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During the month of March, historical transfer figures were recorded in the pension multifunds: 897,292 movements and amounts that represented 12.6% of pension funds.
According to the bulletin prepared by the consulting firm Ciedess —with data from the Superintendency of Pensions—, these movements represented 16.0% of the total number of contributors and 8.2% of the total number of affiliates for that month.
“This quantity is the highest since the creation of the multifunds and almost doubles the peak above noted in November 2019, when 498,612 total transfers were recorded, ”the report detailed.
According to the Ciedess document, in March there were historical falls in the multifunds due to the advance of the coronavirus worldwide, mainly affecting funds A and B, and increases in interest rates locally, mainly impacting funds D and E.
The amounts transferred in that month amounted to US $ 21,490 million, equivalent to 12.6% of pension funds, being the highest figures since the creation of the multifunds.
Fund E leads transfers in March
Of the total transfers in March, 95% correspond to changes in the same AFP (851,965 transfers), while the remaining 5% were movements to another entity (45,327 transfers).
The fund with the highest number of net transfers (additions less withdrawals) in March was Type E, with 170,569 net additions, while the Type B fund registered the reverse case, with -81,980 net movements.
“For their part, the results of the Type A, C and D funds were -48,927, -53,412 and 13,750 net transfers, respectively,” said Ciedess.
When analyzing by administrator, in March the AFP that presented the highest number of net transfers (more incorporations than transfers due to transfers) was Provida, with 2,547 affiliates, closely followed by Capital with 2,390 net affiliations, while the Administrators with the worst balances were Planvital and Model, with net of -2,124 and -1,943 respectively.
Results year 2020 (January to March)
So far in 2020 (January to March) the fund with the highest number of net transfers is the fund Type E, with 168,049 net additionswhile the background Type B records the reverse case, with a net of -101,855 movements.
In turn, the results of the Type A, C and D funds were -35,160, -38,454 and 7,420 net transfers, respectively.
Transfers to another AFP have experienced greater fluctuations in direct relation to the bidding processes for the portfolio of new affiliates, generating significant changes in the value of commissions.
“Also, as people receive more information about the pension system, they will be able to internalize and process transfer decisions ”Ciedess commented in her report.
The AFP that registers the best net balance during 2020 (January to March) is Capital, with 10,886 transfers, while Planvital shows the reverse case, with -8,941 net departures, closely followed by Model (with -8,287 transfers).
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