3. SUFFICIENCY OF BENEFITS a. Promises of the Structural Reforms The amount of the pension will be enough to maintain the pre-retirement standard of living before retirement because the private system will pay very high replacement rates as a percentage of the average salary, higher than that in the public system. According to Piñera(1992: 17-18),“pensions could reach amounts equivalent to 70%[of remuneration] at the end of the working life… this kind of pension allows the worker a standard of living similar to the previous one,…[the private system] forces workers to make a minimum effort from month to month but, beyond that, urges additional voluntary savings and so improve the benefits that the system may gen ­erate, be it in terms of a better future pension or for the achievement of a decent pension before reaching the minimum ages to retire.” Lastly, the private system is based on the“principle of equivalence”:“A mandatory multipillar arrangement for old age security helps countries to(…) achieve a close relationship between incremental contributions and benefits in the private mandatory pillar. This should reduce effective tax rates, evasion, and labor market distortions”(WB, 1994: 26).“The shift from a defined benefit to a defined contribution plan would encourage each age cohort to procure enough resources[contributions and yields on investments] for their own retirement(Gill, Packard and Yermo, 2005: 126).“Fully-funded systems are the only financially sustainable mechanisms that may improve workers’ pensions...”(FIAP, 2017b). b. Reality Entitlement Conditions. Private systems generally allow retirement before statutory age to insured individuals who have saved a certain amount in their individual accounts. In all of these systems, when the insured have met the legal requirements(including 20-30 years of contributions) but have not accumulated enough in the individual account, the insured are entitled to 68