The Government has announced the creation of the Pension Fund for Welfarefunded with money from the inactive afore accounts of workers over 70 years of age in the IMSS and 75 years of age in the ISSSTE.
These accounts are considered inactive if they have not received employer contributions during the last six bimonthly periods.. However, Workers’ rights over their resources will not be lostand may recover them through procedures established by the authorities.
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Accounts that would go to the Welfare Pension Fund:
The new fund will specifically impact the Individual Accounts for IMSS contributors aged 70 or older and ISSSTE contributors aged 75 or older, whose accounts have not received contributions in the last six two-month periods.
For those who do not fall into these conditions, their resources will continue to be managed by their respective pension fund. For those holders who are still alive and wish to claim their money, it is important to know which pension fund manager their pension fund is in.
This can be verified by calling the National Commission for the Retirement Savings System (Consar)consulting the Consar website or the Mexican Association of Pension Fund Administrators (Amafore)or using the Social Security Number (NSS) from the IMSS.
Once identified, it is recommended to immediately go to the Afore office to begin the claim process, especially if the account has been inactive for several years.
What happens if the owner of the savings died?
In the event that the account holder has died, the relatives will need the worker’s NSS to find out which Afore the account was in. With this information, a process for the designation of beneficiaries post mortem with the IMSS.
Although this process exists and is viable, it is neither simple nor fast, and It may take at least a yearHowever, it is an option available for beneficiaries to withdraw money from the Afore account.
Money that goes to the Fund can still be claimed:
It is important to note that The right to request resources owned by workers is not lost even when these have been transferred to the Welfare Pension Fund.
In the event that it is not possible to recover the resources directly from the Afore, due to the transfer to the new fundthis can be done at the Single Windows that the IMSS, the ISSSTE and, where appropriate, the Infonavit will make available to the owners of the individual account and their beneficiaries.
These offices will handle queries and procedures related to the disposition of these resources.
Pension experts suggest that holders of dormant accounts act quickly to claim their funds, both to avoid future complications and to ensure that their funds are not transferred to the new fund without their knowledge.
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