Tomorrow is the deadline to know the new average commission that will govern the Retirement Savings System (SAR) in 2022 and despite not being officially known, it is known that there could be a decrease of up to 23 basis points in its annual comparison.
This decrease from 0.80 to 0.57% is considered abrupt, fast and sharp, when compared with the historical reduction in commissions.
The National Commission of the Retirement Savings System (Consar) made the formula official on Tuesday under the argument of establishing a “simpler” equivalence between the commissions charged in Mexico with those of the United States, Chile and Colombia.
In this regard, Jorge Sánchez Tello, director of Applied Research of the Financial Studies Foundation (Fundef) commented to El Economista that reducing commissions is a good thing, but as proposed by Consar it is negative, since it can generate greater market concentration and There may be the case of mergers between administrators, which would generate less competition.
“What the regulator is doing is unnecessary because in May the criteria regarding commissions were published defining a route to reduce commissions complying with the law, (in addition) it minimized distortions in this sector, but the changes in the rules that sent to Conamer are radicals and have no justification, ”Sánchez Tello considered.
This goes hand in hand with what was estimated by Banorte in that the new calculation for the collection of commissions may open the door to consolidations, since it would affect the smaller Afores.
Fernando Solís, general director of product development at Banorte, said a few days ago that rather than bankrupt some administrators, the most probable thing is that the portfolios will be sold, which would not affect people’s assets, as there is a “very clear separation between the Afores and the Siefores ”.
While the former head of Consar, Abraham Vela Dib, explained that the emphasis that has been given to the commissions charged by the Afores, whether fair or excessive, is striking.
“There is a perception that if the commissions charged by the Afores were significantly lower, the amount saved by the worker at the end of his working life his pension would be higher. That is a fallacy ”, he assured.
There is a perception that if the commissions charged by the Afores were significantly lower, the amount saved by the worker at the end of his working life his pension would be higher. That is a fallacy ”.
Abraham Vela Dib, former head of Consar.