The reform that established a cap on the fees charged by Pension Fund Administrators (Afores) has had consequences on their income. Before the reform came into effect, Afores charged an average of 0.81 percent in fees.
During 2021, with the implementation of the reform and the Covid-19 pandemic, Afores reported profits of 10,784 million pesos. However, by the end of the third quarter of 2024, profits of Afores decreased to 9,794 million pesos, although this figure exceeds the income recorded in the same period of 2023 by 45 percent.
During the first nine months of 2024, the Afores with the highest profits were XXI Banorte with just over 2,000 million pesos, followed by Sura with 1,768 million pesos, and in third place, Profuturo with profits of 1,487 million pesos.
On another topic, a new type of fraud in unemployment withdrawals was warned about, in which Afores advisors collaborate to make withdrawals for amounts greater than workers' salaries in exchange for a commission. Consar, in conjunction with the Mexican Social Security Institute (IMSS), is working to stop this fraudulent practice.
Consar established a limit on the fees that Afores can charge for the year 2025, stating that they can charge up to 0.55 percent of the managed asset balances. This measure aligns with Article 37 of the Retirement Savings Systems Law and is based on the average fees charged in pension systems of other countries such as the United States, Colombia, and Chile.
It is important to remember that in 2020, the reform that established this limit on Afores' fees was approved in the Congress of the Union and was subsequently endorsed by the Supreme Court, which has impacted the way unemployment withdrawals are made.
