Grupo de Inversiones Suramericana SA unit AFP Integra won the fourth affiliate bidding by the Peruvian Private Pension System by offering lower commissions as of 2019, Gestión reported.
Between June 2019 and June 2021, AFP will hold exclusivity on incoming workers to the system. It is reportedly estimated that in this 24-month period, about 700,000 new contributors would be affiliated.
AFP reportedly offered commissions of 0.82% over the funds and 0% over inflows, while it currently charges 1.20% and 0.90%, respectively.
Sura's unit will succeed Prima AFP SA, whose contract ends June 2019.
Chile's Administradora de Fondos de Pensiones Habitat SA, which operates in the Peruvian market and was reportedly interested in acquiring ProFuturo AFP — though later denied it — missed the bidding with a 0.90% and 0% offer on funds and salary, respectively.