The article’s objective is to analyze the development and evolution of the Mexican pensionreform not only as such but also of two main bodies: on the one hand, the regulator (theNational Saving for Retirement) and the other, from the pension fund manager designed asa public-private partnership (PPP Manager Retirement Funds, Afore XXI). This article findsfirstly, the existence of a horizontal degree of specialization and a potential lack of accountabilityand transparency in organizations responsible for regulating the pension system, andsecondly that the presence of values that may compete in public officials in developing theirroles have affected the development of a new pension system in Mexico and the performanceof the regulator.