On April 18, 2024, Law No. 32002 was enacted, which authorizes the extraordinary and optional withdrawal of the funds of the private pension system members, enabling them to withdraw their pension funds up to 4 UIT (Unidad Impositiva Tributaria – Tax Unit), equivalent to S/20,600. This recent publication represents a milestone in the fund management of the AFP (Administradoras de Fondos de Pensiones – Pension Fund Administrators) in the country.
Next Regulation
The SBS (Superintendencia de Banca, Seguros – Superintendence of Banking, Insurance) and AFP must prepare the corresponding regulation within a maximum of 15 calendar days from the issuance date of the law. This regulation will define the operational process for the fund withdrawal, establishing the guidelines for the AFPs to operate efficiently.
Main Reason
This measure was promoted after constant complaints to the private system, assuring that AFPs were not efficiently working. Therefore, a great part of the population was expecting the approval of the optional withdrawal of pension funds.
Deadlines and Schedule
The SBS will be in charge of establishing the schedule and announcing the deadlines for the disposition of their funds. According to the regulations, the SBS has until May 3, 2024, to issue the operating procedure detailing the withdrawal process.
- First part: Up to one UIT (S/ 5,150) to be delivered 30 days after filing and approval of the application.
- Second part: Up to one UIT (S/ 5,150) 30 days after the first payment.
- Third part: Up to one UIT (S/. 5,150) 30 days after the second payment.
- Fourth part: Up to one UIT (S/. 5,150) 30 days after the third payment.
Deadline
The maximum deadline for requesting withdrawals will end 90 days after the operating procedure implementation by the SBS, thus marking the deadline for initiating withdrawal requests.
Next Project: Law on CTS Withdrawal
On April 16 of this year, the Labor Commission of the Congress of the Republic approved the judgment that establishes the extension of the term of the withdrawal of the CTS (Compensación por Tiempo de Servicios – Compensation for Service Time) until December 31, 2024.
According to this project, workers could access 100% of their CTS funds under exceptional circumstances. Proximately, we will know whether or not this initiative will come into effect.
At VAG GLOBAL, we provide customized advice on labor and other related matters. Please contact us.
Source: Diario El Peruano