The director of the fund management company said that another of the Consar initiatives to avoid transfers from the Afores was the figure of pension advisers instead of commercial advisers that was promoted since last year.
“I think that this is encouraged to limit transfers that do not generate value and only generate costs. In the end, the final cost of an Afore translates into a commission that will take performance away from savers,” he added.
Last week, Iván Pliego, president of Consar, told Expansión that Afore transfers are prohibited until June of this year.
The measure, he said, is to prevent the losses that have been recorded in recent months from impacting the retirement savings of workers.
“We have to continue evaluating and – above all – transforming the vision of the Administrators, so that they forget about working as commercial entities and that they work as financial activities,” Pliego told Expansión.
Why can’t I change Afore?
Due to the fact that last year, the Afores suffered losses of 215.477 million pesos, the Consar stopped the transfers of Afore as a measure so that the workers do not lose more money.
Initially, the measure was only applicable until March of this year, but given the volatility of the markets that has caused more losses, the Consar decided to extend the term until next June.
What happens if I want to change?
Workers who wish to change Afore may do so, but the process will be frozen until the regulator admits new transfers.