From the link;
Thirty years on, Pinera's plan, adapted from the ideas of Milton Friedman, is, along with free trade, one of the two pillars of Chile's success story, surpassing all predictions.
Pinera's proposal began with scrapping the payroll tax on the country's social security system and inviting all workers to take the money they were contributing and move it into a private pension.
Workers would be free to choose the fund, how much to put in, and at what age they would retire, with a minimal safety net built into the design. Past contributions would be refunded to workers by government bond. And anyone who didn't like the idea was free to remain with the system as it was. It was a huge success: 95% of Chile's workers chose the private system.
Weird how that happens, huh?
