A person sits outside the offices of AFP Capital, a private pension fund administrator, in Santiago on October 26, 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)