During April, the amount of money from transfers between retirement fund managers (Afores) was 28,859 million pesos (mdp), this meant the lowest amount so far this year, according to data from the Commission National Retirement Savings System (Consar).
During March, the amount of money that was observed for transfers reached its highest peak so far in 2022 with 51,906 million pesos. Meanwhile, in January and February the registered amounts were 37,812 and 50,326 million pesos, respectively.
The amount reached in April registered a decrease of 44.4% compared to March.
While in its annual rate measurement it registered a decrease of 27.2%, Consar revealed.
The accumulated at the end of the first four months period reached 68,905 million pesos, this reflected an annual increase of 31 percent.
Of the 10 administrators, Profuturo was the Afore that received the largest amount of transfers with 5,471 million pesos in April. Sura followed with 4,850 million pesos; Citibanamex with 4,093 million pesos; and XXI Banorte with 3,922 million pesos.
In terms of amounts transferred, Afore XXI Banorte ranked first with 6,271 million pesos. Citibanamex escorted her with 5,230 million pesos; and Sura with 2,850 million pesos.
More than 1.2 million transfers
At the same time, it was reported that the number of accounts transferred in April was 252,805, which is also the lowest number of the year. In annual comparison it represented a contraction of 25.8 percent.
Meanwhile, in the accumulated of the first four months of the year they add up to more than 1.2 million accounts. Compared to the same period last year, the amount is lower by 89,979 accounts.
It should be remembered that in February the Consar made a modification in this matter. Now the promoter agents will stop charging commission for the transfer of accounts, this to prevent the reason for the transfer from being the economic remuneration of the promoter agent and not the best option of the worker.
The Consar has also made it easier for workers to process transfers through the AforeMóvil application or on the AforeWeb Internet page and thus prevent a third party from influencing the worker’s decision.
With data to February, the market of the 10 Afores registered an average of 53% of negative transfers. This means that more than half of the transfers went to a fund manager with lower returns.
Handicaps and transfers
Currently, the Retirement Savings System is experiencing a period of shortcomings that, although they will tend to be reversed in the long term, can become effective if a worker changes Afore.
“It is a workers’ right to change Afore, but if they do it in times of handicaps, they will make those handicaps effective, so it is important that they stay informed and not change from one Afore to another (…) It is not convenient to be changing from one Afore to another,” said Iván Pliego Moreno, president of Consar, a few days ago.
The Afores accumulate losses of 253,443 million pesos as of April.