Policymakers in Chile, long considered the model example of how to introduce a private funded pension system to a middle-income country, have been studying recent UK reforms as the country’s new left-wing government looks to broaden its system’s coverage among low-income workers.

Solange Berstein, who until April was the head of the Chilean Pension Supervisory Authority, said the UK and Australia were the two countries that Chilean regulators had recently studied to learn lessons.