CHALLENGE In 2013, the Costa Rican pension system was growing steadily in volume and complexity; to sustain stability, the legal and regulatory frameworks that defined the system required reforms. There were over 2.5 million individual entitlements, with coverage for the population of 4.8 million, which was high relative to regional comparators*, and a rapidly growing asset base that exceeded US$14 billion, over 26 percent of GDP in 2014. The Superintendencia de Pensiones (SUPEN; Supervisor of Pensions), established in 1995, is responsible for regulating and supervising all pension funds and...