Treasury Secretary urges new CONSAR authorities to work to lower commissions
7 octubre 2021


On October 4, the National Commission of the Retirement Savings System (CONSAR in Spanish) announced a series of changes in the entity’s authorities. Julio César Cervantes Parra, became the new Vice President of Finance; Alejandra Ayala, Vice President of Operations; and Alejandro Barajas, Vice President of Legal Issues. In this context, the Secretariat of Finance and Public Credit (SHCP in Spanish), Rogelio Ramírez de la O, stated that these changes imply “a modification in the guiding principles that underpin the productive projects promoted by the entity”. Among the new priorities will be to bring commissions charged to workers in line with international values. The appointments have already been approved by the entity. 

The changes of authorities took place within the framework of the third extraordinary session of CONSAR’s Board of Governors. In it, the entity reaffirmed its commitment to promote a new model that puts the worker at the center of the process to improve the performance and quality of services. To this end, the guiding principles that will guide the institution’s policy will consist of reducing the commissions paid by workers; improving the regulatory framework to reduce the costs of retirement savings administrators; and strengthening the mechanisms necessary to improve replacement rates and make pensions more accessible to workers.

Julio Cervantes Parra is an Actuary from the National Autonomous University of Mexico and holds a Master’s degree in Economics from the College of Mexico. He is a former Director of Institutional Planning and Foresight at the Institute of Social Security and Services for State Workers. Alejandra Ayala has a degree in Communications and Electronics Engineering from the Instituto Politécnico Nacional and a Master’s Degree in Criminalistics from the National Institute of Criminal Sciences, and has served as Deputy Director of Operations and Systems of the National Pension Fund for Workers at the Service of the State (PENSIONISSSTE in Spanish). Finally, Alejandro Barajas has a Law Degree from the Acatlán School of Higher Education, and served as Deputy Legal Director of PENSIONISSSTE.

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