La Jornada: Charging commissions to workers leaves Afore with the highest income since 2021

The income obtained by the Retirement Fund Administrators (Afore) from the collection of commissions for managing workers’ savings amounted to 19.2 million pesos between January and May, reported the sector’s regulatory body. This amount exceeded by 13.3 percent in real terms – already discounting the effect of inflation – the amount collected through the same means in the comparable period of 2025 and turned out to be the highest since 2021, he added.

Ayer, The Day published that in the first five months of the year, companies that manage workers’ pension savings had unprecedented profits of 7,653 million pesos, an amount higher by 21.4 percent in nominal terms – without considering inflation – and 16.6 percent higher in real terms compared to the same period in 2025 (https://t.ly/SlOhd).

Consar stressed yesterday that in real terms the net profit for 2026 is not the highest in the system, as it is below what was recorded in 2019 and 2020. In its monthly reports, the organization usually reports nominal variations.

The National Commission of the Retirement Savings System (Consar), the sector’s regulatory body, highlighted yesterday that income from commissions is the most appropriate indicator to measure the evolution of the administrators. The net profit, he added, presents distortions derived from the “participation in the results of subsidiaries”, an accounting item that records investment returns from the special reserve that each Afore constitutes with its own resources.

In general terms, the income from the collection of commissions on workers’ savings is part of the total income, which, once all expenses and tax payments have been deducted, result in the net profit of the companies that own the Afore.

In the case of commission income, he said, the levels of 2021 have not been recovered either, when they reached 20,797 million pesos in the accumulated amount as of May, a figure higher in real terms than the current one.

The regulator attributed the growth in income to the 2020 pension reform, which implemented a gradual increase in contributions to the individual account with a goal of 2031, which increases the volume of managed assets.

“Given that the administrators charge a commission for the management of the individual account, which for 2026 the average is 0.538 percent of the managed assets, the increase in contributions naturally translates into a greater volume of income. However, as a consequence of the decrease in commissions, in real terms the levels recorded in 2021 have not yet been reached,” Consar explained to this newspaper.

At the end of May, according to Consar, the net assets of the Retirement Savings System registered an annual growth of 20.8 percent nominal and 16.2 real, and in the last 12 months the system accumulated capital gains of 1.2 trillion pesos (https://t.ly/TMMf8).