The “pension advisor” will replace promoters of Afores

The National Commission of the Retirement Savings System (Consar) seeks to create the figure of “pension advisor” to replace the promoter agents.

The figure of pension advisor will gradually replace the figure of promoter agent, so its integration does not imply additional costs for the administrators, the regulator justified.

One of the reasons is because in the Retirement Savings System (SAR) there are currently promoter agents and the service agent, who share similar characteristics in terms of training, requirements to function, evaluation, etc., reveals the preliminary draft sent to the National Commission for Regulatory Improvement (Conamer).

The new figure would generate a reduction in spending on the retirement fund managers (Afores) and would simplify the regulations for SAR participants.

“That the administrators transform their current business schemes so that they focus on increasing the quality of customer service and obtaining better returns, always seeking the interest of the workers,” argues Consar.

Today, the promoter agent charges a commission for making transfers. However, the possible change in the remuneration regime will establish that the Afores pay the commission to the agent for two reasons: the registration of the individual accounts made and the Voluntary Savings contributions made by the worker.

In the second point, the commission charge will only be creditable if “it was the result of the management of the promoter agent or pension advisor”. It will not be considered as a transfer if the saver makes voluntary contributions.

The new commission collection scheme may not include payments in cash or in kind for transfers of Individual Accounts or the balance of the Individual Account.

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