ResumenApoyandose en estadsticas ociales, el artculo muestra que el sistema privado de pensiones chileno es insuciente en cuanto es incapaz de asegurar pensiones que permitan vivir dignamente. Se describe el sistema privado de pensiones chileno, los distintos tipos y modalidades de pensiones que entrega, y se exploran crticamente su caracter individualista y no solidario, y los roles limitados que el Estado juega en el, que hacen que sea dudoso incluso considerarlo como un sistema de seguridad social. Se exponen el caracter intrinsecamente riesgoso del sistema, y problemas como la discriminacion hacia las mujeres, y sus altos costos.Palabras clave: Pensiones; AFP; Seguridad social; Discriminacion; Riesgo.The Chilean private pensions system: Unfair, risky,and insufficientAbstractBased on social statistical data, the article shows that the Chilean private pensions system is insucient insofar as it is incapable of securing pensions that allow for a decent living. The Chilean private pensions system, the different kinds of pensions it provides and their modalities are described,and its individualistic and non-solidary characteris critically examined, as well as the limited roles the stateplays in it, all of which makes it dubious to even refer to itas a system of social security. The intrinsically risky characterof the system, and problems such as discrimination against women, and high costs are presented.Keywords: Pensions; AFP; Social security; Discrimination; Risk.