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During August 2020 there were a total of 1,489,809 transfers of pension multifunds (28.9% of total contributors and 13.5% of total affiliates for that month).
The figure is the amount highest in the last 18 years and since the creation of the multifunds (exceeding the 897,292 transfers in March 2020).
According to a monthly multi-fund transfer bulletin prepared by the consulting firm Ciedess -based on data from the Superintendency of Pensions- the total amounts transferred amounted to $ 22,048,315 million, equivalent to 13.7% of pension funds, being the highest registered as a result of these movements.
Of the total transfers in August, 98% corresponded to changes in the same AFP (1,465,262 transfers), while the remaining 2% were movements to another entity (24,547 transfers), explained Ciedess.
Fund A led preferences
According to the consultant, the fund with the highest amount of net transfers (additions minus withdrawals) in August was the Type A fund, with 66,554 net additions, while Type B and C funds registered the reverse cases, with -46,752 and -46,309 net movements, respectively.
For their part, the results of Type D and E funds were -15,192 and 41,699 net transfers respectively.
When analyzing 2020 (January to August), the fund with the highest amount of net transfers is Type E, with 229,753 net additions, while fund B registered the opposite case, with a net of -283,060 movements.
In turn, the results of funds A, C and D were -9,114, 73,241 and -10,820 net transfers, respectively.
AFP Capital recorded better net balance
Regarding transfers to another AFP, Ciedess said, “these have experienced greater fluctuations in relation to the bidding processes for the portfolio of new affiliates, generating significant changes in the value of commissions.”
In August, the AFP that presented the highest number of net transfers (more incorporations than withdrawals due to transfers) was Capital, with 2,639 affiliates, while the inverse case shows it Planvital, with -4,527 net transfers.
Meanwhile, during 2020 (January to August), the AFP that registers the best net balance is Capital, with 22,803 transfers, while Planvital and Model show the reverse case, with net exits of -22,982 and -20,900 affiliates respectively.
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