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On December 3, 2010, the Bolivian Congress approved a bill to nationalise the country's pension system (Law 065, Ley de Pensiones). After its privatisation in 1997, the system was run by two foreign companies: AFP Futuro de Bolivia, which is part of the Zurich Financial group, and BBVA Previsión AFP, a unit of Spain's banking giant Banco Bilbao Vizcaya Argentaria. Assets of the pension system nationalised are estimated to amount USD 3 billion.
The law came into force on December 10, 2010.
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