A retiree is a person who will obtain the compensation that was previously agreed upon with your company, either as a type of benefit or for being part of a union or some other type of workgroup.
Meanwhile, pensioners are those who will receive compensation each month or period established for having contributed to the IMSS or ISSSTE. Therefore, most people are pensioners.
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| know about the pension and Insurance |
There are two main schemes for receiving the pension, which, according to the National Commission for the Defense of the User of Financial Services (Condusef), are the following:
Annuity
The worker acquires insurance that will allow higher returns, and the payment will continue regardless of how old the person is.
However, this scheme cannot be canceled and the pensioner cannot fully control their money.
Likewise, in the event of death, the amount saved will not be inherited to children or spouses if it is not within the following cases: permanent disability, invalidity, unemployment in old age, old age, retirement, widowhood, orphan hood, and father of the worker.
Some pension insurers are the following: Banorte Pensions, BBVA Pensions, Profuturo GNP, HSBC Pensions, Metlife Pensions, Principal Pensions, Inbursa Pensions, SURA Pensions.
Scheduled withdrawal
The Retirement Fund Administrators (Afore) play an important role here since they are the ones that will deliver that amount of money saved to the pensioners. Workers can choose the Afore that most interests them and allows the person to own their resources and, in the event of death, to provide it to the beneficiaries.
At retirement age, it is possible to change your annuity?
However, this option does not guarantee the pension for life and the amount to receive may vary because it is subject to income, life expectancy, and more options.
Hence, it is important that before choosing an Afore, the commissions, returns, risk of each administrator be reviewed. This information is provided by Condusef and the National Commission of the Retirement Savings System (Consar).
Consider the replacement rate
This concept refers to the percentage of salary that the worker of retirement age will receive for the salary earned before retirement.
So, according to the newspaper El Financiero, if a retiree has a pension of 3,975 pesos each month and his salary was 8,500 pesos, it means that his replacement rate is 46.76%.
Consar suggests that the minimum pension required to satisfy basic needs be 50 and 70% of the income obtained while working. The ideal is to have 100% but that is practically impossible, so it is advisable to contribute money to the Afore voluntarily or to purchase Retirement Insurance.
Do not confuse Pension Insurers with Afore
The first are those in charge of managing the money of employees who can already access their pension because they are already at retirement age. The Afores are the ones that manage the money of the workers who still work.
In both situations, Condusef has a platform called the Bureau of Financial Entities that allows us to know the evaluation of these institutions in terms of customer service when they had any claim from their customers.
And to know if they are legally established, it must be checked that they are registered with the National Commission of Insurance and Finance.
Pension in case of death of the worker
Now, if the worker dies, the pension can be received by his wife, children, or close relatives, but it will depend on each case that will now be explained.
Widowhood pension
The spouse will receive this compensation even if they have separated from the worker, and the marriage has not been canceled.
The same will happen with the children of some concubinage if the employee recognized them and it is demonstrated with birth certificates. The amount of the pension is divided equally among all his offspring.
Ancestry pension
It should be noted that children up to the age of 25, spouse, and concubines are the first to receive the pension. If this figure does not exist, the employee's parents can request it, especially if one of them does not work.
If there are no parents, then siblings and even grandchildren may request it.
Reasons why the pension will not be delivered to the beneficiaries
This could happen because the worker did not meet the contribution weeks, so the widowhood or orphan's pension does not apply.
What can be provided are the savings accumulated in the Afore, so that if the employee dies before the age of retirement due to an accident or illness, this amount would be given to direct relatives.
But it is important to highlight that there is a figure of legal beneficiaries in the Afore, who are mainly:
- Spouses or concubines (in the latter it must be shown that they were together for five years or had children, and they must also be free from marriage during the concubinage).
- Children up to 25 years of age or who cannot support themselves, due to illness or disability.
- Parents who are financially dependent on their child.
You can also add substitute beneficiaries, but according to Condusef, they will not be able to access the IMSS or ISSSTE pension if the contribution weeks were not met.
How is the pension distributed among the beneficiaries?
This will depend on the type of beneficiary:
- Due to widowhood: he or the widow receives 90% of the pension that the worker would have received, among other specifications that will depend on whether, for example, the person was already pensioned before his death.
- Orphanhood: each child corresponds to 20%
- Parents: 20% of what each worker would have had in his pension.
Documentation required for the beneficiary pension
Beneficiaries will be required to provide the social security number issued by IMSS, the Afore statement, CURP, official identification, proof of residence, proof of financial dependency, and the certified copy of the worker's death.
However, the spouses must deliver a certified copy of marriage or a testimonial record that proves the concubinage.
For the children, proof of studies of the current year and the invalidity opinion as the case may be.
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