According to management, AFP UNO lost the most affiliates in the first month of the year.
Following the trend of the past two years, AFP multi-fund remittances began a new decline in 2023.
Consulting firm Ciedess reported that 89,360 multi-fund transfers were recorded in January 2023 (1.5% of all contributors and 0.8% of all affiliates that month). This figure corresponds to a slight increase of 10.3% from the previous month, but a -38.3% decrease from the same month in 2022.
Of the total transfers, 51% corresponded to the same AFP change (45,601 transfers) and the remaining 49% were transfers to different entities (43,759 transfers).
Meanwhile, total remittances in January 2023 amounted to $1,645.09 billion, representing 1.1% of pension funds under management in the same month.
The consultant explained, “Affiliates who transferred in January had an average age of 39, an average taxable income of $1,485,993, and a cumulative personal capital account (CCI) balance of $18,471,085.”
“People who switch to another AFP are younger, have lower taxable income, and have lower accumulated balances than those who switch to the same AFP,” he said, pointing out differences between types of transfers.
Fund E gets 15,000 affiliates
Ciedess reports that the fund with the most net transfers (additions minus withdrawals) in January 2023 was E, with 14,972 net additions. Fund B, on the other hand, registered the opposite case, with a net -9,184 move.
On the other hand, funds A, C and D resulted in net transfers of -7,791, -1,499 and 3,502 respectively.
With 2,200 net affiliates, the provider was the AFP with the highest number of net transfers registered, according to the administrator. Meanwhile, the opposite case was shown by AFP’s Uno, with a net transfer of -1,418.