Siacap

What Siacap does

SIACAP (Sistema de Ahorro y Capitalización de Pensiones de los Servidores Públicos) is a state-mandated supplementary pension system for Panamanian public servants, established by Law 8 of February 6, 1997, and operational since July 7, 2000. It administers individual retirement savings accounts funded through a mandatory 2% employee salary contribution plus a 0.3% state incentive, building a patrimony of B/. 766.7 million across 522,010 affiliates as of August 2019. Over 19 years of operations, the system has handled cumulative funds of B/. 1,571.8 million, delivered payments to 178,505 beneficiaries, and generated a historical fund yield of 6.48%.

The institution operates as a public-sector pension administrator rather than a private financial services firm, with no traditional revenue model. Its operating budget — proposed at B/. 1,524,576 for 2020 — funds a lean staff of 11-50 employees, ERP and back-office systems, and a service network comprising a Paitilla headquarters, regional offices in David, Santiago, Chitré, and Penonomé, plus a newer branch at Plaza Cantabria. SIACAP is governed under the oversight of the Panamanian state and partnered with Banco Nacional de Panamá, AIOS, and the Caja de Compensación Familiar; it earned a 100% transparency rating from ANTAI in 2019.

Leadership includes Secretary Executives Rolando E. Mejía M., Rebeca Soong, Elizabeth De Puy, and Liz Delgado Linares, with Juan Carlos Baquero Hevia serving as President. In December 2020, Law 191 introduced SIACAP Solidario, an exceptional early withdrawal mechanism that materially expanded the product surface. Day-to-day operations include pension account management, beneficiary payments, financial education via programs such as 'Info Ferias,' and statutory reporting to oversight bodies.

Name

Siacap

Legal name

Sistema de Ahorro y Capitalización de Pensiones de los Servidores Públicos SIACAP

Website

https://siacap.gob.pa

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Short description

SIACAP is Panama's state-mandated supplementary pension system for public servants, administering individual retirement accounts funded by a 2% employee contribution and 0.3% state incentive for 522,010 affiliates.

Ownership category

akta.pro rank

Product category

Government Pension Fund Administration

NAICS

Pension Funds (525110), Pension Funds (52511), Insurance and Employee Benefit Funds (5251), Finance and Insurance (52)

akta.pro industry

PRIMARYBPAIAKAA

Pensions & Retirement Benefits Administration

Business & Public Services/Public Sector & Government Administration/Social Security, Benefits & Welfare Administration

SECONDARYFSAAAGAA

Corporate & Public Pension Funds (DB/DC Sponsors)

Financial & Insurance/Asset & Wealth Management/Asset Management — Institutional (Pensions, Endowments, Sovereign)

SECONDARYFSAMAKAI

Pensions, Benefits & Retirement Disbursements

Financial & Insurance/Payments & Transaction Processing/Payroll & Payouts / Disbursements

Keywords

• Public pension administration
• Government pension fund
• Pension savings system
• Retirement benefits management
• Pension fund administration

Headquarters

HQ city

Paitilla

HQ country

Panama

HQ region

Latin America

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Mandatory 2% Salary Contribution: Public servants contribute 2% of their monthly salary to their individual account through employer withholding agents
2. State Incentive Contribution: The State deposits 0.3% of the public servant's monthly salary as an incentive into individual accounts
3. Extraordinary Contributions: Affiliates can make additional voluntary contributions through online banking or at Banco Nacional de Panamá
4. Administrative and Investment Commissions: Low commissions paid to contracted entities for managing affiliate resources and maintaining individual account records

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

SIACAP (Sistema de Ahorro y Capitalización de Pensiones de los Servidores Públicos) is a Panamanian state-run mandatory pension savings system for public servants, created by Law 8 of February 6, 1997, and operating since July 7, 2000. It administers individual capitalization accounts for affiliated public sector workers, manages invested funds, and pays retirement, disability, and survivors' benefits through partner ERP (Entidad Registradora Pagadora) and EAI (Entidades Administradoras de Inversión) entities.

Product overview

SIACAP operates as a unified complementary pension savings system for public employees consisting of multiple integrated components. The core system comprises the main SIACAP platform for individual retirement account management, supported by the Entidad Registradora Pagadora (ERP) for account registration and benefit payments, and Entidades Administradoras de Inversión (EAI) for fund investment management. Additional digital services include the Calculadora Financiera for pension projections, online balance inquiry, resolution status checking, and weekly fund value publications. The SIACAP Solidario program provides early withdrawal access during emergencies. The system is accessible through PanamaDigital for online processing and offers educational content through Cápsulas Educativas.

Differentiator

Problem solved

Functional benefit

Products and services

• SIACAP Pension Savings System

Quantifiable outcome

• 6.48% historical fund yield over 19 years of operation
• +1 more outcomes

Named customers9 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core, strategic and minor.

• Consejo de Coordinación Financiera (CCF)coreOthersInter-institutional coordination and cooperation body between financial supervision entities. CCF establishes the coordination system between banking, securities, insurance, and financial company regulators.
• Asociación Internacional de Organismos de Supervisión de Fondos de Pensiones (AIOS)strategicOthersInternational association of pension fund supervision organizations. SIACAP participates in AIOS assemblies and shares investment portfolio studies.
• Instituto de Gobierno CorporativominorOthersCorporate governance institute in Panama providing guidance on governance best practices.
• Entidad Registradora Pagadora (ERP)coreImplementation/ SI/ Consulting PartnerResponsible for registration, collection, updating, and payment of affiliate benefits. Manages individual account openings and closures, benefit calculations and payments, and periodic statement issuance.
• Entidades Administradoras de Inversión (EAI)coreImplementation/ SI/ Consulting PartnerInvestment management entities whose main function is to invest SIACAP resources in compliance with the Law. These entities manage the fund investments.
• Banco Nacional de PanamácoreChannel Partner/ Reseller/ DistributorNational bank used for extraordinary contributions through deposits or online banking. Coordinates with SIACAP for payment of benefits.
• Centro de Atención Ciudadana - 311minorGTM or Marketing PartnerCitizen attention center that handles public queries. Inter-institutional meeting held to update information and improve response to citizen inquiries about SIACAP services.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Caja de Seguro Social (CSS) Panama: Caja de Seguro Social is Panama's mandatory social security system, providing the primary public pension alongside SIACAP's complementary coverage. Both serve the same public-servant population under Panamanian law and together form Panama's two-pillar public pension architecture.

Broad incumbents

• Instituto Mexicano del Seguro Social (IMSS): IMSS administers Mexico's mandatory social security and pension contributions for private-sector workers, operating at vastly larger scale. It is comparable as a government-mandated Latin American pension/benefit fund with similar employer-employee-state funding logic.
• ANSES (Argentina): Argentina's ANSES administers the national social security pension system, including public-sector affiliates. It is comparable to SIACAP as a government-administered pension fund managing mandatory contributions from employee, employer, and state sources.
• Superintendencia de Pensiones (Chile): Chile's pension supervisor oversees the AFP mandatory pension system, the regional benchmark for Latin American pension reform. Comparable to SIACAP's regulatory positioning within AIOS and as a country-level pension administration body.

Regional players

• Porvenir (Colombia): Porvenir is one of Colombia's largest private mandatory pension fund administrators. Comparable as a Latin American pension administrator managing individual accounts with similar contribution mechanics, although privately run versus SIACAP's government model.
• Protección (Colombia): Protección is a major Colombian pension and severance fund administrator. Comparable to SIACAP as a Latin American mandatory pension administrator handling individual accounts and benefit payments, though privately managed and operating in a different country.
• AFP Integra (Peru): AFP Integra is one of Peru's mandatory private pension fund administrators. Comparable to SIACAP as a Latin American individual-account pension system with employer withholding, though private-sector and not specifically for public servants.
• Caja Costarricense de Seguro Social (CCSS): Costa Rica's CCSS administers the country's mandatory social security and pensions, including for public employees. Comparable to SIACAP as a Central American government pension system with similar contributory structure and regional AIOS alignment.
• Instituto Guatemalteco de Seguridad Social (IGSS): Guatemala's IGSS administers mandatory social security and pensions for the country's workforce. Comparable to SIACAP as a Central American government pension administrator with parallel contributory structure and AIOS membership.

Others

• Banco Nacional de Panamá: Banco Nacional de Panamá is SIACAP's core distribution and contribution-collection partner for extraordinary affiliate contributions. Comparable as a key ecosystem participant enabling SIACAP's service delivery to the same Panamanian public-servant base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/siacap
• YouTubeyoutube.com/user/SiacapPanama
• Facebookfacebook.com/siacappanama
• LinkedInlinkedin.com/companies/sistema-de-ahorro-y-capitalizaci-n-de-pensiones-de-los-servidores-p-blicos-siacap-
• Instagraminstagram.com/siacap

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Siacap