The Consar announces the maximum limit for commission that Afores will charge in 2023

The maximum limit of the commission that the Afores will charge workers in 2023 for managing retirement savings will be 0.57%, that is, for the first time in history it would not be modified downwards, as authorized by the Governing Board of the National Commission of the Retirement Savings System (Consar).

The regulatory body of the Afores, reported on its website, that the Governing Board in its fifth ordinary session of 2022, with the necessary quorum and by unanimous vote, determined the maximum to which the commissions charged by the fund managers will be subject. retirement funds for the year 2023.

Given this, the agreement was established so that the maximum commissions charged by the Afores in 2023 be 0.57% on the balance of managed assets.

The Consar explained that the values ​​of the parameters used in the calculation of the maximum commissions were given according to the arithmetic average of the collections in terms of commissions in the defined contribution pension systems of the United States, Colombia and Chile, as It is established within the reform of the Retirement Savings System Law that came into force last year.

Currently, eight of the 10 Afores that operate in Mexico charge a commission of 0.57%, except for Afore Coppel, which charges 0.56% and PensionISSSTE 0.53 percent.

In the next few days, the Consar will have to publish the list of commissions that each Afore will charge its workers, considering a maximum limit of 0.57 percent; however, it is expected that there will be no changes in the quotas they retain, as Bernardo González, president of the Mexican Association of Afores (Amafore), recently stated.

Earn less commission

This year, after the commission charged by the Afores was historically reduced, going from 0.80% in 2021 to 0.57% by 2022, the income received by the Afores reported decreases.

From January to September of this year, profits from commissions amounted to 21,775 million pesos, about 7,655 million pesos less than the same period last year when 29,430 million pesos were received, according to Consar data.

How much do you pay your afore?

Saving

In 2021 it was estimated that the savings that workers would have this year due to the drop in the commission, going from an average of 0.80 to 0.57%, would amount to 11,800 million pesos, according to Consar data.

minutiae

Currently the Afores are facing a period of disabilities, also known as virtual losses, which impact the savings of workers, so they are asked not to make withdrawals from their accounts.

10 Afores operate in Mexico and eight of these, this year, charge a commission of 0.57 percent.

yuridia.torres@eleconomista.mx