Colombian Court Suspends Petro's $5.9 Billion Pension Fund Transfer

On May 11, 2026, Colombia’s top administrative court fully suspended a presidential decree ordering the transfer of approximately 25 trillion Colombian pesos ($5.9 billion) from private pension funds to the state manager, Colpensiones. The ruling affects 119,632 workers who attempted to migrate savings, though only 20,000 had consolidated rights under the law. Judge Juan Enrique Bedoya cited procedural errors, noting the executive ordered transfers before the designated central bank account existed and exceeded legal limits. President Gustavo Petro condemned the decision as a 'coup against the people,' accused the court of protecting banking elites, and demanded criminal charges against the rapporteur judge. He also revived calls for a constitutional rewrite. In response, Colombia’s senior courts issued a joint statement emphasizing separation of powers and warning of deteriorating institutional confidence. This judicial confrontation occurs just 19 days before the May 31 presidential election, where leftist candidate Iván Cepeda leads polls. The event highlights significant tension between the executive and judicial branches, impacting Colombia's political stability and pension system integrity during a critical electoral period.