General Provisions Applicable to Programmed Withdrawals

ï»¿

If the document is presented incomplete on the right margin, it is because it contains tables that exceed the default width. If this is the case, click here to view it correctly.

DOF: 18/06/2021

GENERAL PROVISIONS APPLICABLE TO PROGRAMMED WITHDRAWALS

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Commission for the Retirement Savings System.

GENERAL PROVISIONS APPLICABLE TO PROGRAMMED WITHDRAWALS

The President of the National Commission for the Retirement Savings System, based on what is provided in articles 1°, 2°, 5° fractions I, II, IV and XVI, 12 fractions I, VIII and XVI, 18 fraction VII,

79, 81 and 100

fraction XI of the Law of the Retirement Savings Systems; 1o., 33, 35 fraction VIII, 50 and 51 of the

Regulation of the Law of the Retirement Savings Systems; 157, 158, 159, 164, 170, 171, 172, 172-A,

173, 181, 189 194, 195, 196 and 197 of the Social Security Law, as well as the Fourth Transitory of the reform to

said Law, published in the Official Gazette of the Federation on December 16, 2020; 79, 80, 81, 87, 91, 92,

93, 94, 95, 96, 100 last paragraph, 105 and 106 of the Law of the Institute of Security and Social Services for State Workers;

1, 2 fraction III and 8 of the Internal Regulation of the National Commission for the Retirement Savings System, and

CONSIDERING

That on December 16, 2020, a Decree was published in the Official Gazette of the Federation

by which various provisions of the Social Security Law and the Law of the

Retirement Savings Systems are reformed, added to and repealed, which entered into force on January 1, 2021 (hereinafter Pension

Reform), through which various legal provisions were reformed that make necessary the

modification of the General Provisions applicable to programmed withdrawals;

That the Pension Reform, among other aspects, reformed the options for workers

to retire, allowing the coexistence of the Life Annuity and Programmed Withdrawal modalities,

so it is necessary to incorporate the regulatory structure that allows the implementation of all the

pension options established by the Social Security Law;

That the Pension Reform modifies the amounts of the Guaranteed Pension, as well as its methodology

of calculation, so it is necessary to update the legal references and procedures so that the

Participants in the Retirement Savings Systems are able to implement the payments of the

pensions that are granted under the Programmed Withdrawal modality;

That it is necessary to update various concepts and references to the General Provisions applicable to

programmed withdrawals, since it was issued more than eight years ago;

That in compliance with what is established in article 78 of the General Law for Regulatory Improvement, it must

be considered for these General Provisions, the simplification carried out through their own issuance,

specifically the modification and elimination of various obligations contained in articles 9, 13, 15, 19

and 27 of the General Provisions applicable to programmed withdrawals, published in the Official

Gazette of the Federation on June 26, 2012, which are repealed through these, and in terms of the

Regulatory Impact Analysis corresponding, has seen fit to issue the following:

GENERAL PROVISIONS APPLICABLE TO PROGRAMMED WITHDRAWALS

INDEX

FIRST TITLE

GENERAL PROVISIONS

Chapter I

Generalities

Chapter II

Of the contracts

SECOND TITLE

OF THE ADMINISTRATION OF INDIVIDUAL ACCOUNTS WITH PENSION ATTRIBUTE

Chapter I

Of the Individual Account with pension attribute

Chapter II

Of the transfer of subsequent resources

Chapter III

Of the deposit and withdrawal of resources from the Voluntary Savings Subaccount

Chapter IV

Of the verification of survival

Chapter V

Of the Account Statement and information to the Pensioner

THIRD TITLE

OF THE PROGRAMMED WITHDRAWAL

Chapter I

Of the Programmed Withdrawal

Chapter II

Of the calculation and payment of the Programmed Withdrawal

Chapter III

Of the Cancellation of the Programmed Withdrawal due to change of Pension Modality

FOURTH TITLE

OF THE GUARANTEED PENSION

Chapter I

Of the Guaranteed Pension

Chapter II

Of the Insufficiency of Resources and/or Exhaustion of Resources for the payment of the Guaranteed Pension

LIST OF ANNEXES

Annex " A "

Minimum information that Programmed Withdrawal and Guaranteed Pension contracts must contain

Annex " B "

Minimum information that the Pensioner's Account Statement must contain

Annex " C "

Procedure for the calculation of the Programmed Withdrawal

Annex " D "

Procedure to determine discount rates, as well as Early Warning Balances

GENERAL PROVISIONS APPLICABLE TO PROGRAMMED WITHDRAWALS

FIRST TITLE

GENERAL PROVISIONS

Chapter I

Generalities

Article 1. These general provisions aim to regulate the contracting and

administration of the pensions that Pensioners receive through the Pension Modalities of

Programmed Withdrawal and/or Guaranteed Pension, to which Participants in the Systems

of Retirement Savings must adhere.

Article 2. For the purposes of these general provisions, in addition to the

definitions provided by articles 3° of the Law and 2o. of the Regulation, the following shall be understood:

Exhaustion of Resources, when the balance of the Individual Account with pension attribute is not

sufficient to pay a monthly installment of the Programmed Withdrawal or the Guaranteed Pension

II.

Voluntary Savings, to the Complementary Retirement Contributions, Long-Term Savings Contributions,

Voluntary Contributions, as well as Voluntary Contributions with Long-Term Investment Perspective, that are deposited in the Individual Account with pension attribute, in their

entirety;

III.

Complementary Retirement Contributions, to the amounts paid in accordance with what is provided

in articles 74 fraction IV and 79 of the Law and 35 of the Regulation, which are deposited in the Individual Accounts

with pension attribute;

IV.

Long-Term Savings Contributions, to the amounts paid into the subaccount provided for in

fraction VII of article 35 of the Regulation, which are deposited in the Individual Accounts with

pension attribute and to which the fiscal incentive referred to in article 185 of the

Income Tax Law applies;

Voluntary Contributions, to the amounts paid in accordance with what is provided in articles

192 of the Social Security Law 97, 76 of the ISSSTE Law, 74 fraction III, 74 bis fraction III, 74

ter and 79 of the Law and 35 of the Regulation, which are deposited in the Individual Account with

pension attribute;

VI.

Voluntary Contributions with Long-Term Investment Perspective, to the Voluntary Contributions

referred to in article 151, fraction V of the Income Tax Law and which

must be deposited in the Voluntary Contributions with Long-Term Investment Perspective subaccount of the Individual Account with pension attribute;

VII .

Insurance Companies, singular or plural, to the insurance institutions authorized to operate

pension insurance derived from the Social Security Laws;

VIII.

Beneficiaries, singular or plural, to those who, in terms of the Social Security Laws and

the Law, have the right to request a pension or, in their case, to withdraw the resources from the Individual Account

with pension attribute, in the event of the death of the Pensioner, owner of the Account, as

well as those persons who have been designated by him before an Administrator in terms of

the second paragraph of article 193 of the Social Security Law or, in their case, have been

designated before the ISSSTE, in accordance with the pension regime applicable to them ;

IX.

Granting of Pension, to the resolution issued by the ISSSTE that grants the Worker the right

to enjoy a pension for retirement, withdrawal by age and length of service, disability at advanced age,

total permanent disability or partial permanent disability of 50% or

more, as well as those that, in their case, said Institute grants to the Beneficiaries, for death of the

Worker or pensioner;

Individual Account with pension attribute, to the Worker's Individual Account that has the

attribute of " Pension " when, in terms of social security laws, he has a resolution or

granting of pension, in which subsequent contributions that he may receive will be deposited,

Voluntary Savings contributions, the returns they generate, as well as the other resources

that, in terms of the Law and the Social Security Laws, can be used for the payment of the

Programmed Withdrawal or the Guaranteed Pension;

XI.

CURP, the Unique Population Registry Key referred to in the Presidential Agreement published

in the Official Gazette of the Federation on October 23, 1996;

XII.

DATA MART, the database formed with information related to Pension Prospectuses,

Pension Resolutions, Pension Negatives and Pension Grants issued by

the IMSS or the ISSSTE, as applicable, from which the right to the disposal

of resources of the Workers' Individual Accounts is derived, as well as the set of information

relative to the transfer and disposal processes of the Individual Accounts

subject to the regimes provided for by the Social Security Law 97 and by the ISSSTE Law;

XIII.

Pensioner's Account Statement, to the document that Administrators send every four months

to each of the Pensioners, by which they inform them of the balance, the movements

made during the period, the amount of their pension, the amount of contributions received, the

commissions charged by the Administrators, as well as the other information they must contain

in terms of these general provisions;

XIV.

Insufficiency of Resources, there is insufficiency when:

The balance of the Individual Account with pension attribute is not sufficient to pay during

the next twelve months the amount equivalent to the Programmed Withdrawal or the

Guaranteed Pension, as applicable, or

Once the amount of the retroactive pension payment is deducted, according to the date of

start of pension, the balance of the Individual Account with pension attribute under the

Guaranteed Pension modality, is equal to or less than the equivalent to twelve monthly installments of the

Guaranteed Pension calculated in accordance with article 170 of the Social Security Law or

of article 92 of the ISSSTE law, as the case may be;

XV.

INFONAVIT Law, the Law of the National Housing Fund for Workers,

with its reforms and additions;

XVI.

ISSSTE Law, the Law of the Institute of Security and Social Services for State Workers,

published in the Official Gazette of the Federation on March 31, 2007, with its reforms

and additions;

XVII.

Social Security Law, to the Social Security Law published in the Official Gazette of the Federation

on December 21, 1995, with its reforms and additions;

XVIII.

Manual of Policies and Procedures, to the manual that Administrators and

Operating Companies prepare, in which they describe the policies and procedures related to the

operation of the implemented processes, which contains at least the procedures they perform, the control measures, corrective and preventive measures that they implement in particular, as well as the criteria and policies of verification referred to in the general provisions

on operations of the retirement savings systems issued by

the Commission;

XIX.

Pension Modality, to the pension alternative chosen by the Pensioner and to those they have

the right to in accordance with what is provided by the Social Security Laws;

XX.

Constitutive Amount, the amount of money required to contract Life Annuity and/or Survival insurance, in their case, with an

Insurance Company in accordance with what is established in

the Social Security Law and the ISSSTE Law;

XXI.

Guaranteed Pension, that provided for in articles 6 fraction XIX and 92 to 96 of the ISSSTE Law and

articles 170 to 173 of the Social Security Law;

XXII.

Pensioners, singular or plural, to Workers who have a Pension Resolution

or a Pension Grant for the retirement, advanced age and old age insurance,

granted by the IMSS or the ISSSTE, as applicable, in terms of the Social Security Laws;

XXIII.

Regulation, to the Regulation of the Law;

XXIV.

Life Annuity, that contracted with an Insurance Company, which obligates itself periodically to pay

a pension during the life of the Pensioner, in exchange for receiving the accumulated resources that

correspond from the Associated Subaccounts;

XXV.

Pension Resolution, the resolution issued by the IMSS that grants the Worker the right to

enjoy a pension for work risks, disability and life and retirement at advanced age

and old age, as well as that which, in their case, said Institute grants to the Beneficiaries, for

death of the Worker or pensioner;

XXVI.

Programmed Withdrawal, the modality of obtaining a pension by splitting the amount corresponding

from the resources of the Associated Subaccounts of the Individual Account, for which the life expectancy of the Pensioners will be taken into account, as well as the foreseeable returns of the

balances that correspond;

XXVII.

Early Warning Balance, to the balance that the Commission calculates according to the age and sex of the

Pensioners, and which it publishes on its Internet Page, so that Pensioners can

decide in a timely manner, if they opt to contract a Life Annuity;

XXVIII.

Survival Insurance, that contracted by pensioners with an Insurance Company to

grant, in favor of their Beneficiaries the pension, assistance aid and other benefits in

money provided for in the respective insurance, through the annuity that will be assigned to them after the death of the pensioner, until the legal extinction of the pensions;

XXIX.

Additional Investment Companies, to the Investment Companies whose object is the

exclusive investment of Voluntary Contributions, Voluntary Contributions with Long-Term Investment

Perspective, of Complementary Retirement Contributions, of Long-Term Savings

Contributions, or of Social Prevision Funds;

XXX.

Voluntary Savings Subaccount, to the subaccount of the Individual Account with pension attribute

in which the Voluntary Savings contributions of the Pensioners are deposited, which are not

used for the payment of their pension;

XXXI.

Associated Subaccount, to the subaccount of the Worker's Individual Account or to the Individual

Account with pension attribute, as applicable, that is affected by a

transfer and/or disposal of resources in accordance with the applicable general provisions,

and

XXXII.

Housing Subaccounts, the housing subaccount and/or the housing fund subaccount,

as applicable, in which the housing contributions of the

Pensioners are deposited, in terms of the INFONAVIT Law or the ISSSTE Law.

Article 3. Administrators and Operating Companies must incorporate into their Manuals of

Policies and Procedures, the policies and procedures for the contracting and administration of Programmed Withdrawals,

including the contracting of Survival Insurance and Guaranteed Pensions;

likewise, they must clearly define their participation in the processes that take place, in accordance

with these general provisions, as well as the mechanisms and procedures to provide

attention to the procedures requested by Pensioners in relation to Programmed Withdrawal or

Guaranteed Pension contracts associated with their Individual Account with pension attribute.

By administration of the Individual Account with pension attribute shall be understood the management carried out by the

Administrators of the policies and procedures related to the operation, payment and control of the pensions that

Pensioners must receive under the Programmed Withdrawal or Guaranteed Pension modality, as well as the

services they must provide to Pensioners in accordance with what is provided in these

general provisions.

Article 4. Participants in the Retirement Savings Systems must refrain from using

the information they receive in accordance with what is provided in these general provisions, for

any purpose other than the operation of the scenarios contemplated in them and of the Systems of

Retirement Savings or alter the information in the National SAR Database, as well as to carry out

incorrect registrations.

Article 5. Administrators must keep a record, follow-up and control of the procedures that the

Pensioners request in accordance with these general provisions.

Article 6. Depending on the modality contracted with an Administrator, the Individual Accounts

with pension attribute may be:

Of Programmed Withdrawal, or

II.

Of Guaranteed Pension.

In the Individual Account with pension attribute, the Pensioner's Voluntary Savings resources can be deposited and identified in the corresponding subaccounts.

The Administrator must comply with the instruction of the corresponding Social Security Institute regarding

the pension modality that grants to the Worker, and will give all facilities so that, if

the case, the Pensioner can contract a Life Annuity with an Insurance Company, in addition to the Programmed

Withdrawal that he already enjoys with the Administrator, in accordance with the Social Security Law.

Chapter II

Of the contracts

Article 7. When the Administrator carries out the contact of Workers close to retirement age,

to which article 14 of the General Provisions in matter of operations of

the retirement savings systems refers, they must additionally inform them that if they wish to change

Administrator for the management of their Pension, they must do so before starting their procedures for such purpose, since once the Social Security Institute resolves or grants the Pension, it cannot transfer its Individual Account with pension attribute to another Administrator.

The Administrator must keep and make available to the Commission the evidence of the

notification.

Administrators must celebrate with the corresponding Pensioners, a Programmed Withdrawal contract

or Guaranteed Pension contract, as the case may be, at the moment when the Pensioner presents the

format of resolution or granting of pension issued by the corresponding Social Security Institute,

ensuring that said resolution or granting is loaded in DATA MART. These contracts may be

annual or multiannual.

Once the contract is celebrated, the Administrator must identify the Individual Account with

pension attribute and the Pension modality in question, as established in the Transactional Procedures Manual.

Article 8. The Programmed Withdrawal and Guaranteed Pension contracts that Administrators

make available to Pensioners must be subject to what is provided by the Social Security Laws, the Law, its Regulation, these general provisions and the other applicable legal provisions, and must contain at least the information referred to in Annex " A " of these

general provisions.

Article 9. Administrators must establish in the Programmed Withdrawals or Guaranteed Pension contract that the payment of the corresponding pension must be made monthly within the

first five business days of each month.

Article 10. The contract that the Pensioner celebrates with the Administrator must be subscribed through

the electronic means that the Administrator makes available to the Pensioner, for which, it must

be signed with the biometric signature or the digital handwritten signature. The Administrator must send to the Pensioner

a digital copy and provide, if so requested by him, a printed copy at the time of subscription.

The Administrator must keep the contract in the Pensioner's electronic file. Likewise,

said contract must be available to the Pensioner and to the Commission.

The formalization of the contract, as well as the delivery of the corresponding digital copy to the Pensioner does

generate any charge for the latter.

Article 11. Administrators must review their contracts annually, regardless of whether the

contract is annual or multiannual.

Regarding Programmed Withdrawal contracts, the annual review must coincide with the date of

anniversary on which the corresponding amount must be recalculated for the payment of the pension, in order for the Administrator to ensure that there are sufficient resources, as established in Title Third of these general provisions.

Regarding Guaranteed Pension contracts, the review will be carried out each year in the month of

February.

For the case of Guaranteed Pensions, when there is Insufficiency of Resources or Exhaustion of

Resources, Administrators must celebrate with Pensioners Guaranteed Pension contracts

less than one year, and be subject to what is provided in Chapter II of Title Fourth of these general provisions.

Article 12. Pensioners who opt for Programmed Withdrawal will contract Survival Insurance

through the corresponding Social Security Institute or the Administrator, who will use the

mechanisms determined for such effect by the National Commission of Insurance and Sureties.

Article 13. During the annual review of the Pensioner's contract who chose Programmed Withdrawal, the

Administrator must verify that there is no insufficiency of resources and, in case of detection, the

Administrator must inform the Pensioner of the maximum deadline in which he can change the modality of his

pension to a Life Annuity if he so decides.

The Administrator must keep and make available to the Commission the evidence of the

notifications it makes to the Pensioner, according to this article.

Article 14. Administrators must incorporate into their contracts a section for the

Pensioner to designate the Beneficiaries of the Individual Account with pension attribute, for the case that he

had resources susceptible to being delivered in terms of the second paragraph of article 193 of the Social Security Law, or 78 of the ISSSTE Law

in accordance with the pension regime applicable to them.

When the Pensioner wishes not to make a designation of Beneficiaries, it must be noted that

determination in the same section of the contract or the data update format.

SECOND TITLE

ON THE ADMINISTRATION OF INDIVIDUAL ACCOUNTS WITH PENSION ATTRIBUTES

Chapter I

On the Individual Account with Pension Attribute

Article 15. Operating Companies shall integrate, keep updated, and administer in the National SAR Database the individual information of Pensioners, of Individual Accounts with pension attribute, as well as information coming from the Retirement Savings Systems, in accordance with what is established in the Law, the Regulations, the general provisions and requirements that for such purposes the Commission determines.

Article 16. The Administrator shall assign the "pension" attribute to the Worker's Individual Account as soon as the corresponding Social Security Institute notifies through the Operating Companies, in accordance with what is established in the Transactional Procedures Manual, the following:

The granting of a Pension to the Worker;

The modality under which the Pension is authorized, and

c. In case the Pensioner has contracted a Survivorship Insurance, the Insurer to which the resources and the corresponding amount must be transferred.

When the Pensioner presents themselves at the Administrator, the latter shall sign with the Pensioner the pension contract referred to in the previous Article 7 and send the corresponding information to the Operating Companies.

The Operating Companies, no later than the next business day after receiving the information referred to in this Article, shall update the National SAR Database, assigning the "pension" mark to the Worker's Individual Account, and registering the corresponding information of the Pensioner, in accordance with what is established in the Transactional Procedures Manual.

Article 17. Individual Accounts with pension attribute operated by Administrators shall not be taken into account for the determination of the market share referred to in the general provisions on retirement savings system operations issued by the Commission.

Article 18. When the Pensioner has accumulated in their Individual Account resources from a regime other than that of the Social Security Institute that granted them the pension, Administrators shall maintain said resources in the Individual Account with pension attribute, unless Workers receive a pension in terms of Articles 141 and 144 of the ISSSTE Law.

Article 19. When, in accordance with what is provided by the Social Security Laws and these general provisions, there are resources from the Housing Sub-accounts of the Individual Account that must be used to finance the payment of a Programmed Withdrawal, including Survivorship Insurance, or a Guaranteed Pension, the Administrator shall request from INFONAVIT or FOVISSSTE, as applicable, through the Operating Companies, the transfer of the corresponding housing resources, in order for them to be used for the payment of the pension or Survivorship Insurance, in accordance with the deadlines and procedures established in the Transactional Procedures Manual.

Article 20. The Administrator shall effect and register in the Individual Account with pension attribute, the corresponding movements for the payment of the pension, for the deposit and disposition of resources that Pensioners effect in the Voluntary Savings Sub-account, as well as for the commissions charged to the Individual Account with pension attribute.

The Administrator shall charge the commission for the administration of the Individual Account with pension attribute, which has been authorized by the Board of Directors of the Commission.

Article 21. The Administrator shall keep the accounting, the individual record of movements, the record of charges for commissions, as well as the record of transfers and disposition of resources of the Individual Account with pension attribute, in accordance with the policies and procedures that for such purposes they establish in their Policies and Procedures Manuals.

Chapter II

On the transfer of subsequent contributions

Article 22. When there are subsequent contributions, whether late or due to being in clarification, or due to re-entry into the mandatory regime, the Administrator shall deposit them in the Individual Account with pension attribute.

The Pensioner who re-enters the mandatory regime of the Social Security Institute that granted their pension, in terms of Articles 196 of the Social Security Law and 79 of the ISSSTE Law, may request from the Administrator that operates their Individual Account with pension attribute, the withdrawal of said resources in one or several installments or the transfer of the resources from the Associated Sub-accounts as the case may be.

Chapter III

On the deposit and withdrawal of resources from the Voluntary Savings Sub-account

Article 23. The Pensioner may make Voluntary Savings contributions at any time for deposit in the Voluntary Savings Sub-account of the Individual Account with pension attribute, which must meet the characteristics agreed with the Administrator.

Pensioners may choose the Investment Company in which they wish to invest their Voluntary Savings contributions according to the information prospectuses of the Investment Companies operated by the Administrator.

Article 24. Each Administrator may establish various schemes to carry out the administration of Voluntary Savings Sub-accounts, as well as for the disposition of resources by Pensioners.

During the annual review of the contract, the Pensioner who has a Programmed Withdrawal may opt for their Voluntary Savings resources to be considered for the annual calculation of their pension, in accordance with what is provided in the Third Title of these general provisions.

Chapter IV

On the verification of survival

Article 25. For the payment of the Programmed Withdrawal and the Guaranteed Pension, the Administrator must ensure that the Pensioner has not passed away.

At least once a year, the Administrator must verify the survival of the Pensioners with whom they have signed a contract; such verification may coincide with the date on which the contract review must take place.

The Administrator must establish in the Programmed Withdrawal and Guaranteed Pension contracts the terms, form, contact means, and dates on which they will verify the survival of the Pensioner, documenting it in the Policies and Procedures Manual and informing the Commission whenever they make any change.

Likewise, the Administrator must conserve and keep available to the Commission, the evidence of the actions taken to verify the survival of the pensioner, indicating the result.

Article 26. In case the Administrator fails to verify the survival of the pensioner, according to the terms, form, contact means, and dates established in the contract for the verification of survival; or in the contract review, the resources corresponding to the payment of the Programmed Withdrawal or the Guaranteed Pension shall remain in the Individual Account with pension attribute that corresponds, until the death of the Pensioner is proven, or they contact the Administrator, through the mechanisms established for such purposes, in which case the overdue payments generated during said period shall be delivered to them according to the criteria that for such purposes the Administrator establishes in their Policies and Procedures Manual.

Chapter V

On the Account Statement and information to the Pensioner

Article 27. Upon signing the Programmed Withdrawal or Guaranteed Pension contract, the Administrator must issue and deliver to the Pensioner the summary of movements of the individual account with the balance as of that date.

Article 28. The Administrator must issue the Pensioner's Account Statement quarterly, whether of Programmed Withdrawal or Guaranteed Pension, and make it available to the Pensioner through the electronic means enabled by the Administrator for this purpose, and must send it to the address or email registered for such purposes in terms of the Law's Regulations. Likewise, information services via Internet and personalized public attention services must be established.

The Administrator may design the format of the Pensioner's Account Statement. Said format must contain at least the information referred to in Annex "B" of these general provisions.

The Administrator must have available to the Commission, the information related to the number of Account Statements that were sent to Pensioners, as well as the number of Account Statements of Pensioners that were returned.

Article 29. The Administrator must have available to the Pensioner the information related to the Individual Account with pension attribute in any of their branches or through the electronic means they enable for this effect.

All documents delivered to the Pensioner related to the Individual Account with pension attribute, as well as its administration, must contain the data that allow identifying the Pensioner who is the holder of the account, as well as the contracted pension modality.

THIRD TITLE

ON THE PROGRAMMED WITHDRAWAL

Chapter I

On the Programmed Withdrawal

Article 30. The Pensioner whose Individual Account registers a sufficient balance to opt for pensioning under the Programmed Withdrawal Pension Modality in terms of what is provided by the Social Security Laws, must request from the Administrator in which they are registered, through the corresponding Social Security Institute, either directly or through the Administrator, the contracting of the payment of their pension under the Programmed Withdrawal modality, as well as the contracting of Survivorship Insurance in favor of their Beneficiaries, through the Administrator, in accordance with the mechanisms that for such purposes the National Insurance and Surety Commission determines.

Article 31. The Administrator must inform the Pensioner that, in case of Exhaustion of Resources, the payment of the pension will cease, since there is no guarantee in the payment; likewise, they must inform that payments vary each year and that they are exposed to the accumulated amount in their Individual Account with pension attribute being completely exhausted, in which case they will stop receiving the payment of the pension.

Article 32. The Administrator must identify the resources of the Associated Sub-accounts of the Individual Account with pension attribute that serve to finance the pension.

At the express will of the Worker, the Administrator must transfer the resources from the Individual Account with pension attribute that serve to finance the payment of the pension, to the Basic Pension Investment Company or to the Investment Company determined by the Commission, in accordance with what is provided in the general provisions that establish the investment regime to which the specialized investment societies for retirement funds must be subject, which must be recorded in the contract signed by the parties.

Notwithstanding the foregoing, the Administrator will give the Pensioner the option to invest the resources of the Associated Sub-accounts of the Individual Account with pension attribute, in any other Investment Company they determine, which must be recorded in the contract signed by them.

Article 33. The Pensioner may opt to use the Voluntary Savings resources of their Individual Account with pension attribute to increase the amount of their pension, in which case, the Administrator must clearly and in writing inform the Pensioner that their decision is irrevocable, and must stipulate it in the pension contract.

In case the Pensioner chooses the option indicated in the previous paragraph, the Administrator must register the resources of the Voluntary Savings sub-accounts together with the resources that serve to finance the payment of the Pension, in accordance with what is provided in the previous Article.

In case the Pensioner decides not to use the Voluntary Savings resources to increase the amount of their pension, they may exercise their right to withdraw them in one or several installments or keep them in the Voluntary Savings Sub-account of their Individual Account with pension attribute.

Article 34. In case of the death of the Pensioner who has a Programmed Withdrawal, the Administrator must deliver the remaining balance of the Individual Account with pension attribute to the Beneficiaries designated by the Pensioner, in the case that they had resources susceptible to be delivered in terms of the second paragraph of Article 193 of the Social Security Law, 78 of the ISSSTE Law, in accordance with the pension regime corresponding to them.

Chapter II

On the calculation and payment of the Programmed Withdrawal

Article 35. The Administrator must verify that the balance of the Individual Account with pension attribute for Programmed Withdrawal is sufficient to cover the payment of said pension for at least the following twelve months.

The calculation of the monthly pension under the Programmed Withdrawal modality must be carried out in accordance with the procedure provided in Annex "C" of these general provisions.

Article 36. In case the Individual Account, under the Programmed Withdrawal modality, presents a lack of resources to finance the payment of the pension, in accordance with the procedure provided in Annex "C" of these general provisions, the Administrator must inform the Pensioner, through any of the means registered in the contract, within the 15 business days following the identification of the insufficiency, that the accumulated resources will not be enough to continue with said payment.

If applicable, the Administrator must make available to the Pensioners the remaining resources of the corresponding sub-accounts of the Individual Account with Pension, in accordance with what is established in the aforementioned Annex "C" of these general provisions, resources that, in terms of the applicable legal provisions, may be delivered in one or several installments.

Article 37. During the annual review of the Programmed Withdrawal contract, the Administrator must verify that there are sufficient resources to finance the payment of the following twelve months of the corresponding pension according to what is established in Annex "C" of these general provisions, as well as estimate the deadline moment when said resources would be sufficient for the Worker, if they so decide, to change the modality of their pension, from a Programmed Withdrawal to a Life Annuity.

In case said resources are not sufficient according to what is established in the preceding paragraph, the Administrator must inform the Pensioner that their resources will not be sufficient to continue the payment of the pension, verifying and informing them if the resources are sufficient to finance, through an Insurer, the Life Annuity that corresponds to them according to:

The Guaranteed Pension established by Article 92 of the ISSSTE Law, or,

What is established in the table of Article 170 of the Social Security Law, as the case may be:

In the case of Pensioners under the old-age disability branch, in accordance with Article 157 of the Social Security Law, to the average amount of Guaranteed Pensions corresponding to a minimum wage and sixty years of age; or

ii.

In the case of pensioners under the old-age branch, in accordance with Article 164 of the Social Security Law, to the Guaranteed Pension corresponding to them according to the weeks of contribution, the contribution base salary, and the age of sixty-five years.

Chapter III

On the Cancellation of the Programmed Withdrawal due to change of Pension Modality

Article 38. If the Pensioner under the Programmed Withdrawal modality requests the change of Pension modality to Life Annuity, the Administrator must verify that the accumulated resources in the Individual Account with pension attribute are sufficient so that the Life Annuity to be agreed with the Insurer is equal to or greater than the one that corresponds to them according to the following:

For Pensioners under the ISSSTE Law, the Guaranteed Pension established by Article 92 of the ISSSTE Law; or

For Pensioners under the Social Security Law:

In the case of pensioners under the old-age disability branch, in accordance with Article 157 of the Social Security Law, to the average amount of guaranteed pensions corresponding to a minimum wage and sixty years of age, in accordance with the table established in Article 170 of the Social Security Law, or

ii.

Additionally, the Administrator must:

Indicate to the Pensioner that they must go to the corresponding Social Security Institute to process a new pension resolution so that they can contract a Life Annuity with an Insurer;

Obtain the express will of the Pensioner;

Cancel the Programmed Withdrawal contract and the payment of subsequent monthly installments once the express will of the Pensioner is obtained to effect the change of pension modality,

and

Notify the Operating Companies of the cancellation of the Programmed Withdrawal due to change of modality to Life Annuity, in accordance with what is established in the Transactional Procedures Manual and the mechanisms that for such purposes the National Insurance and Surety Commission disposes.

Article 39. Operating Companies must notify online and in real-time to the corresponding Social Security Institute the cancellation of the Programmed Withdrawal due to change in the pension modality to Life Annuity, in accordance with what is established in the Transactional Procedures Manual.

For the case referred to in this Article, Operating Companies will receive from the corresponding Social Security Institute, in accordance with what the Transactional Procedures Manual establishes, the information of the constitutive amount and the Insurer to which the Administrator must transfer the resources.

The Administrator, for its part, must transfer to the Insurer, the constitutive amount indicated through the Operating Companies to comply with what is requested by the corresponding Social Security Institute, in accordance with what the Transactional Procedures Manual establishes.

Article 40. The Administrator, during the annual review of the contract, must inform the Pensioner, through the channels established for this purpose, the following:

The balance of their Individual Account with Pension,

The Early Warning Balance;

The estimated calculation of the years during which they can continue receiving their pension under the Programmed Withdrawal modality, according to the balance of their Individual Account with pension attribute, and

If applicable, that the balance is being exhausted and that they can opt to make the change of Pension Modality, canceling their Programmed Withdrawal and contracting a Life Annuity with an Insurer if they so decide, in accordance with what the previous Article 38 establishes.

The foregoing, without prejudice to the fact that the Pensioner may request at any time the information referred to in this Article, as well as any other information related to their Individual Account with pension attribute and the payment of their pension; in which case, the Administrator must provide the corresponding information, updated to the date on which the Pensioner requested it, within a period not greater than five business days counted from the request.

In the information delivered to the Pensioner, the Administrator must include a legend that clearly states that the information of the calculations and balances presented is of an informative nature and is a preventive mechanism for timely decision-making, so that in no case does it guarantee that at the moment of requesting the change of pension modality to Life Annuity, the Early Warning Balance is equal to the constitutive amount required to contract a Life Annuity with an Insurer.

Article 41. The Commission will determine the discount rates to calculate the Life Annuity Unit factor and will calculate the Early Warning Balance in accordance with what is provided in Annex "D" of these general provisions.

Article 42. Once the Pensioner has canceled the Programmed Withdrawal to change pension modality to a Life Annuity with an Insurer, the Administrator must continue with the management of the Individual Account with pension attribute until such time as they receive from the corresponding Social Security Institute, through the Operating Companies, in accordance with what the Transactional Procedures Manual establishes, a new resolution or grant of Pension indicating the new pension modality granted to the Pensioner.

Article 43. The Administrator invariably must pay the Pensioner the pension that corresponds to them according to the Programmed Withdrawal they had contracted, as long as there is no Exhaustion of Resources in their Individual Account, nor cancellation of the contract due to change in the pension modality.

FOURTH TITLE

ON THE GUARANTEED PENSION

Chapter I

On the Guaranteed Pension

Article 44. The Administrator must celebrate a Guaranteed Pension contract with that Worker whose Individual Account does not register a sufficient balance to contract a Life Annuity or a Programmed Withdrawal and that, in accordance with the Social Security Laws, has the right to receive a Guaranteed Pension from the corresponding Social Security Institute in order for the Administrator to make the payment thereof from the resources of said account until there is a Lack of Resources or Exhaustion of Resources for the payment of the Guaranteed Pension.

The amount of the Guaranteed Pension will be that determined by the IMSS or the ISSSTE, as applicable, in accordance with what is provided in the Social Security Laws.

The pension amount will be updated annually in the month of February, as established in the Social Security Laws.

Article 45. At the express will of the Worker, the Administrator shall transfer the resources of the Individual Account with pension attribute that serve to finance the payment of the pension, to the Basic Pension Investment Society or to the Investment Society determined by the Commission, in accordance with what is provided in the general provisions that establish the investment regime to which the specialized investment societies for retirement funds must be subject, which must be recorded in the contract signed by the parties.

Notwithstanding the foregoing, the Administrator shall give the Pensioner the option to invest the resources of the Subaccounts Associated with the Individual Account with pension attribute, in any other Investment Society that it determines, which must be recorded in the contract signed by them.

Article 46. The resources accumulated in the Voluntary Savings Subaccount of the Pensioner with the right to a Guaranteed Pension cannot be used to finance the payment of the Guaranteed Pension.

The Administrator shall provide the Pensioner with the necessary facilities to exercise their right to withdraw in one or several installments, their Voluntary Savings resources or to keep them in the Voluntary Savings Subaccount of their Individual Account with pension attribute.

Article 47. In the event of the death of a Pensioner who has a Guaranteed Pension and there are Beneficiaries with the right to receive a pension, in terms of what is provided by the Social Security Laws, the Administrator shall deliver the resources that were in the Individual Account with pension attribute to the Federal Government, so that they have a Life Annuity in the terms established in article 172 A of the Social Security Law and in article 95 of the ISSSTE Law, as applicable.

In the event that there are resources in the Individual Account with pension attribute that are susceptible to being delivered in terms of the second paragraph of article 193 of the Social Security Law, or 78 of the ISSSTE Law, the Administrator shall deliver them to the Beneficiaries that the Pensioner had designated in accordance with the pension regime applicable to them.

Chapter II

Of the Insufficiency and/or Exhaustion of Resources for the Payment of the Guaranteed Pension

Article 48. The Administrator during the annual review of the contract in the month of February shall identify if the resources in the Individual Account with pension attribute are sufficient to cover the following twelve monthly payments of the Guaranteed Pension. When there is no sufficiency to cover said monthly payments, the Administrator will notify the Operating Companies of the insufficiency of resources three months in advance of the exhaustion occurring.

The Operating Companies will notify the insufficiency of resources to the corresponding Social Security Institute within a period not greater than 5 business days, with the purpose that once the exhaustion of resources occurs, the Guaranteed Pension continues to be granted, in accordance with the policies and guidelines established in the Transactional Procedures Manual.

When the Administrator detects that the exhaustion of resources will take place in a period less than three months, it must notify the Operating Companies no later than the next business day so that they in turn notify the exhaustion of resources to the corresponding Social Security Institute within a period not greater than 3 business days, with the purpose that the Guaranteed Pension continues to be granted, in accordance with the policies and guidelines established in the Transactional Procedures Manual.

The Pension will be covered by the Federal Government through the Treasury of the Federation, based on the information provided for such effect by the corresponding Social Security Institute, in accordance with what is established in the Transactional Procedures Manual.

The Operating Companies and the Administrators must conserve the evidence of the notification of Exhaustion of Resources and have them available to the corresponding Social Security Institute, the Secretariat, or the Commission.

The Administrator, upon determining the insufficiency and during the annual review or prior to the celebration of the Guaranteed Pension contract, must inform the Pensioner that the Federal Government will guarantee the payment of their pension in the event of Exhaustion of Resources.

The Administrator must notify the insufficiency and/or exhaustion of resources, as applicable, to the Pensioner by any of the means registered in the contract, within the 15 business days following the identification of this fact.

Article 49. The Administrator must celebrate a Guaranteed Pension contract with the Pensioner, even if the Insufficiency of Resources or Exhaustion of Resources to make the payment of the pension for a year is generated at the time of deducting the retroactive pension payment to which the Pensioner is entitled, according to the Pension Start Date.

Article 50. The Administrator must determine if there is Insufficiency or Exhaustion of Resources in the Individual Account with pension attribute, once the Guaranteed Pension contract has been celebrated and the retroactive pension payment that, if applicable, corresponds to the Pensioner has been made, according to the Pension Start Date.

Article 51. The Administrator must continue to pay monthly an amount equivalent to the Guaranteed Pension calculated in accordance with article 170 of the Social Security Law or article 92 of the ISSSTE Law, as applicable, while the resources of the corresponding subaccounts of the Individual Account with pension attribute are sufficient to continue making payments for said amount.

When the balance of said subaccounts is less than the amount of the Guaranteed Pension, the Administrator must transfer the remaining resources of the Individual Account with pension attribute, if any, to the Federal Government, in accordance with what the Social Security Laws establish for such effect.

TRANSITORY PROVISIONS

FIRST ARTICLE. These general provisions will enter into force on the next business day following their publication in the Official Gazette of the Federation, with the exception of the rules regarding the delivery of resources corresponding to the Beneficiaries designated by the Pensioner, in terms of what article 193 of the Social Security Law establishes, which will enter into force on October 4, 2021.

SECOND ARTICLE. With the entry into force of these general provisions, the GENERAL PROVISIONS applicable to programmed withdrawals, published in the Official Gazette of the Federation on June 26, 2012, are repealed, as well as all those provisions that are contrary to this regulation.

THIRD ARTICLE. Programmed Withdrawal contracts that Administrators had celebrated with Pensioners before the entry into force of these general provisions will remain in force until the date on which they must be reviewed. In the first annual review of the contract following the publication of these general provisions, Administrators must adjust the contracts they have signed with Pensioners to what is provided in this regulation, as applicable.

FOURTH ARTICLE. Until article 170 of the Social Security Law enters into force, all calculations and considerations related to said article must be carried out in accordance with what is established in the Fourth Transitory Article of the DECREE by which various provisions of the Social Security Law and the Savings for Retirement Systems Law are reformed, added, and repealed, published in the Official Gazette of the Federation on December 16, 2020.

Mexico City, June 11, 2021.- The President of the National Commission for the Retirement Savings System, Abraham E. Vela Dib.- Signature.

ANNEX "A"

MINIMUM INFORMATION THAT PROGRAMMED WITHDRAWAL CONTRACTS AND GUARANTEED PENSION CONTRACTS MUST CONTAIN

The Programmed Withdrawal and Guaranteed Pension contracts that Administrators celebrate with Pensioners for the payment of the pension must contain at least, the information related to the following aspects:

Object of the contract;

II.

Granting of the commercial commission by the Pensioner;

III.

Structure and charging of commissions for the services provided by the Administrator;

IV.

Identification of the Individual Account as an Individual Account with pension attribute under the corresponding modality, whether Programmed Withdrawal or Guaranteed Pension, including, if applicable, the registration, transfer, and receipt of the resources of the Associated Subaccounts of the Individual Account that the Pensioner indicates, according to the following:

The registration of the resources of the Associated Subaccounts in the Individual Account with pension attribute; the transfer and/or investment of the resources to the account determined by the Administrator or to the Basic Pension Investment Society or to the Investment Society determined by the Commission, in accordance with what is provided in the general provisions that establish the investment regime to which the specialized investment societies for retirement funds must be subject, which the Commission issues;

The registration of the Voluntary Savings resources and their investment in the Investment Society that the Pensioner had indicated in the contract;

Integration of the resources that will be destined for the payment of the contracted modality, indicating the social security regime and:

The Associated Subaccounts that will be obligatorily destined for the payment of the contracted modality, detailing the initial amounts for each of them, and

If applicable, the subaccounts that, voluntarily, at the request of the Pensioner, will be destined for the payment of the contracted modality. The provisions of this section will not be applicable in the case of Guaranteed Pension contracts;

VI.

Integration of Voluntary Savings resources that, if applicable, Pensioners decide to keep in their Individual Account with pension attribute.

VII.

Amount and method of calculation of the contracted modality:

The monthly amount to be paid of the Programmed Withdrawal or the Guaranteed Pension, as applicable;

The way in which the monthly amount to be paid will be calculated;

The effects on the behavior of payments over time, depending on the contracted modality, and

The guarantee in the payment. The provisions of this article must be established in a clause by which the Pensioner is made aware of the following:

In the case of Guaranteed Pension, that the Federal Government will guarantee the payment of the pension in the event of Exhaustion of Resources of the Individual Account with pension attribute and

ii.

In the case of Programmed Withdrawal, there is no guarantee in the payment of the pension in the event of Exhaustion of Resources of the Individual Account with pension attribute, therefore it is exposed to the fact that the amount accumulated in their Individual Account with pension attribute is completely exhausted and with it they cannot continue receiving a pension;

VIII.

Payment mechanisms of the contracted modality;

IX.

If applicable, account number and denomination of the credit institution in which the pension deposit will be made. The holder of the bank account must be the contracting Pensioner;

Rights of the Pensioner considering at least the following:

To make the designation or change of Beneficiaries of the Individual Account with pension attribute at any time;

To receive at the home address or email indicated to the Administrator, the agreed Account Statements and the other related information;

To make Voluntary Savings contributions to their Individual Account with pension attribute;

In the case of Pensioners under Programmed Withdrawal, that the Pensioner may opt to change the payment modality of their pension from a Programmed Withdrawal to a Life Annuity, provided that the balance of their Individual Account with pension attribute is sufficient for the Life Annuity that corresponds to them to be equal to:

For Pensioners under the ISSSTE Law, the Guaranteed Pension established in article 92 of the ISSSTE Law; or

ii.

For Pensioners under the Social Security Law:

In the case of pensioners under the advanced age disability branch according to article 157 of the Social Security Law, to the average amount of guaranteed pensions corresponding to a minimum wage and sixty years of age, in accordance with the table established in article 170 of the Social Security Law; or

In the case of pensioners under the old age branch, according to article 164 of the Social Security Law, to the Guaranteed Pension that corresponds to them according to the weeks of contribution, the contribution base salary and the age of 65 years, in accordance with the table established in article 170 of the Social Security Law.

To request at any time information related to the payment of their pension, their Individual Account with pension attribute, including, if applicable, the Early Warning Balance and the estimate of the years during which they can continue to receive their pension under the Programmed Withdrawal modality;

XI.

Specific obligations of the Pensioner, considering at least the following:

To inform the Administrator of the change of address and/or email, if applicable;

To inform the corresponding Social Security Institute, in case of change in their family group, in order to complement the Constitutive Amount paid for the Survivorship Insurance;

To attend the survival verification and contract renewal, according to the policies established for such effect by the Administrator,

XII.

Specific obligations of the Administrator, considering at least the following:

To make the monthly payment of the Programmed Withdrawal or Guaranteed Pension, as applicable;

To inform the Pensioner annually of the amount they will receive monthly, as well as the data that the Administrator has used for the calculation;

To calculate the amount of payments in accordance with these general provisions, according to the corresponding contract modality;

To perform at least once a year, the survival verification of the Pensioner or the Independent Worker (form and date);

To issue and send to the home address or email account of the Pensioner indicated in the contract, the agreed account statements and the other information related to the contracted modality;

To inform the Early Warning Balance, as well as to perform early warnings in case of Insufficiency of Resources and/or Exhaustion of Resources;

If applicable, to deliver to the Pensioner the remaining resources of the Individual Account with pension attribute, in accordance with what is established in the Social Security Laws and these general provisions, and

To provide the information related to the payment of the pension and of the Individual Account with pension attribute that the Pensioner requests;

XIII.

Responsibilities of the Administrator for:

Acts of the Investment Society that administers in which the Pensioner's resources are invested;

To integrate and maintain updated a file in the name of the Pensioner with the information and documentation related to the Programmed Withdrawal or the Guaranteed Pension that has been contracted, and keep it available to the Pensioner and to the Commission, either physically or in electronic media;

Conservation of the file referred to in the previous subsection, for a minimum period of ten years, counted from the last update that has been made in it;

XIV.

Information on the modality being contracted;

XV.

Receipt of resources:

From the Housing Subaccounts, for their complete investment in the Investment Societies, or to be delivered to the Pensioner, as applicable, in accordance with what is provided in the Social Security Laws, and

From Voluntary Savings for their investment in the Investment Societies;

XVI.

Custody and administration services of Shares representing capital stock of the Investment Societies;

XVII.

Exercise of patrimonial rights;

XVIII.

Designation of beneficiaries. The designation of beneficiaries will grant the designated persons the right to withdraw both the resources that are susceptible to delivery, as well as the voluntary contributions that, in any case, were in the Individual Account with Pension, in accordance with the Social Security Law applicable to them. The update in the designation of beneficiaries will render ineffective the previous designations that the Pensioner had made.

XIX.

Disposal of resources by Beneficiaries, in case of death of the Pensioner;

XX.

Annual review of the contract;

XXI.

Validity, causes of termination and renewal of the contract;

XXII.

Complaints before CONDUSEF, applicable legislations and competent courts, in case of controversy, and

XXIII.

The other aspects and obligations that must be included in terms of the Social Security Laws, the Law, the Regulation and the other applicable legal provisions.

ANNEX "B"

MINIMUM INFORMATION THAT THE PENSIONER'S ACCOUNT STATEMENT MUST CONTAIN

The Pensioner's Account Statement must contain at least the following information:

I. General data of the Pensioner, specifying the name, paternal surname and maternal surname, CURP, federal taxpayer registry, social security number, the address and, if applicable, email account;

II. Period covered by the Pensioner's Account Statement;

III. Data of the user service area of the Administrator and its location, as well as data of CONDUSEF and the Social Security Institutes;

IV. Total balance of the Individual Account with pension attribute;

V. Registration of the initial balance of the period, detail of contributions, returns, commissions and disposals of the period;

VI. Amount of the monthly pension received by the Pensioner, and

VII. Pension modality contracted by the Pensioner.

ANNEX "C"

PROCEDURE FOR THE CALCULATION OF PROGRAMMED WITHDRAWALS

The discount rate and mortality tables cited in this Annex correspond to the discount rate calculated in accordance with Annex D of these provisions and to the biometric bases established by the Commission and that have been authorized in accordance with the procedures approved by the Article 81 Committee of the Law, for the calculation of the Constitutive Amounts of pension insurances derived from the Social Security Laws and that have been published in the Official Gazette of the Federation by the National Commission of Insurance and Sureties.

Definitions

Discount rate calculated in accordance with Annex D

k p x

Probability that an individual of age x reaches age "x+k", calculated with the corresponding mortality table.

Last age of the mortality table.

Age of the pensioner for retirement, advanced age disability and old age, at the time of granting the pension.

Year of calculation

URV X

Vital Annuity Unit at age "x". It is the present value of the pension payment flows expected to be made to a person of age "x"

MCSS t,xINSTITUTO

Constitutive Amount of the Survivorship Insurance for Programmed Withdrawal in year "t" for a pensioner of age "x" and their Beneficiaries, according to the methodologies approved by the Article 81 Committee of the Law, according to the corresponding Social Security Law. This will be calculated according to the offer parameters of the Insurer chosen by the pensioner.

RP t,x

Monthly payment of the Programmed Withdrawal in year "t" for a person of age "x".

PG IMSS

Guaranteed Pension corresponding at the time of obtaining the pension under the Programmed Withdrawal modality in accordance with the table established in article 170 of the Social Security Law, in force on the date of calculation.

PG ISSSTE

Guaranteed Pension of ISSSTE according to article 92 of the ISSSTE Law, in force on the date of calculation.

SaldoSRPt

Balance of the Individual Account with pension attribute in year "t", where 0 is the moment of granting the pension.

A. CALCULATION OF PROGRAMMED WITHDRAWAL

For the calculation of the Programmed Withdrawal to be paid during the first year, Administrators must use the Vital Annuity Unit factor that is in force on the Pension Start Date provided in the Pension Resolution, or Pension Grant issued by the IMSS or ISSSTE, as applicable. The monthly payment of the Programmed Withdrawal will be equal to the amount resulting from dividing the balance of the Individual Account with pension attribute on the Pension Start Date, having deducted the Constitutive Amount of the Survivorship Insurance that applies, if any, by the Vital Annuity Unit factor corresponding to the age and sex of the Pensioner, multiplied by twelve.

From the second year of pension payment, to calculate the Programmed Withdrawal, the Administrator must use the Vital Annuity Unit factor that is in force on the anniversary date of the contract. The monthly payment of the Programmed Withdrawal will be equal to the amount resulting from dividing the balance of the Individual Account with pension attribute corresponding to the last day of the month immediately preceding the anniversary date of the contract, by the Vital Annuity Unit factor corresponding to the age and sex of the Pensioner, multiplied by twelve.

The Vital Annuity Unit factors by age and by sex will be published on the Commission's website, www.consar.gob.mx, each time the publication in the Official Gazette of the Federation of the reference rate or the reference mortality tables is updated.

For this purpose, Administrators may only use the information in force that is published on the Commission's Website.

The Vital Annuity Unit factor (URV), which will be published on the Commission's Website, for a person of age x is given by:

A. II. Calculation of Programmed Withdrawal in the case of ISSSTE

ANNEX "D"

PROCEDURE TO DETERMINE DISCOUNT RATES, AS WELL AS EARLY WARNING BALANCES

Calculation of the discount rate

To determine the discount rate at date T, the base market return is first obtained

calculated through a weighted average of permitted assets in the investment regime associated with the

administration of resources corresponding to Programmed Withdrawals.

Reference Instruments: Udibonos and Bonos M

Inputs:

Daily structure of real and nominal rates. Source: Price Providers
Daily amounts in circulation. Source: Bank of Mexico
Two-year inflation expectations. Source: Bank of Mexico

Calculation Method:

2.1. For Udibonos:

The most representative issuances, or nodes, are obtained, determined in the government securities auction program published by the Secretariat of Finance and Public Credit (SHCP). 10 and 30-year Udibonos are used.
To determine the current rate of a node, the simple average of the rates provided by Price Providers is used.
For the date in consideration, the weighted average of the rates of the nodes is calculated.

The rates are weighted by the daily amounts in circulation of each issuance, which are

available on the Bank of Mexico website.

The averages described in the previous step are calculated for each of the 5 business days

prior to the date of calculation of the discount rate. In this way, a daily series of weighted real rates is obtained that will be used jointly with the weighted yield rates of Bonos M obtained in the following section for the calculation of the base market yield.

2.2. For Bonos M:

The most liquid issuances of Bonos M are used, determined in the government securities auction program published by the SHCP.
All representative nodes of Bonos M (10, 20, and 30 years) are considered.
To determine the current rate of each node, the simple average of the rates provided by Price Providers is used.
The yield rate of each node obtained in the previous step is deflated using inflation expectations, to obtain a real rate.
The weighted average of the real rates of the nodes defined in this section is calculated.

These rates are weighted by the amounts in circulation of each issuance current on the date of

calculation. The amounts are available on the Bank of Mexico website.

This adjusted rate is calculated for each of the 5 business days prior to the date of

calculation of the discount rate. This series will be used, together with the series of real rates of

Udibonos, to perform the calculation of the base market yield and, subsequently, the

discount rate.

2.3. Calculation of the base market yield:

At this point, for each date included in the 5 business days prior to the determination of

the discount rate, a real rate obtained from the weighted average of the most representative Udibonos and another real rate that is the weighted average of the most representative Bonos M are already available.

For each date considered, the real rates referred to in the previous step are weighted using

as weighting factors the total amounts held by the public of each type of

instrument. In the case of the real rates of Udibonos, the current amounts are

converted to pesos using the value of the investment unit (UDI) corresponding to the date

considered.

The discount rate is defined as the simple average, of the last 5 days, of the base market yield obtained in the previous step.

Calculation of Early Warning Balances

The Early Warning Balances that are calculated will be 1.3 times the Guaranteed Pension established in

article 92 of the ISSSTE Law, or 1.3 times the average amount of the Guaranteed Pensions that

correspond to a minimum wage and sixty years of age, in the case of pensioners under the old-age disability branch of the Social Security Law, or 1.3 times the Guaranteed Pension that corresponds according to the weeks of contribution, to the base salary for contribution and to the age of 65 years, in the

case of pensioners under the old-age branch, in accordance with the table established in article 170 of the

Social Security Law, as applicable, plus a 10% safety surcharge.

The Commission will calculate and publish the Early Warning Balance on its Website, whenever it is

necessary to update this information, due to changes and fluctuations in market conditions.

Administrators must obtain from the Commission's Website the information on discount rates, as well as on Early Warning Balances that must exist in Individual Accounts with pension attribute, to inform Pensioners, if applicable, of the necessary average balance to

acquire a Life Annuity.

During the annual review of the contract, Administrators must consult the Early Warning Balances

published by the Commission, in order to verify if the balance of the Individual Account with pension attribute is approaching the amount required to cover, at least, the payment of the Constitutive Amount that allows Pensioners to contract a Life Annuity equivalent to:

For Pensioners under the ISSSTE Law, the Guaranteed Pension established in article 92 of the ISSSTE Law; or

For Pensioners under the Social Security Law:

In the case of pensioners under the old-age disability branch, according to article 157 of the Social Security Law, to the average amount of guaranteed pensions that correspond to a minimum wage and sixty years of age, in accordance with the table

established in article 170 of the Social Security Law; or

In the case of pensioners under the old-age branch, according to article 164 of the Social Security Law, to the Guaranteed Pension that corresponds according to the weeks of

contribution, to the base salary for contribution and to the age of 65 years, in accordance with the table

established in article 170 of the Social Security Law.

Administrators may only use the current information published on the Commission's Website.

In the document you are viewing, there may be text, characters or objects that do not display correctly due to conversion to HTML format, so we recommend always taking the digitized image of the DOF or the PDF file of the edition as a reference. The content, form and scope of published documents are the strict responsibility of their issuer.

INQUIRY

BY DATE

Su Mo Tu We Th Fr Sa

INDICATORS

Exchange Rate and Rates as of 08/28/2026

DOLLAR

16.9712 UDIS

8.808812 TIIE 28 DAYS

6.7559% TIIE 91 DAYS

6.7931% TIIE 182 DAYS

6.8474% TIIE OVERNIGHT

6.50%

SURVEYS

Did you like the new look of the Official Federal Gazette website?

Yes

Official Federal Gazette

Río Amazonas No. 62, Col. Cuauhtémoc, C.P. 06500, Mexico City Tel. (55) 5093-3200, where you can access our service menu

Electronic address: dof.gob.mx

113

General Provisions Applicable to Programmed Withdrawals

Lineage: In force

Similar documents from other regulators