They Approve Optional Withdrawal Of Funds In The Private Pension System

The Congress of the Republic approved the law that allows the optional extraordinary withdrawal of up to S/ 18,400.00 (4 UITs) from the funds that members have in the Private Pension System (SPP) in the context of the COVID-19 pandemic in the year 2022.
Below, we detail the most important points of this standard:

  • The withdrawal applies to the funds accumulated in the member’s individual capitalization account (CIC).
  • Withdrawal requests may be made, one time, remotely, virtually or in person, within 90 calendar days following the entry into force of the regulations of this law.
  • After the withdrawal request, the payments will be up to 1 UIT every 30 calendar days for the first and second disbursement, and the difference will be paid in the third.
  • The affiliate can, one time, stop withdrawing funds from his CIC, notifying the AFP 10 days prior to the disbursement date.
  • The withdrawal of funds is intangible, and cannot be subject to discount, withholding, embargo, judicial compensation or any form of affectation, either by judicial and/or administrative order. This provision does not apply to food withholdings up to a limit of 30% of the withdrawal.

The Superintendence of Banking, Insurance and Private Pension Fund Administrators must publish the withdrawal operating procedure within a period not exceeding 15 calendar days.

**Regulatory Basis : Law No. 31478
This document contains a summary with the main implications derived from the published standards. It does not constitute a legal recommendation or analysis of the aforementioned provisions.

Contributing Advisors