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During the month of January of this year, the total of AFP multi-fund transfers was 761,741 (13.7% of total contributors and 6.9% of total affiliates for that month), falling by -42.6% compared to the previous month and growing by 83.4% compared to the same month of the previous year.
According to a bulletin prepared by the consulting firm Ciedess, based on data from the Superintendency of Pensions, in the first month of the year those affiliated with the pension system opted for the riskier fund.
Type A, therefore, was the multi-fund with the highest number of net transfers (additions minus withdrawals), with 55,176 net additions; while the E registered the opposite case, with -52,794 net movements.
In parallel, according to Ciedess, in January the AFP that presented the highest number of net transfers (more incorporations than withdrawals due to transfers) was Cuprum, with 1,764 members; while the reverse case had it Model, with -3,937 net transfers.
Transfers
Of the total transfers, the 97% corresponded to changes in the same AFP (738,274 transfers), while the remaining 3% were movements to another entity (23,467 transfers).
The amounts transferred in January were equivalent to 7.9% of the pension funds.
“Since March there have been strong fluctuations in the returns of the multifunds due to the advance of the coronavirus worldwide, which, added to the suggestions of transfers by third partiesThey have had an impact on fund transfers ”, commented the consulting firm Ciedess.
Fund A, the preferred
In January of this year, the members of the pension system opted for the fund Type A, what was he with the greater number of net transfers (incorporations less withdrawals), with 55,176 net additions; while the E registered the opposite case, with -52,794 net movements.
For its part, the results of Type B, C and D funds were 217, 1,151 and -3,750 net transfers respectively.
The year 2020 (January to December) showed that the fund with the highest amount of net transfers was the E, with 337,770 net additions; while fund B registered the opposite case, with a net of -369,397 movements. In turn, the results of Type A, C and D funds were 23,558, 42,958 and -34,889 net transfers respectively.
Net transfers by AFP
Ciedess also reported that in January the AFP that presented the highest number of net transfers (more incorporations than withdrawals due to transfers) was Cuprum, with 1,764 members; while The opposite was the case for Modelo, with -3,937 net transfers.
However, he detailed, “in the panorama of the last 12 months, Capital is the AFP with the best balance, with 33,306 net transfers and Modelo the one with the highest number of net outflows, with -66,194 ″.
“Transfers to another AFP have experienced greater fluctuations in relation to the bidding processes for the portfolio of new affiliates, generating significant changes in the commission value. Likewise, to the extent that people receive more information about the pension system, they will be able to internalize and process transfer decisions ”, the consultant concluded in her report.
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