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Voluntary savings for retirement Carlos Marmolejo, MEXICO. June 2014. Mexican Pensions System . Current situation. In 1997 the Mexican Pension System was reformed and replaced by an individual capitalization system managed by private pension fund managers (Afores).

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Voluntary savings for retirement carlos marmolejo mexico

Voluntary savings for retirementCarlos Marmolejo, MEXICO

June 2014


MexicanPensionsSystem. Currentsituation

In 1997theMexicanPensionSystemwasreformed and replacedbyan individual capitalizationsystemmanagedbyprivatepensionfund managers

(Afores).

50,878,419Individual Accounts in the System

16,143,422of those Accounts are active.1

1. With at leastonecontribution in a 12 monthperiod.


Pensions

The resources in the system will not be enough for most of the current working force to receive adequate pension payments at retirement.

Average balance of an Individual Account: US$ 3,169

Replacement rate1 in Mexico: 32%

Itisnecessary to increaseVoluntarySavings

Percentageof theaverageperceivedwagein thelast 10 years of workthatan individual willreceive as pension.


VoluntarySavings

59%of workers are under 40 yearsold, whichrepresents a widepotentialmarketforVoluntarySavings.

  • 112,625

  • Workers who made those Saving deposits²

Consideringalltheaccountswith a positive balance in at leastone of theVoluntarySavingssubaccounts, withoutconsidering a minimum balance.

Thesenumbersdon’tconsider PENSIONISSSTE


Available channels to make voluntary savings deposits
Availablechannels to makeVoluntarySavingsDeposits

  • Workers have currently several options to make a Voluntary Savings deposit:

Recurrentdebitpayments

BankBranch

PayrollDiscount

Electronic transfer

Retail

Chains

Afore 1

Promotes

1

Afore 2

Promotes

2

Afore 3

Promotes

3

Afore 4

Promotes

4

Afore 5

5

Afore 6

6

Afore 7

Promotes

7

Afore 8

8

Afore 9

Promotes

9

Afore 10

Promotes

10

Afore 11

Promotes

11

Afore 12

Promotes

12

However, it depends on each AFORE’s business model and sometimes it requires additional procedures to make a deposit.


1

  • The client will provide the Retailer’s cashier only the following:

  • ID national number

  • Deposit Ammount

  • The Retailer will give the client a receipt that works as the deposit’s voucher (in future implementation phases, will also send an SMS or e-mail)

  • ProceSAR will centralize the operation between AFOREs and retailers

  • 2

    3

    retailer

    Animation


    3. Lotteries

    1. Government Benefit (savings matching program)

    2. Mobile Airtime and other benefits, depending on the AFORE


    Voluntary savings

    Voluntarysavings

    Voluntary Savings Collection by Retailers

    Carlos Marmolejo, MEXICO

    June 2014


    I want to make a Voluntary Saving deposit, please

    Please, give me your ID number or mobile number

    My ID is …..

    Howmuchwouldyouwish to depositin yourAccount?

    $200 pesos, please

    Sure, just a second





    Here, thisisyourreceipt

    Youhavereceived a VoluntarySavingsDepositfor

    $200



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