APV Simulator 2026
Chile's Voluntary Pension Savings (APV) allows workers to save beyond the mandatory 10% pension contribution with tax benefits. Regime A offers a 15% state bonus on annual savings (capped at 6 UTM, approximately CLP $403,764 in January 2026), ideal for low-income workers. Regime B provides a tax deduction from taxable income (capped at 600 UF/year), more beneficial for high earners. Regulated by D.L. 3,500 Art. 20 and Law 19,768.
Frequently Asked Questions
What is APV in Chile?
Voluntary Pension Savings (APV, Ahorro Previsional Voluntario) is a mechanism that allows Chilean workers to save beyond the mandatory 10% pension contribution. It is regulated by D.L. 3,500 Art. 20 and Law 19,768. Contributions can be made through your AFP or authorized financial institutions (banks, insurance companies, mutual funds). The main advantage of APV is the tax incentives that encourage long-term pension savings.
What is the difference between APV Regime A and Regime B?
Regime A offers a 15% state bonus on annual savings, capped at 6 UTM per year (approximately CLP $403,764 in 2026). It is ideal for low-income workers or those exempt from income tax. Regime B allows you to deduct the saved amount from your taxable income base, capped at 600 UF per year. It is more beneficial for high-income workers, as the tax savings are proportional to their marginal tax rate. Upon withdrawal, Regime A savings are taxed as income (but not the bonus), while Regime B withdrawals are fully taxed plus a 3% surcharge if withdrawn before retirement.
How much can I save with APV per year?
There is no legal limit on how much you can contribute to APV, but the tax benefits have caps. Under Regime A, the 15% bonus is capped at 6 UTM per year. Under Regime B, the tax deduction is capped at 600 UF per year (the difference between the total pension savings cap of 900 UF and the approximately 300 UF of mandatory contributions). Contributions exceeding these caps do not receive additional tax benefits.
Can I withdraw my APV before retirement?
Yes, you can withdraw your APV before retirement, but with consequences. Under Regime A, you must return the state bonus to the government. Under Regime B, the withdrawal is taxed as income plus an additional 3% surcharge on the applicable tax. This is why APV is most beneficial as a long-term savings vehicle. If you withdraw for pension purposes (retirement), these penalties do not apply.
How does the risk profile affect my APV savings?
The risk profile determines which fund type your APV is invested in. Riskier funds (Fund A) have higher exposure to equities and potentially higher long-term returns, but with more volatility. Conservative funds (Fund E) invest more in fixed income, with lower but more stable returns. For long horizons (20+ years), riskier funds tend to produce better results. The Superintendencia de Pensiones recommends choosing based on your age and risk tolerance.