How To Know How Much Money I Have In My Afore: System, What It Is And MORE

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This topic about How to know how much money I have in my Afore, It is very interesting and basic to know by all dependent and independent workers.

This is how you can find out how the Afores work, who administers them and who supervises and controls them. In addition, you can read which are the existing Afores in Mexico and much more.

Read on and clear up any doubts about it. Then, you will be very clear about an issue that is important for the economic and financial future of workers.

How do I know how much money I have in my Afore?

If you want to know how much money you have in the Afore, initially what you should do is locate where you have the Afore account.

To find out, you must enter the web portal, with the Social Security Number (NSS) or the Unique Population Registry Code (CURP) and an email address for the information to be sent to you.

Also, there is the other way that is through a telephone call to the number SARTEL (0155) 13-28-5000, for which you also need the CURP and the NSS. If you do not have the CURP, you can call enter the official portal of CurpSP.

After a few days, the email reaches the email where it indicates the name of the bank or entity where you have your savings or afore. If it happens that does not receive the mail, it is recommended to communicate with the SARTEL with the personal identification data.

Once you know the retirement savings entity, you should contact the Afores area to follow up or change to another managing entity if you prefer.

Absolutely, all workers have the right to make the Afore change once a year, maximum two, in case there is one that has generated better returns over time. After the second change, you must wait a year to make a new change.

To enter the Retirement Fund Manager, follow these simple steps so that you know how much money you have saved in your Afore:

  • As mentioned before if you do not know in which Afore you are registered, you must initially enter the System “E-sar”, the Afore in which the worker has his individual account.
  • To do so, you must register with the Unique Population Registration Code (CURP) or with the Social Security Number (NSS).
  • Also, you must register the email address where you will receive the corresponding information.
  • Must do the request to your Afore for the respective account statement, summary, consultation or certification of balances, detail of movements or any other instrument that has the information of the movements and balances of the individual managed account.
  • The request is made according to the format that the Afore has available to affiliates.
  • Likewise, la Afore must deliver to the worker a receipt of receipt. The delivery period is five business days from the moment the request was made.

How To Know How Much Money I Have In My Afore: Account Statements That They Send You

You can receive account statements from your Afore bimonthly or at least twice a year. In them you can consult the balance in each subaccount, the returns obtained and the contributions received.

In the Retirement Savings System (SAR) the Afore are those instances that are authorized to issue the account statements, balance records, details of movements of workers’ savings accounts.

As a general safety rule, neither CONSAR nor any other entity can have access to the worker’s information and only the Afore where your account is located, is the one that can access and report how much savings you have since it is the one that manages the resources.

Too, You can download the Afore Mobile App on your Smartphone and you can easily obtain the account statement. You only need to have your CURP, the email address. In addition, you must take a photo of the face and the identification that is protected in the worker’s file.

According to the Law, the Afore have the obligation to send the statement of account to the worker at least three times a year. The shipment is made in the months of January, May and September.

It is recommended that in case the Afore that manages your account is not sending you the account statement, update your address because this may be the reason. You must verify with the Afore the reason why the account statement does not arrive.

Check here the list of telephones and pages of all AFORE.

How to Know How Much Money I Have in My Afore: Who Manages the Afore?

Regarding the administration of the Afore, mention should be made of the National Commission of the Retirement Savings System (CONSAR) whose main function is to regulate the Retirement Savings System (SAR).

The National Commission of the Retirement Savings System (CONSAR) supervises that workers’ resources are invested according to certain parameters and limits established by the investment regime commission.

This commission establishes the rules for the Retirement Savings System (SAR) to function properly. In addition, it is responsible for ensuring that workers’ resources are properly protected.

Also, the commission has the power to impose sanctions and fines on the Afore in cases of non-compliance.

Powers of the National Commission of the Retirement Savings System (CONSAR):

The Retirement Savings System (SAR) includes many instances but of all the National Commission of the Retirement Savings System (CONSAR) is in charge of regulating the Afores.

The rest of entities such as ISSSTE, IMSS, FOVISSSTE, INFONAVIT, RENAPO, CONDUSEF and SAT are totally independent although they are linked to the Retirement Savings System (SAR).

The Commission and the Afores do not carry out any procedure of the following:

  • Correction of the Social Security Number.
  • Correction of the Federal Taxpayers Registry (RFC).
  • Also, regarding the correction of the CURP.
  • Pension Resolutions.
  • Likewise, the resolutions of denial of pension.

If you have not chosen an administrator for the Afore retirement fund. The government collects the contributions as a salaried worker and assigns them to the Afores that have a higher net return and achieve the highest record of assigned accounts.

Choosing the Afore is something very personal and nobody can force you to stay in any. CONSAR recommends taking into consideration the commissions, performance and services it offers.

How to Know How Much Money I Have in My Afore: Pension System in Mexico

Since the month of July of the year 1997, the Individual Capitalization System to facilitate increased return on worker savings. As of that year, the workers who contribute to the IMSS or ISSSTE, make their contributions to the Retirement Fund Administrators (Afore).

If you are a worker under a dependency relationship, then you have a individual account where part of the discounts made to your salary goes, in addition to the contributions made by the employer and the government. If you are an independent worker, it is your responsibility to be part of an Afore, you can select it according to your personal criteria.

The most important thing is that you make the corresponding contributions.

What are the Afores in Mexico?

The Afore existing in Mexico are those mentioned below:

  • PensionISSSTE
  • Citibanamex
  • Future
  • Inbursa
  • Sura
  • XXI Banorte
  • Aztec
  • Principal
  • Invercap
  • Coppel

The National Commission of the Retirement Savings System (CONSAR) has indicated on different occasions that in recent years there have been important reforms in the services offered to the worker. It is considered that it is beneficial to generate competition that stimulates the industry and allows improve their growth.

What is Afore?

An Afore is a Retirement Pension Fund Administrator. It is a private entity that is in charge of managing a pension fund, savings of salaried or independent workers. It has the power to administer the contributions deposited by workers and employers to finance the future pension.

Not only are they responsible for keeping the money until retirement, but they also make investments through Investment Companies Specialized in Retirement Funds (SIEFORE). These companies manage low-risk investment funds, according to age and working life expectancy, to generate returns, they also charge commissions.

The Afore are supervised by the Ministry of Finance and Public Credit and the National Commission of the Retirement Savings System (CONSAR) and their task is to regulate the Retirement Savings System (SAR).

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