One promise that has been kept is the principle of equivalence: private systems have strengthened the ratio between contribution and the amount of pension. However, a minimum RR of 45% could not be attained, and then social solidar­ity and gender equity were sacrificed. 5. Administration and Reasonable Administrative Costs Reformers promised that strong competition among pension fund admin­istrators would increase efficiency and reduce administrative costs, as the insured—having freedom of choice—would join and transfer to the best administrators, i.e., those charging lower fees and paying higher pensions. Said freedom of choice, at the time of the reform between the public and private system, did not work or was quite limited in most countries: in three countries all the insured were forced to change to the private system, in others all labor market newcomers were forced to join such system. Also, there was an increase in the public system contribution or incentives were created to change to the private system. Often employers were the ones who decided to change administrators or pushed their employees to switch to the private system. Only in Colombia and Peru the insured could freely choose between the two systems. Transferring to the private system was also prompted by promises made by reformers, pledging that there would be better pensions and lower administrative costs. These promises have not been fulfilled. More importantly, in most countries competition has not worked at all. The number of administrators has significantly decreased due to mergers and closures; concentration in the two largest administrators has grown or stag­nated in the majority ranging between 68% to 100% in five of them(there is a duopoly in El Salvador). The annual percentage of affiliates changing administrators shows a declining trend and ranges between zero to 1% in five countries and between 2% to 3% in another two. The high cost of free ­dom of choice for pension fund administrators led to restrictions in many countries, reducing the number of times they can be changed(i.e., once a 186