f) A moderate share in foreign instruments may help diversification and improve long-term capital returns(several countries prohibit such invest­ment), but the very high concentration in Peru and Chile(a little less in Colombia) in these instruments exposes to high risks and losses when global crises occur, therefore, more balanced limits are to be imposed between the objective of increasing capital returns and that of reducing risk; and g) Allowing a wider choice in investment strategies while maintaining the default life cycle option to protect those insured that are close to retire­ment and then prevent slumps in the stock or annuity markets(OECD, 2015; this is also proposed in re-reforms of Colombia). 13. Evaluating Capital Returns to Increase Them Comparing capital returns in these countries is quite difficult; current series are of short-term basis and gross return. Some countries only publish the nominal capital return and generally there is no accessible information on the capital return of specific instruments; therefore, the following is necessary: a) Developing historical statistical series standardized in all countries on real net capital return(deducting the administrative cost and adjusted for inflation); b) Publishing in all countries the real net capital returns by instrument so that the insured and the superintendence can judge whether the investment is yielding a proper performance; and c) Granting binding power to the investment recommendations made by the users council in Chile and to those made by the advisory board in Argentina. 14. Creating a More Attractive Climate for Additional Voluntary Savings Until now, additional voluntary savings have not been successful in the nine pri­vate systems, but they have actually been quite successful in Brazil, where there is a public PAYG system; in order to stimulate such savings, it is appropriate to: 221