Should the social security system be nationalized by eliminating private pension fund administrators (AFAPs)?

The Uruguayan pension system is currently 'mixed,' combining state benefits with individual savings managed by private companies known as AFAPs. A recent plebiscite proposed by labor unions seeks to eliminate these private entities entirely, returning all funds to state management under the BPS. Proponents argue that the private system charges high commissions for poor returns and that social security should be a human right, not a business. Opponents warn that seizing these savings would be unconstitutional, destroy investor confidence, and create an unsustainable fiscal deficit for future generations.