Afore Sura says it is in good shape to face the reduction in commissions that will be in 2022.
Emilio Bertrán, general director of Afore Sura, said in an interview that “for the moment”, the Afore has not decided to protect itself by the reduction of the commissions that was established last year by the Congress of the Union, and which will be known in the third quarter of 2021.
“We are in very good shape to face the reduction in commissions, the great challenge is to do it without detriment to the quality of the service and I am 100% sure that in Afore Sura this will be achieved,” he said.
Until April 2021, Sura managed the resources of more than 7 million workers in the country, being the fifth administrator with the most accounts. In the first quarter of this year, it registered a net profit of 470,978 million pesos (mp), 11% more than in the same period of 2020.
In 2020, Mexico approved that the account management fees charged by the Afores be capped at 0.54%, an average charged in the United States, Chile and Colombia.
Emilio Bertrán announced that once the average charged by the administrators in Colombia, Chile and the United States is released, next September, the commission to be charged in 2022 will be determined. Although it does not expect major changes, the Afore will closely monitor the process.
“In a scenario of lower commissions, we must be careful with spending, but in principle we are very well positioned to face the new commissions in the market. I do not foresee any relevant adjustment since we are in very good shape, we have the quality to continue operating efficiently ”, highlighted Bertrán.
At the beginning of June, Sura launched an app so that Mexicans who wish to switch to this Afore can do so from their cell phone and without having to visit a module or advisor . The essential requirement to be able to make the change is that the client has his biometric file.
Sura’s potential market with the new application is close to 22 million Mexicans (37% of the aforementioned), who are the ones who have this updated biometric file.
Bertrán said that an application like the one they have just launched has an approximate cost of one million dollars while the maintenance, digital marketing and personnel for operation have an annual cost of between 4 and 5 million.
In the app, Sura clients will be able to check their balance, make pension calculations, receive notifications when the employer makes contributions, make voluntary savings, voluntary savings withdrawals, and request tax proof of this voluntary savings.
From January 2020 to April 2021, voluntary savings in the Afore amounted to 299,124 million pesos, being the second Afore that achieved the most savings behind Afore XXI Banorte.
How to change from Afore?
For workers who want to change to Afore Sura through the new app, they must have their identification at hand.
They download Afore Sura on their cell phone, select the option “I want to be a customer” and enter their CURP. The next step is to fill in your contact details, enter an authentication code, do a face verification, and authorize the contract.
