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Pension Reform in Mexico: The Evolution of Pension Fund Management Fees and their Effect on Pension Balances

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Author Info
Emma Aguila (RAND)
Michael D. Hurd (RAND and NBER)
Susann Rohwedder (RAND)

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Abstract

In 1997 Mexico introduced Personal Retirement Accounts (PRAs) which, after a transition phase, will completely replace the pay-as-you-go (PAYG) system. We give a detailed overview of the relevant institutional framework, the market of PRA providers and how it has evolved since the 1997 reform. We use administrative data obtained from CONSAR, the regulatory agency of the PRA system to assess how pension fund management fees affect pension accumulations. We find that fees can drain up to a quarter of individuals’ pension savings.

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File URL: http://www.mrrc.isr.umich.edu/publications/Papers/pdf/wp196.pdf
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Paper provided by University of Michigan, Michigan Retirement Research Center in its series Working Papers with number wp196.

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Length: 42 pages
Date of creation: Sep 2008
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Handle: RePEc:mrr:papers:wp196

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  1. Alberto Arenas de Mesa & David Bravo & Jere R. Behrman & Olivia S. Mitchell & Petra E. Todd, 2006. "The Chilean Pension Reform Turns 25: Lessons From the Social Protection Survey," NBER Working Papers 12401, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Roberto Calderón-Colín & Enrique E. Dominguez & Moises Schwartz, 2008. "Consumer Confusion: The Choice of AFORE in Mexico," IMF Working Papers 08/177, International Monetary Fund. [Downloadable!]
  3. Olivia S. Mitchell, . "Evaluating Administrative Costs in Mexico's AFORES Pension System," Pension Research Council Working Papers 99-1, Wharton School Pension Research Council, University of Pennsylvania. [Downloadable!]
  4. Alberto Arenas de Mesa & Carmelo Mesa-Lago, 2006. "The Structural Pension Reform in Chile: Effects, Comparisons with Other Latin American Reforms, and Lessons," Oxford Review of Economic Policy, Oxford University Press, vol. 22(1), pages 149-167, Spring.
  5. Shah, Hemant, 1997. "Toward better regulation of private pension funds," Policy Research Working Paper Series 1791, The World Bank. [Downloadable!]
  6. Indermit S. Gill & Ceren Ozer & Radu Tatucu, 2008. "What Can Countries in Other Regions Learn from Social Security Reform in Latin America?," World Bank Research Observer, Oxford University Press, vol. 23(1), pages 57-76, January. [Downloadable!] (restricted)
  7. Rodrigo Gutierrez & Pablo Serra & Ronald Fischer, 2003. "The Effects of Privatization on Firms and on Social Welfare: The Chilean Case," RES Working Papers 3150, Inter-American Development Bank, Research Department. [Downloadable!]
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