Amafore does not expect changes in the collection of commissions on the worker’s balance

The Mexican Association of Afores (Amafore) does not expect changes in the collection of the commission charged by the fund administrators on the balance of the workers and that this year is 0.57%, after falling from 0.81% in 2021, due to the reform of the Law of the Retirement Savings System.

“Yes, we have talked with the National Commission of the Retirement Savings System (Consar) about the commission to be charged on the balance of workers for 2023. Consar has informed us that it has already submitted its methodology to the Governing Board for next year’s commissions, we do not expect any changes, because of what they have discussed with us, but this will not be known formally until it is published in the Official Gazette of the Federation. It is unofficial information,” said Bernardo González Rosas, president of the Mexican Association of Afores at a press conference for the presentation of the Amafore 2022 Meeting, entitled “25 years of the SAR. At the forefront of pension systems”.

González Rosas added that further reducing the commission on the balance could cause problems in the industry and therefore care must be taken. “The eat It is attending to these considerations and complying with what the law says.”

The law, in its article 37, paragraph 8, establishes that the commissions charged by the administrators of funds for retirement (afores) will be subject to a maximum, which will result from the arithmetic average of the collections in terms of commissions in the systems of defined contribution from the United States of America, Colombia and Chile.

Volatility challenger year: BlackRock Mexico

Sergio Méndez, CEO of BlackRock México, and Hugo Petricioli, CEO of Franklin Templeton Mexico. Which were questioned about how they have seen the performance of the Retirement Savings System (SAR) in this 2022 that is marked by periods of volatility and that generate losses in the SAR.

Sergio Méndez commented that this year has been one of the most challenging in the global investment system. There have been situations in which the paradigm was changed because central bank interest rates rose and will continue to do so, he warned.

“The world was fighting for many years to generate inflation and this inflation was generated. Now comes the reaction. This is an important change, we have seen the different financial markets globally have important adjustments”, said Méndez.

In this sense, the CEO of BlackRock México He explained that the Afores have had a professional reaction, through the Investment Companies Specialized in Retirement Funds (siefores), to take advantage of the opportunities when interest rates rise.

“Although it is a difficult path that generates certain handicaps in the siefores with the adjustments in the capital markets. It is also an opportunity because it makes the investments have an asset that yields much more than the fixed income asset, ”he explained.

Hugo Petricioli, general director of Franklin Templeton Mexico, commented that handicaps are not losses. Consar has said that the loss occurs when resources are withdrawn from the account, since the Afore must liquidate the assets it has at its disposal.

“Although this year has been complicated in the markets, the return is long-term, the vision is long-term and the withdrawal is long-term,” said Petricioli.

Amafore meeting

The event will be held at Citibanamex Center on November 16 and 17. There will be the participation of national and international experts who will analyze the outlook for the global economy and its implications for the financial markets.

Among the most prestigious international guests will be Paul Krugman, Nobel Prize in Economics in 2008, and Francis Fukuyama, political scientist and author of the book “The End of History”.

It will also reflect on the main achievements of pension systems in the world and on the next steps in terms of inclusion and responsible investments.

santiago.renteria@eleconomista.mx

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