Data as of November 8, 2026. Voluntary pension savings (APV) totaled CLP 14.1 trillion in March 2026, 15.3% more than a year earlier, spread across 3,411,371 accounts, according to the SP and CMF, APV and APVC report as of March 2026. AFPs manage 41.9% of the total. Two things matter when choosing where to save: the fee, which for AFP APV ranges from 0.16% to 0.60% a year of the balance in November 2026, and the fund's return, which varies far more between Fund A and Fund E than between one provider and another.
View the data as a table
| Total APV balance (CLP mn) | 14,140,373 |
| APV accounts | 3,411,371 |
| Lowest AFP fee (PlanVital) | 0.16% |
| Highest AFP fee (Cuprum) | 0.60% |
Best APV plans 2026: what each AFP charges
For APV, AFPs do not charge on salary, as with mandatory contributions, but an annual percentage of the balance saved, plus a fixed fee when savings are transferred to another institution. The table shows the fees in force in November 2026. PlanVital, ProVida and Uno charge their own members differently from people whose mandatory account is at another AFP: at PlanVital the fee rises from 0.16% to 0.64% for non-members.
| AFP | Annual fee (members) | Annual fee (non-members) | Fixed transfer fee |
|---|---|---|---|
| PlanVital | 0.16% | 0.64% | CLP 1,437 |
| ProVida | 0.20% | 0.56% | CLP 1,250 |
| Modelo | 0.50% | 0.50% | CLP 1,100 |
| Uno | 0.50% | 0.70% | CLP 1,100 |
| Capital | 0.51% | 0.51% | CLP 1,101 |
| Habitat | 0.55% | 0.55% | CLP 1,144 |
| Cuprum | 0.60% | 0.60% | CLP 1,144 |
Source: Superintendency of Pensions, APV fee structure, November 2026. Annual percentage of the managed amount of voluntary contributions or agreed deposits. AFPs may change these fees with at least 30 days' notice. Banks, insurers, mutual funds and brokerages charge according to each product (fund fee, redemption charge or insurance premium), so there is no comparable official table.
How much the fee weighs over 20 years
The gap between 0.16% and 0.60% looks tiny, but it is charged on the whole balance every year. A simple exercise: CLP 100,000 a month for 20 years, with an assumed real return of 4% a year before fees. At 0.16% the final balance reaches CLP 35,760,625; at 0.60%, CLP 34,109,319. The difference is CLP 1,651,306, on total contributions of CLP 24,000,000. Each fund's real return varies year to year; the 4% is only an assumption to isolate the fee effect, and the logic is the same as compound interest.
View the data as a table
| 0.16% fee | 0.60% fee | |
|---|---|---|
| 0 | $0 | $0 |
| 1 | $1,220,976 | $1,218,587 |
| 2 | $2,488,838 | $2,478,606 |
| 3 | $3,805,386 | $3,781,466 |
| 4 | $5,172,489 | $5,128,623 |
| 5 | $6,592,089 | $6,521,583 |
| 6 | $8,066,201 | $7,961,904 |
| 7 | $9,596,920 | $9,451,196 |
| 8 | $11,186,418 | $10,991,124 |
| 9 | $12,836,953 | $12,583,409 |
| 10 | $14,550,868 | $14,229,832 |
| 11 | $16,330,598 | $15,932,233 |
| 12 | $18,178,669 | $17,692,517 |
| 13 | $20,097,706 | $19,512,649 |
| 14 | $22,090,434 | $21,394,666 |
| 15 | $24,159,683 | $23,340,672 |
| 16 | $26,308,391 | $25,352,842 |
| 17 | $28,539,610 | $27,433,426 |
| 18 | $30,856,507 | $29,584,749 |
| 19 | $33,262,373 | $31,809,218 |
| 20 | $35,760,625 | $34,109,319 |
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See advertising optionsReturns: the fund matters more than the AFP
APV at an AFP is invested in the same multi-funds as the mandatory account. According to the Superintendency of Pensions, Pension Statistics Sheet No. 166 (September 2026), over the last 36 months (September 2023 to August 2026) Fund A returned between 12.44% and 12.96% real a year depending on the AFP, while Fund E returned between 1.06% and 1.83%. In other words, the gap between funds was about 11 points and the gap between AFPs within the same fund, half a point. The full ranking of providers is in best AFPs 2026.
| Uno | 12.96% | 10.67% | 7.03% | 3.84% | 1.64% |
| Modelo | 12.67% | 10.32% | 6.70% | 3.32% | 1.06% |
| PlanVital | 12.87% | 10.66% | 6.99% | 3.70% | 1.71% |
| Habitat | 12.44% | 10.19% | 6.83% | 3.79% | 1.77% |
| Capital | 12.84% | 10.59% | 7.07% | 3.79% | 1.70% |
| Cuprum | 12.92% | 10.77% | 7.03% | 3.84% | 1.83% |
| ProVida | 12.77% | 10.49% | 6.50% | 3.39% | 1.57% |
Past returns do not guarantee future ones, and riskier funds can fall sharply in a bad year. With APV you can also choose a fund different from the one in your mandatory account. Outside AFPs, APV mutual funds allow more specific portfolios, but each one discloses its own fee in its internal rules.
Where Chileans hold APV: AFPs, insurers, mutual funds and brokerages
AFPs hold CLP 5.9 trillion and 60.2% of accounts, but the fastest-growing industry over the past year was mutual funds: their balance rose 21.4% and they now have 1,135,449 accounts. Insurers (APV with life insurance) manage CLP 3.3 trillion and brokerages CLP 2.3 trillion. In almost every industry regime B, which lowers the income tax base, dominates.
| Industry | Balance Mar-2025 (CLP mn) | Balance Mar-2026 (CLP mn) | Change | Accounts Mar-2026 |
|---|---|---|---|---|
| AFP | 5,182,501 | 5,922,092 | 14.3% | 2,052,261 |
| Insurance companies | 2,906,407 | 3,299,069 | 13.5% | 177,137 |
| Mutual funds | 2,120,144 | 2,573,976 | 21.4% | 1,135,449 |
| Brokerages | 1,962,144 | 2,257,445 | 15.0% | 45,348 |
| General fund managers | 85,997 | 86,562 | 0.7% | 753 |
| Total | 12,258,673 | 14,140,373 | 15.3% | 3,411,371 |
Source: SP and CMF, APV and APVC report as of March 2026. Millions of pesos of each period; adds regimes A and B (article 20 L, letters a and b). Banks and investment funds hold marginal balances and are not shown.
View the data as a table
| Regime A | Regime B | |
|---|---|---|
| AFP | 883,676 | 5,038,416 |
| Insurance companies | 807,801 | 2,491,268 |
| Mutual funds | 651,956 | 1,922,020 |
| Brokerages | 106,622 | 2,150,823 |
| General fund managers | 11,113 | 75,449 |
How much goes into and out of APV
APV grows because more comes in than goes out. Between January and March 2026, deposits averaged CLP 107,641 million a month and withdrawals CLP 55,456 million, according to the SP and CMF, APV and APVC report as of March 2026. AFPs received 33.5% of deposits, insurers 30.8%, mutual funds 25.9% and brokerages 9.7%. Proportionally, brokerages see the fewest withdrawals relative to inflows: CLP 3,583 million a month against CLP 10,419 million in deposits.
View the data as a table
| Deposits | Withdrawals | |
|---|---|---|
| AFP | 36,087 | 21,136 |
| Insurance companies | 33,137 | 16,713 |
| Mutual funds | 27,867 | 14,019 |
| Brokerages | 10,419 | 3,583 |
Regime A or B: the APV tax benefit
APV has two regimes. Under A, the State adds a 15% bonus on what you save, capped at 6 UTM a year (about CLP 434,640 with the November 2026 UTM of CLP 72,440). Under B, savings are deducted from the income tax base, capped at UF 600 a year. As a rule of thumb, A favors people who pay little or no income tax and B those in high brackets. The detailed calculation by salary is in our guide APV: regime A or B, and the official rules are on the Superintendency of Pensions website.
Which APV suits each profile
- Those seeking the lowest AFP cost: PlanVital (0.16%) and ProVida (0.20%) charge their own members less; if your mandatory account is elsewhere, the fee rises.
- Those with 20+ years ahead: fund choice matters more than the fee; Funds A and B returned more over 36 months, with more volatility.
- Those wanting specific assets: mutual funds and brokerages allow tailored portfolios, with costs set out in each fund's rules.
- Those also wanting life insurance: insurers' APV combines both, but the premium reduces the amount invested.
Frequently asked questions about the best APV plans
Which AFP charges the least for APV?
In November 2026, PlanVital charges its members 0.16% a year and ProVida 0.20%, according to the Superintendency of Pensions. For non-members, Modelo charges 0.50% and Capital 0.51%.
Can I hold APV at an institution other than my AFP?
Yes. APV can be opened at AFPs, banks, insurers, mutual funds, investment funds and authorized brokerages, and transferred between them.
How much voluntary pension saving is there in Chile?
As of March 2026, CLP 14.1 trillion in 3,411,371 APV accounts, according to the SP and the CMF.
Can APV be withdrawn before retirement?
Yes, but withdrawals are taxed and, under regime A, the corresponding state bonus is lost.
This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.
