Pinochet's widow receives luxury rents from the Chilean military pension fund [View all]

[sandensea]

Lucía Hiriart, the widow of the Chilean dictator Augusto Pinochet, receives a sizable pension from the military pension fund (Capredena) according to the authorities.

Hiriart, who is being investigated for illicit enrichment, is currently receiving approximately $ 4,600 from Capredena. Hiriart, 94, has been paying her pension since the death of her husband in 2006; Pinochet, who was charged with crimes against humanity in several cases dating from 1973-90 dictatorship, died before his trial.

His widow, who inherited his retirement fund, is at the moment being investigated for alleged insider trading. In her role as lifelong president of the CemaChile foundation, she is said to have made tens of thousands of dollars.

It was also announced that 95 former generals and officers of the Chilean army who were convicted of murder, torture, and the disappearance of people, received similar monthly pension payments of up to $ 4,700. Nearly 2,300 people disappeared during the dictatorship, and 30,000 more were tortured.

On average, the military receives five times as much ($ 1,500) as people who receive their pension from the national pension insurance system (IPS) or private funds - even if they have worked twice as long.

The Chilean pension insurance system, in its current form, was privatized in 1980 from the pay-as-you-go system to one based on market capitalization; the change is often cited as the most significant change enacted to Chile's economy enacted under Pinochet.

Chile's private pension funds (AFPs), however, usually collect 30% commissions off the top. Consequently 80% of Chilean contributors retire with little in their pension accounts, and thus depend on a state subsidy to cover the minimum $200 pension Chilean law guarantees.

Members of the military, however, were exempted by the 1980 reform, have their own pension scheme (on a pay-as-you-go basis), and do not have to pay into the general pension system or the AFPs. The state, moreover, finances 75% of military pensions, with only 25% of funding coming from Capredena itself.

A recent transparency law signed by President Michelle Bachelet has forced Capredena to publish its payments for the first time.

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Señora Pinochet