Bolivia has passed a bill to nationalize the country’s pension-fund system and increase benefits and lower the minimum retirement age, The Wall Street Journal reports. The legislation, which is lowering the minimum retirement age from 65 to 58 for men and 60 for women, is also lowering the retirement age to 56 for certain people working in the mining industry.

The bill will transfer administration of Bolivia’s pension funds from Futuro de Bolivia, managed by Zurich Financial Services and Prevision, managed by Spain’s Banco Bilbao Vizcaya Argentaria, to state entity, Gestora Publica de la Seguridad Social de Largo Plazo, adds Bloomberg. The nationalization process will restrict growth and limit the amount of funds available to private sector companies.