Within the framework of Social Security, pension systems are a social protection mechanism whose purpose is to provide income to people who lose their self-generating capacity due to old age (old-age rights and benefits), disability (disability rights and benefits), or death of one of the primary sources of income of a family (survivors ' rights and benefits). Social protection systems occupy a prominent place in the Sustainable Development Goals (SDGs) of the United Nations, which is reflected in its goal 1.3, where it is urged to implement social protection systems and increment the coverage of the vulnerable population. In terms of social security, European countries have the most experience. Latin America has been one of the forerunners in introducing individual capitalization schemes as a mandatory component in its pension systems for more than 30 years. When Chile abandoned its pay-as-you-go pension system for an individual capitalization system, several countries in Latin America and Europe followed that path. With well-designed and implemented social protection systems, countries can strengthen human capital, improve productivity, reduce inequalities, strengthen resilience, and end the cycle of intergenerational poverty.(original abstract)
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