The Retirement Fund Administrators (afore) are financial institutions in Mexico that manage the individual accounts of workers affiliated with the Mexican Institute of Social Security and the Institute of Security and Social Services for State Workers.
At the beginning of their working life workers allocate part of their salary to saving that is managed by the Afore, which must be freely chosen by each person.
In the event that workers do not choose an Afore, the National Commission of the Retirement Savings System (Consar) assigns one that is one of those that currently generates the most returns.
How is the Afore change made?
People can change their Afore once a year, for which the following steps must be followed:
Contact the Afore for which you want to change and request a visit from one of the pension advisors, or go directly to one of the branches
The advisor will provide you with the following documents on an electronic device, which you must read and sign:
1. Transfer request, which contains the Retirement Fund Administration contract
2. Net income document
3. You will receive on your phone a sheet of the transfer request that you must provide to the advisor to continue with your process
4. The pension advisor will record a video where you acknowledge that you are carrying out the change of Afore
If you still do not have an electronic identification file confirmed, which includes your digital photograph and your biometric data, the Afore to which you will change will be in charge of integrating it
How long does it take to change Afore?
According to the National Commission of the Retirement Savings System, the change of Afore will take up to 20 business days from the signing of the transfer request.
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