The main amendments introduced by the Proposal included:The Retirement Fund Administrators (Adminstradoras de Fondos para el Retiro) (“Afores”) will operate through Specialized Investment Funds of Retirement Funds (the “Fiefores”) which will replace the Specialized Retirement Fund Investment Companies (“Siefores”) Under this Proposal, an exception to the corporate governance regime established in the General Law of Commercial Companies is proposed, since the Fiefores will not have a shareholders meeting or board of directors. All Rights Reserved. 5% of pensionable salaries, divided as follows:Mexican pension contribution rates are some of the lowest in the world. Furthermore, the Proposal contemplates that the Pension Funds System Commission (Comisión Nacional del Sistema de Ahoro para el Retiro) (“Consar”), with the prior opinion of the Ministry of Finance (Secretaría de Hacienda y Crédito Público) (“SHCP”) and the Mexican Central Bank (Banco de México) (“Banxico”), shall determine the investment regime, the levels of liquidity and market risk for the Fiefores (currently such determination also requires the opinion of the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores)). The proposal also states that the pension system should be reviewed every 10 years and changed if needed to ensure continuous performance. By Hans Goebel, Gunter Schwandt, and Diego Sánchez of Nader, Hayaux GoebelOn January 16, 2019, the federal executive branch of the Mexican Government introduced a legislative proposal (the Proposal) to the House of Representatives (Cámara de Diputados) of the Mexican Congress to amend various provisions of the Pension Funds Systems Law (Ley de los Sistemas de Ahorro para el Retiro) (the “SAR Law”).

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On July 22, 2020, Mexicos federal government announced
through the Ministry of Finance the “Strengthening the
Retirement Pension System,” a program supported by the
Business Coordinating Council (BCC) and Mexicos Workers
Confederation (MWC), the employers and workers largest
unions, respectively. The Mexican government and key private sector groups (employer and employee representatives) have reached an agreement to reform the AFORE (Admistradoras de Fondos para el Retiro) defined contribution system that would, among other things, increase employer retirement contributions and shorten employees required insured employment period. OECD Review of Pension Systems in Mexico (PDF)News release English | SpanishHighlights English | Spanish (PDF)Main findings Documents and linksOECD Pensions OutlookOECD Business and Finance OutlookOECD Pensions at a GlanceMortality Assumptions and Longevity RiskPension Markets in FocusOECD Review of Pension Systems in IrelandDownload the pdf English | Spanish Related DocumentsFollow us (Social Media):Lockton Global BenefitsUpdate: On 16 December 2020, the Mexican government passed amendments to the social security and retirement savings systems laws. To date he has advised the sponsor in the structuring and launch of a total of seven CKD funds placed in the Mexican Stock Market, focused on the real estate industry and the energy and infrastructure sectors as well as on four FIBRA transactions, focused on the retail and hotel industries. Gunter is an expert in highly complex public issuances and securitizations and has developed in-depth expertise in CKDs (development capital certificates) and FIBRAs (the Mexican equivalent of a U.

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Diego Sanchez, Partner, Nader, Hayaux Goebel:Diego Sánchez specializes in mergers and acquisitions, capital markets, banking and finance and private equity practice areas. The reform would include the following changes:Given the current economic uncertainty caused by the COVID-19 pandemic, a two-year grace period will be given to employers during which employer contributions will not increase. This scope will be defined in the secondary regulation issued by Consar.
Subscribe to: Nothing in this publication should be construed as legal advice. He is an expert in complex structured finance deals and security issuances, as well as local and cross-border mergers acquisitions web link private equity transactions. Pension holders will be allowed to withdraw their voluntary deposits from their retirement funds at any time.

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Hans has a strong background in banking law and regulations, and handles a variety of financial, capital markets and corporate governance matters. It is not yet possible to define the scope in the changes to the investment regime or if it will represent a more flexible investment regime. .

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