Overview
- Consar’s Board voted unanimously to fix the maximum commission Afores may charge in 2027 at 0.53% of account balances.
- The cap was calculated as the arithmetic average of commission levels in the US, Chile and Colombia using 2025 data and Morningstar percentiles for US funds.
- Consar data show the 10 Afores earned 35,080 million MXN in commissions from January through September 2026, a 12.4% real increase driven by larger account balances.
- Despite rising nominal revenues, industry earnings remain about 7.6% below pre-cap levels and most private Afores typically set fees at the regulatory ceiling while only PensionISSSTE usually charges less.
- The cut continues a trend from 0.81% in 2021 to 0.57% in 2022 and then marginal reductions to 0.55% in 2025 and 0.54% in 2026, a path that lowers costs for savers and increases pressure on smaller or less efficient Afores, which can prompt consolidation or sales.