an initial one for members up to 35, eight intermediate funds in five-year bands and a consolidation fund for those over 75. The cap on growth assets starts at 95% for the youngest and falls with age. In the meantime, the multifund system and its rules remain in force.
How to switch AFPs and what to check first
- It is a right: people freely choose their AFP; the exception is new members, who must stay 24 months with the tender winner.
- Compare the fee in pesos: multiply the fee difference by your own taxable pay; it is a guaranteed monthly saving.
- The fund matters more than the AFP: between funds A and E the long-run gap exceeds 3 points a year; between AFPs in the same fund, less than 1 point.
- Voluntary savings: those wanting to top up can check APV and its A and B regimes, with different tax benefits.
For those nearing retirement age, the Universal Guaranteed Pension (PGU) complements AFP savings; amounts and requirements are in our PGU 2026 guide.
Frequently asked questions about AFPs
Which AFP has the lowest fee in 2026?
Uno, at 0.46% of taxable pay since October 1, 2025, followed by Modelo (0.58%), according to the Superintendency of Pensions.
Which is the best AFP?
There is no single answer. On fees, Uno and Modelo are the cheapest; on 36-month returns, Uno, Cuprum and PlanVital lead Fund A and Capital leads C, with gaps of less than one point between AFPs.
How many times can I change funds?
Twice a year free of charge per account; from the third change the AFP charges a fixed fee.
When do funds A, B, C, D and E end?
Generational funds start on April 1, 2027, according to the investment rules issued by the SP on September 1, 2026.
This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.
