Efficiency Improvements A positive aspect of the reforms is that administrators introduced the periodic report of the fund accumulated in the individual accounts of the insured and that reduced the time to process the pensions. In most public systems, the granting of pensions sometimes took a long time since in most countries there was no up-to-date record of the working years and of the contributions made by the insured and their employers and, often, some insured individuals had to prove these in administrative courts. As individual accounts are automatically updated in private systems, the process is very fast and easy; for example, in Chile a preliminary estimate is prepared and the first pension is paid imme ­diately, then the estimate is verified, and the whole process takes less than a month.(The measures to improve competition and reduce administrative cost by the re-reforms in Chile and El Salvador are analyzed in section V). 5. FINANCIAL AND ACTUARIAL SUSTAINABILITY a. Promises of the Structural Reforms The promises of the reformers were focused on the financial-economic aspects of the private system: The ownership of the individual account and the private administration of the system will encourage the insured to contribute promptly to their individual accounts and reduce evasion; also, the general fund and the invested capital will grow generating high capital returns and a good portion of the investment will be in domestic stocks hence developing the capital mar­kets; finally, DC systems will protect against the aging process. These promises are divided into five: a) capital accumulation, development of capital and finan ­cial markets, and economic growth:“Mandatory savings schemes have the potential to stimulate capital accumulation and the development of modern financial instruments and institutions[also] they can be part of a national pol ­icy to develop new financial institutions and deepen capital markets by mobi ­lizing long-term saving and allocating it to the most productive uses, including uses in the private sector”(WB, 1994: 21, 230). The three aforementioned WB/ 90