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Finally, today the Superintendency of Pensions made official the result of the tender for new affiliates: Modelo was awarded the process after offering a commission of 0.58% of taxable remuneration.
This was communicated this morning by the regulator to all the AFPs, notifying them of the award resolution of the public bidding process for the portfolio of new affiliates for the period October 2021-September 2023.
“The Evaluation Commission resolved the award of the tender, after analyzing in detail the content of the envelopes with the economic offers (on No. 2) of the two administrators that participated in the process, AFP UNO and AFP Modelo, in addition to the technical offer additional from the second pension manager (on N ° 3), because it was the one that presented the lowest commission for managing mandatory individual capitalization accounts, “said the regulator through a statement.
It should be remembered that AFP UNO had submitted a commission offer of 0.62%. However, now the award of the tender must be published in the Official Gazette.
Currently Modelo charges 0.77%, so the offer it presented this Tuesday would be 25% lower, or 0.19 percentage points lower. Meanwhile, UNO has a commission of 0.69% in force, so the offer was 10% lower, or 0.07 percentage points lower.
“We were born with the vocation to earn little, in order to achieve this we work intensely on the efficiency of our processes and on the incorporation of new technologies, and thus contribute with low prices so that people agree to increase their salary. In our 10 years, we have been able to demonstrate it, managing to offer competitive returns and a good service at a low price, sustainable over time, “said the general manager of AFP Modelo, Verónica Guzmán, in a statement after the administrator was awarded bid.
The 0.58% commission will apply to all AFP Modelo affiliates. “In this way, people who choose Modelo will be able to save up to $ 250,000 annually, compared to the most expensive AFP in the industry,” AFP said in the statement.
The general manager of Modelo explained that “with a commission of 0.58%, contributors will be able to pay less than half of what the industry charges on average, and increase their salary.”
They also reported that in the second half of 2020, AFP Modelo started a technological transformation plan: “We are implementing improvements in all processes, not only with technological reinvestment, but also with automation, robotics and artificial intelligence, in order to expand our services. and offer better service times, always with a focus on the customer’s experience and based on regulatory compliance, ”said Guzmán.
