The Pension Reform was promulgated and published in the Official Gazette in March 2008. This is one of the most far-reaching changes to affect the Chilean pension system in many years. The new system reinforces the Three-Pillar scheme: the first, which is funded with public resources, to protect those people who failed to save for their old age in any pension system; the second, funded with mandatory savings and individual capitalization, and the third, with voluntary savings.

In many aspects, the law lays down a time sequence for the full implementation of the regulations, emphasizing that the first things to be put in place are the provisions contemplated for the First Solidarity Pillar, which will begin to come into force in July 2008, with the payment of the Basic Solidarity Pension for all those people who for some reason did not pay into any pension scheme. In the same way, the Solidarity Pension Contributions will begin to come into effect for people enrolled in some pension system who have an old-age or disability pension that is less than $70,000.