The Retirement Savings System (SAR) has started a process of changes in recent weeks with the reduction of 23 basis points in the commissions that the retirement fund managers (Afores) will charge in 2022 and therefore the business model has been changed.
“Which will translate into an increase in return for workers by 6 percent. We would like (in the National Commission of the Retirement Savings System) to strengthen competition, which points to an increase in yields, profitability and an improvement in services ”, said Iván Pliego Moreno, head of the Consar in the ninth edition of the “Global Pensions Program”, organized by the Inter-American Development Bank (BID).
On Monday of this week, the commission revealed that the new average that the Afores will charge has gone from 0.808% to 0.566% by 2022.
In the panel, “Excellence in customer service in the pension sector,” Pliego Moreno said that the reduction in the collection of commissions is added to the reform to the SAR law which was approved in December 2020 with which the worker / employer contributions will be gradually increased from 6 to 15% as of 2023.
Regarding the regulation of Consar towards SAR participants, it seeks to improve operational and financial efficiency; as well as the reduction of costs of the Afores.
In this sense, Consar and the Afores are in talks of deregulation of the reserves that the SAR concentrates and which amount to more than 41,000 million pesos.
Reference-www.eleconomista.com.mx