On 28 April and 11 May 2026, the Council of State provisionally decided to suspend Decree 415 of 2026 in its entirety whereby AFPs were ordered to transfer assets under management to Colpensiones owned by affiliates who exercised the provision set forth in Article 76 of Law 2381 of 2024 (Pension Reform).

The legal suspension was requested by several plaintiffs who argued that the decree expressly violated the law. Given that the decree had to be executed within 15 to 30 days and that the transfer could be irreversible, the court granted the suspension request.

The Council of State concluded that the decree could expressly contradict the paragraph of Article 76 of Law 2381 of 2024, which provides that the assets of individuals who exercise the transfer opportunity must remain with the AFPs until the pension entitlement is consolidated. This permanence requirement had already been reproduced in Decree 1225 of 2024, which, in the view of the high court, evidences that the Executive itself had previously interpreted the law in that manner before departing from such interpretation through Decree 415.

This same rule had been restated by Decree 1225 of 2024. Approximately USD6,6 million was the amount expected to be transferred, corresponding to over 119,632 affiliates who exercised the transfer option under Article 76 of Law 2381 of 2024.

As a result, AFPs are not required to transfer resources to Colpensiones under Decree 415 of 2026 until the Council of State issues a final decision on the merits of the legality of Decree 415. The resources of affiliates who exercised he transfer option will remain under the AFPs management.