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During the month of October a historical record was recorded: there were more than 1.6 million AFP multi-fund transfers.
In detail, this is the highest number of transfers since the creation of the pension multifunds in 2002.
According to the monthly bulletin published by the consulting firm Ciedess, based on data from the Superintendency of Pensions, in the period there were 1,672,553 movements (32% of total contributors and 15.1% of total affiliates for that month).
The fund with the highest number of net transfers was the A, while the background me recorded the reverse case.
By AFP, Habitat was the one that gained the most affiliates in the period, Modelo the one that lost the most.
Details
According to the consultancy, of the total transfers in October, changes within the same AFP reached 1,622,905 (97% of the total), while movements to another entity totaled 49,648 movements (3%).
According to Ciedess “since March there have been strong fluctuations in the returns of multifunds due to the advance of the coronavirus worldwide, which has had an impact on fund transfers “.
Thus, the amounts transferred in October 2020 amounted to $ 24,891,119 million, equivalent to 16.2% of pension funds, being the highest amount registered as a result of these movements.
Affiliates migrate to riskier fund in October
According to the Ciedess bulletin, the fund with the highest amount of net transfers (additions minus withdrawals) in October was Fund A, with 99,877 net additions; while fund E registered the opposite case, with -86,084 net movements.
Meanwhile, the results of funds B, C and D were -6,199, -4,895 and -2,699 net transfers, respectively.
Meanwhile, between January and October 2020, the fund with the highest number of net transfers was Type E (287,456 net additions), while fund B registered the opposite case (-22,033 movements).
The results of Type A, C and D funds were 20, 53,965 and -19,408 net transfers respectively
Modelo was the AFP that lost the most affiliates
In October, the AFP that presented the highest number of net transfers (more incorporations than withdrawals due to transfers) was Habitat, with 3,803 members; while the inverse case shows it Model, with -13,934 net transfers.
During 2020 (January to October), the AFP that obtained the best net balance was Capital, with 29,509 transfers, while Model showed the reverse case, with a net exit of -48,152 affiliates.
Looking at the outlook for the past 12 months, Capital is the AFP with the best balance (28,193 net transfers) and Modelo showed the reverse case (-50,863 net outflows).
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