Mario Rebolledo, a Chilean pensioner affected by the country's private pension fund system (AFP), gestures during an interview in Santiago on October 23, 2026. Chilean pension fund administrators (AFPs) have reported multi-billion-dollar losses, primarily linked to interest rate swap operations in Fund E, affecting more than 760,000 contributors, including over 69,000 people aged 60 and older. Fund E, the most conservative of the five funds available in the system, was hit the hardest falling by an average of 10.4% between January and September 2026. (Photo by Rodrigo ARANGUA / AFP via Getty Images)