Uruguay's AFAPs: which ones exist and how they compare (2026)
Uruguay has four AFAPs. We show who they are, their size, and how to really compare them: the commission matters far more than the return. With BCU data.
Choosing an AFAP isn't a minor formality: the manager you pick handles your retirement savings for decades. There are four to choose from, and they aren't the same. Here's who they are and, above all, how to compare them to make a good decision.
The four AFAPs
Four managers operate in Uruguay today. One is state-owned and three are private:
- República AFAP — state-owned (linked to the BROU); the largest in the system.
- AFAP Itaú (Unión Capital) — private, of the Itaú group.
- AFAP SURA — private, of the Sura group.
- Integración AFAP — private.
How to really compare them
Two variables define how much you end up with: the commission they charge and your fund's net return. The thing many people don't know: across AFAPs, returns are fairly similar (differences are usually less than half a point a year), while commissions vary quite a bit. So, for most people, the commission is the more decisive factor.
Commissions: the key figure
Per the BCU (data as of March 2026), República AFAP has the lowest total commission deduction —around 12.27% of contributions— while AFAP SURA applies the highest, about 17.29%. It seems small, but over 30 years of contributions that difference can be a very significant sum at retirement. Always check the current values:
BCU — Quarterly report on the AFAP regime (fees and returns)https://www.bcu.gub.uy/Servicios-Financieros-SSF/paginas/memoria-afap.aspxReturns: they matter, but they're even
Returns do count, but two warnings: first, the differences between AFAPs are small; second, past returns don't guarantee future ones. Also, what your money yields depends a lot on the sub-fund it's in (Growth, Accumulation or Retirement), not just the AFAP. Always compare the net return (after fees), not the gross.
So, which one is best?
There's no single answer for everyone, but there's a practical rule: since returns are even and commissions aren't, all else equal the AFAP with the lower commission wins — and there República tends to lead. That said, check the current BCU data, consider your sub-fund and your horizon to retirement, and remember switching is free. Don't stay in an expensive AFAP out of inertia.
How to compare for yourself (official data)
Don't go by the advertising. The objective data —each AFAP's commissions and net returns— is published by the Central Bank in its quarterly report. The BPS, for its part, explains the system and how to affiliate or switch. Those are your two reliable sources:
BPS — Pension Savings Fund Managers (AFAP) and distributionhttps://www.bps.gub.uy/21194/administradoras-de-ahorro-previsional-afap-y-distribucion.htmlThe four AFAPs at a glance
| AFAP | Type / group | Note |
|---|---|---|
| República AFAP | State-owned (BROU) | The largest; lowest commission |
| AFAP Itaú (Unión Capital) | Private (Itaú group) | One of the big private ones |
| AFAP SURA | Private (Sura group) | Highest commission in the system |
| Integración AFAP | Private | The smallest share |
The figures (commissions, returns, market share) reflect BCU data as of March 2026 and are updated each quarter. This isn't investment advice: verify the current values before deciding.
In short: there are four AFAPs, returns among them are even, and the commission moves the needle most — so the cheapest usually wins. Compare at the BCU, look at your sub-fund and, if it suits you, switch (it's free). For the concrete steps, see our post on how to check and choose your AFAP.