SURA Asset Management is the leading company in Pensions in Latin America, specialized in Savings and Investment, with operations in Chile, Colombia, El Salvador, Peru, Mexico and Uruguay.
is a SURA Group subsidiary, its holding or parent company, one of the soundest and most important companies in Latin America, with more than 70 years of experience in banking, insurance, pension, savings and investment, present in several financial markets.
SURA Asset Management was created in 2011 as a SURA Group subsidiary, within the scope of the purchase of ING assets in the Pension, Life Insurance and Investment Funds businesses in Chile, Colombia, Mexico, Peru and Uruguay, purchase that was completed on December 29, 2011, for US$ 3.6 billion.
In addition to SURA Group, SURA Asset Management has three minority shareholders, namely, Bolivar Group, Bancolombia Group and Wiese Group.
Head office is located in Medellín, Colombia, at Carrera 43 A # 3 - 101, Edificio Corfinsura.
An AFP (Pension Fund Managing Company) is a private company whose exclusive business objective is that of managing the Pension Funds of affiliates and granting retirement, disability and survival pensions. In Mexico, these companies are called AFORE (Pension Funds Managing Companies), and in Uruguay, AFAP (Pension Fund Savings Managing Company).
Fees and commissions are the only income that AFP´s have. The amount of the fees and commissions is freely set by the AFP and may be established as a fixed sum or as a percentage of the contribution, or a combination of both.
We know that your life is full of dreams, that you have thousands of projects and that your retirement pension seems to be far-away goal. However, getting ready for your pension could be the most important savings of all.
Your mandatory savings account represents a simple and automatic method to build your future pension. When used properly, it will allow you to live more quietly, knowing that your future wellbeing is guaranteed.
It is the money you save over your working life, either as an independent worker or with the help of your employer, if you have a work contract. These savings will allow you to receive a monthly payment for the rest of your life upon retirement, a disability, or to leave your family protected upon your death.
Not only will your pension savings be useful to you in the future, they will also protect you from labor accidents or loss of employment; They entitle you to receive state benefits, and may grant some extra benefits such as gradual vacation days.
Old age pension: pension paid at the end of your working life, built with the money saved in your individual pension savings account. You may apply for the old age pension at any age (early retirement), provided you meet the different requirements set by each country, or at retirement age:
- In Chile the legal retirement age is 65 years for men and 60 years for women.
- In Colombia retirement age is at 57 years for women and 62 for men.
- In El Salvador, men retire at the age 60 years and women at 55 years (retirement age has NEVER changed, and it has been the same that was as established in the public pension system).
- In Mexico and Peru smen or women at 65 or older may apply for the old age pension.
- In Uruguay men and women may retire at 60.
Disability pension: Economic benefit that guarantees that you will receive a monthly payment in case of a disability, that is, when an individual loses 50% or more of his/her working capacity due to any cause other than an occupational disease.
Survival pension: Monthly payment that will cover all your legal beneficiaries in case of your death for any reasons other than a labor accident or occupational disease, which, for such purposes, coverage is offered by the Professional Risk Managing Companies, or Labor Risks Managing Companies, in Colombia.
Your pension can be managed in two different ways. Under the Individual Pension Savings Account Scheme, you may choose between two pension modes when retiring: Annuity and Programmed Withdrawals.
Annuity: ension mode where funds are transferred to a contracted insurance company which, in turn, pays your pension. As the funds are transferred to the insurer, in the absence of pension beneficiaries, they cannot be inherited. This mode ensures that the pension be increased on a yearly basis according to the Consumer Price Index, CPI. This scheme is ideal for people who do not wish to take financial risks since their pension is annually re-calculated depending on the performance of the fund.
Programmed Withdrawals: this is the pension scheme administered by Pension Funds Management Companies. Under this scheme, you continue to be the owner of the funds in your individual account that continues to be invested, but if you wish you can move your pension savings to an Annuity at any time. Being the owner of the individual account allows the balance to be inherited by your relatives up to the fifth degree of consanguinity.
Profitability is the monetary return on investing affiliate´s contributions in instruments allowed by law. This return is incorporated into your Pension Fund, thus increasing its value.
Savings or Voluntary Contributions allow saving in excess of your mandatory contributions in order to complement your pension or for your early retirement. Additionally, they help achieve peace of mind when retiring.
Life expectancy has increased, and workers are favoring early retirement. With APV (Voluntary Pension Savings), people will be able to receive a better pension upon retirement.
In Chile this is called APV (Voluntary Pension Savings).
In Chile there are two types of Voluntary Contribution: Voluntary Contribution and Agreed Deposits.
In México voluntary contributions are made with SIEFORES (Specialized Retirement Fund Investment Companies).
Voluntary Contributions may be made through the employer or directly. Both dependent and self-employed workers may make Voluntary Contributions via voluntary deposits, as long as they pay contributions in their mandatory pension savings accounts.
Agreed Deposits are intended to increase the required savings for an early retirement or for a pension amount improvement. These contributions are made by employer, with worker’s prior consent, reason by which only salaried workers can choose this kind of deposit.
A stock is an investment in a company. When purchasing a stock, a shareholder (the owner of that stock) becomes the owner of a share of said company.
These investments bear a related risk that will depend on a number of factors: Company performance, economic, financial, political factors, etc. Said factors impact on the price of stock, and may make their price rise or drop.
An investment fund or mutual fund is an investment alternative consisting in putting together contributions of different people, individuals or legal entities in order to invest them in different financial instruments as allowed by law. Such responsibility is delegated to a managing company that may be a bank or a financial institution.
Investor’s profile is information that allows obtaining a relative risk level which a person would be comfortable with when investing, one matching the individual’s objectives and personal conditions. These profiles are classified as Active, Moderate or Conservative.
Active: you consider yourself bold, aware of how market changes can affect you, but you like taking big risks in order to get high returns in a very short term.
Moderate: you are typically cautious but, at the same time, you are willing to take small risks when increasing your return on investment. Losses do not scare you, and you may economically be the most stable.
Conservative: you prefer choosing investment products that have a lower risk and offer a moderate but stable return. You have the advantage of feeling no pressure when saving in the long term, but the disadvantage of not being able to wait for your savings to have a quick increase.