Free Practice Questions for CNSF Actuario Pensiones

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Sample CNSF Actuario Pensiones Practice Questions

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1Under Article 159, fraction VII, of Mexico's Ley del Seguro Social (LSS), how is the Monto Constitutivo defined for pensions derived from social security?

A.The cumulative voluntary and compulsory contributions deposited in the worker's AFORE individual account including government subsidies

B.The amount of capital that must be paid to an insurance institution to contract life annuities and survival insurance for the worker and legal beneficiaries

C.The annual reserve fund retained by the IMSS to directly disburse monthly retirement benefits without private insurer intermediation

D.The statutory severance lump sum paid to workers who do not meet the minimum contribution weeks for a guaranteed pension

Explanation: LSS art. 159, fraction VII, defines the Monto Constitutivo as the amount of money required to contract the renta vitalicia and seguro de sobrevivencia insurance with an insurance institution. Fraction VIII then defines the suma asegurada as the Monto Constitutivo minus the balance of the worker's individual account. Insurers determine the Monto Constitutivo with the calculation methodologies set in CUSF Disposition 14.2.1 and its annexes.

2Under Article 26 of the Ley de Instituciones de Seguros y de Fianzas (LISF), what operational restriction applies to insurance institutions authorized to practice the pension insurance derived from social security laws?

A.They may operate general property and casualty lines provided they maintain distinct accounting rings

B.They must operate exclusively the insurance of pensions derived from social security laws and related survival insurance

C.They can issue standard commercial life and health policies up to 40% of their total gross written premium

D.They are exempt from CNSF technical reserve rules and report directly to CONSAR only

Explanation: LISF art. 26, second paragraph, says that authorizations for pension insurance derived from social security laws (art. 27, fraction II) are granted only to insurance institutions that practice it exclusively, and no other operation of art. 25 may be authorized to them. The operation is also subject to general provisions issued by the CNSF (CUSF Title 14).

3Under the transitional provisions of the 1997 LSS (Third Transitory Article), what right is granted to workers belonging to the Transition Generation (Generación de Transición) upon retirement?

A.They must accept an individual account life annuity with a private pension insurer without exception

B.They may elect to receive their pension benefits calculated either under the 1973 LSS regime or the 1997 LSS individual account regime

C.They are restricted to a mandatory government bond yielding an inflation-adjusted annuity paid by PENSIONISSSTE

D.They receive 100% of their final salary automatically if they completed at least 500 weeks of cotización

Explanation: Workers insured with the IMSS before July 1, 1997 (the transition generation) may choose at retirement, under the Third Transitory Article of the 1997 LSS, between the pension of the repealed 1973 law and the pension of the 1997 individual-account regime. If they choose the 1973 regime, the Federal Government pays the pension and receives the resources of the cesantía en edad avanzada y vejez portion of the account.

4Under Articles 120 and 159, fraction VIII, of the LSS, what is the suma asegurada in a definitive invalidity (invalidez) pension?

A.An optional private top-up that employers buy through collective bargaining agreements

B.A surcharge that the CNSF charges insurers that fail the dynamic solvency test

C.The positive difference between the Monto Constitutivo and the balance of the worker's individual account, which the IMSS pays to the insurance institution the worker chose

D.An amount that the IMSS deposits in the worker's AFORE account so that the AFORE can pay a programmed withdrawal

Explanation: LSS art. 120, fraction II, says the IMSS calculates the Monto Constitutivo needed to contract the renta vitalicia and seguro de sobrevivencia, subtracts the balance of the insured's individual account, and pays the positive difference (the suma asegurada) to the insurance institution the insured chose. Art. 159, fraction VIII, gives the same definition. Arts. 58 and 64 apply the same mechanism to work-risk pensions.

5Under Article 131 of the LSS, what percentage of the deceased pensioner's or invalid worker's baseline pension corresponds to the surviving spouse or concubine as a Pensión de Viudez under the Invalidez y Vida branch?

A.50% of the pension

B.70% of the pension

C.90% of the pension

D.100% of the pension

Explanation: Article 131 of the LSS specifies that the widow's pension (pensión de viudez) in the Invalidez y Vida branch is equal to 90% of the pension that the deceased was receiving or would have been entitled to receive for total disability. This 90% factor enters directly into the reversionary annuity component of the Monto Constitutivo formula.

6Under Articles 134 and 135 of the LSS, what are the benefit percentage and general age limit for an orphan's pension (pensión de orfandad) in the invalidez y vida insurance, and to what age can it be extended for a child who keeps studying?

A.15% of the base pension up to age 14, extendable to age 21

B.20% of the base pension (30% for double orphanhood) up to age 16, extendable to age 25 for accredited students

C.25% of the base pension up to age 18, with no educational extensions

D.50% of the base pension up to age 18, extendable to age 28 for graduate studies

Explanation: LSS art. 135 sets the orphan's pension at 20% of the invalidity pension the insured was receiving or would have received, and 30% if the child has lost both parents. Art. 134 grants the pension to children under 16 and requires the IMSS to extend it up to age 25 if the orphan studies in the national educational system and is not subject to the compulsory regime. Art. 136 adds a final payment of three monthly pensions when it ends.

7Under the LSS (for example Articles 68, 145 and 170), how are the pensions that pension insurers pay updated for inflation?

A.Pensions are fixed in nominal Mexican pesos and adjust only when mandated by presidential decree

B.Pensions are updated annually in February based on the change in the National Consumer Price Index (INPC)

C.Pensions adjust semi-annually according to the average investment yield of SIEFORE funds

D.Pensions increase each January by the percentage increase in the official minimum wage (salario mínimo general)

Explanation: The LSS updates pensions once a year in February according to the Índice Nacional de Precios al Consumidor (INPC): art. 68 for work-risk pensions, art. 145 for invalidez y vida pensions and art. 170 for the pensión garantizada. Because the liabilities are indexed, pension insurers value them in real terms and look for inflation-linked assets such as Udibonos.

8Under Article 142 of the LSS, what annual aguinaldo does an invalidity pensioner receive, and how is it reflected in the Monto Constitutivo?

A.15 days of pension, excluded from the technical reserve and paid from general government funds

B.At least 30 days of pension, capitalized as an additional annual payment for as long as the pensioner lives

C.45 days of pension, payable only during the first five years after the pension starts

D.60 days of pension, funded solely by surplus investment returns

Explanation: LSS art. 142 says the invalidity pension amount is also the basis for the annual aguinaldo, which may not be less than 30 days of pension. Because it is paid every year the pensioner survives, the Monto Constitutivo capitalizes it as an extra annual payment contingent on survival, for example (R / 12) × a_x for a one-month aguinaldo paid at year-end. Work-risk pensions differ: art. 58, fraction IV, grants 15 days.

9Under Article 137 of the LSS, under what conditions are parents entitled to an ascendant pension (Pensión de Ascendientes), and what proportion of the base pension does each parent receive?

A.Parents receive 50% each concurrently with the surviving spouse

B.In the absence of a surviving spouse, concubine, or eligible orphans, each economically dependent parent receives 20% of the base pension

C.Parents receive 10% each only if the deceased worker died from an occupational injury before reaching age 30

D.Parents are entitled to a refund of funeral expenses only, with no ongoing monthly annuity rights

Explanation: LSS art. 137 says that if there is no widow or widower, orphan, concubine or civil-union partner entitled to a pension, each ascendant who depended economically on the deceased insured or invalidity pensioner receives 20% of the pension the insured was receiving or would have received.

10Under Article 28 of the LSS, what is the maximum wage ceiling (tope salarial) on the daily base wage (Salario Base de Cotización, SBC) for mandatory IMSS contributions?

A.10 times the value of the Unidad de Medida y Actualización (UMA)

B.15 times the value of the Unidad de Medida y Actualización (UMA)

C.25 times the value of the Unidad de Medida y Actualización (UMA)

D.50 times the value of the Unidad de Medida y Actualización (UMA)

Explanation: LSS art. 28 caps the base contribution salary at 25 times the general minimum wage in its text; since the 2016 constitutional desindexation reform, such references are read as 25 times the Unidad de Medida y Actualización (UMA). The cap also limits the salary used for cash benefits. The Ley del ISSSTE uses a 10-times cap.

About the CNSF Actuario Pensiones Exam

Independent CNSF Actuario Pensiones practice by OpenExamPrep. The CNSF knowledge accreditation for actuaries in social security pension insurance (Campo Básico II: Seguros de Pensiones derivados de las leyes de seguridad social) is granted by category. In 2026 the CNSF schedules the reserves exam (CUSF Chapter 31.1, Spanish, computer-based, open-book, up to 6 hours) and the two-part dictamen exam (Chapter 31.2) for this campo. These questions cover the social security laws (LSS 1997, Ley del ISSSTE 2007), the Monto Constitutivo and the suma asegurada, life contingencies with the CUSF biometric tables for active and invalid lives, joint-life annuities with widowhood and orphanhood reversion, pension reserves at technical interest rates (CUSF Chapters 5.8 to 5.12 and 5.17), the operating rules of CUSF Title 14, and asset-liability matching. This is an English-language MCQ study adaptation, not an official translation or a simulation of the CNSF exam.

Exam sponsor: Comisión Nacional de Seguros y Fianzas (CNSF), Dirección General de Supervisión Actuarial. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

For Campo II (pensiones), the 2026 CNSF calendar offers the reserves accreditation (reserve methods and valuation, CUSF Chapter 31.1, one computer-based exam of up to 6 hours) and the dictamen accreditation on reserve sufficiency (Chapter 31.2, in two parts of up to 8 and 6 hours); no technical-note or PSD exam is scheduled for this campo.

Time Limit

6 hours maximum

Passing Score

At least 70% of total formulated items (CUSF Disposition 31.1.9)

Exam / Certification Fees

MXN 2,246 in 2026 under the CNSF payment catalog

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

CNSF — Actuarios Certificados y Acreditación de Conocimientos · Source checked 2026-09-29Regulatory overview, accreditation requirements under CUSF Title 31, and official links to temarios
Circular Única de Seguros y Fianzas, Chapter 31.1 (CNSF Interactiva) · Source checked 2026-09-29Accreditation categories (31.1.2), Campo II Pensiones (31.1.3), 6-hour duration (31.1.7), permitted materials (31.1.8), 70% passing mark (31.1.9), and 2-year validity (31.1.11)
CNSF — Calendario de Exámenes para la Acreditación de Conocimientos 2026 · Source checked 2026-09-292026 schedule for Campo II Pensiones sessions covering reserve valuation and dictamen actuarial
CNSF — Contenido Temático Pensiones · Source checked 2026-09-29Official syllabus covering social security legislation, monto constitutivo actuarial theory, pension technical reserves, and ALM matching
CNSF — Catálogo de Pagos de Derechos 2026 · Source checked 2026-09-292026 fee: MXN 2,246 for actuarial knowledge accreditation examination in insurance and surety

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

20% of practice bank

Marco Normativo y Seguridad Social

Ley del Seguro Social (LSS 1997), Ley del ISSSTE (2007), LISF, CUSF Title 5 chapters 5.8 to 5.12 and 5.17, Title 14, and regulatory roles of CNSF, IMSS, ISSSTE, and CONSAR

35% of practice bank

Monto Constitutivo y Cálculo Actuarial de Rentas

Technical structure of the Monto Constitutivo and the suma asegurada paid by the IMSS, basic actuarial concepts: the CUSF biometric tables (EMSSA active and EMSSI invalid mortality), survival functions, commutation functions, continuous and discrete life annuities, joint lives (rentas conjuntas) and widowhood/orphanhood reversionary annuities

30% of practice bank

Reservas Técnicas de Pensiones y Dictamen Actuarial

CUSF Chapters 5.8 to 5.12: the reserva matemática de pensiones and the reserve for additional benefits at the technical interest rate, the reserva matemática especial, the contingency reserve (2%), the reserva para fluctuación de inversiones, the reserva para obligaciones pendientes de cumplir, and the independent actuary's dictamen on reserve sufficiency

15% of practice bank

Gobierno de Inversiones, Calce ALM y RCS en Pensiones

Investment policy and investment committee rules (LISF arts. 247 and 248), asset-liability management and cash-flow matching (including CUSF 5.8.13), reinsurance limits for pension insurers (CUSF 14.3), and the capital requirement for technical and financial risks of pension insurance (RC_TyFP, CUSF Chapter 6.5)

Preparing for the CNSF Actuario Pensiones Exam

What You Need to Know

Passing score: At least 70% of total formulated items (CUSF Disposition 31.1.9)
Assessment: For Campo II (pensiones), the 2026 CNSF calendar offers the reserves accreditation (reserve methods and valuation, CUSF Chapter 31.1, one computer-based exam of up to 6 hours) and the dictamen accreditation on reserve sufficiency (Chapter 31.2, in two parts of up to 8 and 6 hours); no technical-note or PSD exam is scheduled for this campo.
Time limit: 6 hours maximum
Exam / certification fees: MXN 2,246 in 2026 under the CNSF payment catalog Official sources

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CNSF Actuario Pensiones: Suggested Study Strategy

1Master the structure of the Monto Constitutivo: the present value of the pensioner's annuity, the reversionary pensions for the widow(er), orphans and ascendants (with the LSS art. 144 cap), the aguinaldo, and the security-margin loading (CUSF 5.8.5).

2Know the CUSF biometric tables: EMSSAH and EMSSAM (Experiencia Demográfica de Mortalidad para Activos, projected with mortality improvements) versus EMSSI (inválidos) and EMSSInc (incapacitados) in CUSF 14.2.4 and 14.2.5.

3Review the pension reserves of CUSF Chapters 5.8 to 5.12: the reserva matemática de pensiones and the reserve for additional benefits, the reserva matemática especial, the 2% contingency reserve, the reserva para fluctuación de inversiones (25% of excess returns) and the ROPC.

4Study the technical interest rate rules (3.5% real for pre-new-scheme policies, the offer rate capped at 3.5% for new-scheme policies, and the matching procedure of CUSF 5.8.13) and why inflation-indexed assets such as Udibonos back these liabilities.

Frequently Asked Questions

What is the specific scope of the Seguros de Pensiones accreditation?

This accreditation specifically covers private insurance institutions authorized to operate Seguros de Pensiones derivados de las Leyes de Seguridad Social (LSS and Ley del ISSSTE). It governs annuities purchased by workers or their beneficiaries through the transfer of their individual retirement account balance and the IMSS/ISSSTE monto constitutivo.

Which exams does the CNSF offer for pension insurance, and what is the format?

The 2026 calendar offers two accreditations for Campo II: reserve methods and valuation (CUSF Chapter 31.1, up to 6 hours) and the dictamen on reserve sufficiency (Chapter 31.2, two parts of up to 8 and 6 hours). Exams are taken in person on computers at CNSF facilities; candidates may use books, calculators and laptop computers, with scratch paper on request, and cell phones and mobile broadband devices are prohibited (31.1.8).

What score is required to pass and what is the credential's validity?

Candidates need at least 70% of the items formulated (CUSF 31.1.9). The oficio de acreditación is valid for 2 years (31.1.11). Refrendo requires at least 80 hours of continuing education over the two years, including a 6-hour regulatory update course, with at least 80% in evaluated courses, filed at least 10 business days before expiry (31.1.12).

What is the monto constitutivo in Mexican social security pension insurance?

Under LSS art. 159, fraction VII, the Monto Constitutivo is the amount of money required to contract the renta vitalicia and seguro de sobrevivencia with an insurance institution. It funds the pensioner's life annuity, the survivor pensions and other statutory cash benefits such as the aguinaldo. The balance of the worker's individual account is applied first; in invalidity and work-risk cases the IMSS pays the difference as the suma asegurada (LSS arts. 58, 64, 120 and 159, fraction VIII).

Is this practice bank an official CNSF exam simulation?

No. The official exams are taken in Spanish under CNSF supervision. This bank is an independent English-language MCQ study adaptation, not an official translation or a simulation of the CNSF exam.