Overview

• Law 32445 was published in El Peruano on September 20, enabling an extraordinary, voluntary withdrawal of up to S/21,400 for all AFP affiliates.
• The SBS has up to 30 calendar days to issue the operative regulation, after which AFPs must activate request portals and affiliates will have 90 days to apply.
• Withdrawals will be paid in up to four monthly installments of up to 1 UIT each, with the first deposit 30 days after a request; media and experts estimate initial disbursements could begin around November 5, 2025.
• Withdrawn amounts remain intangible, with a sole exception allowing retentions of up to 30% for judicial or agreed alimentary debts, and affiliates may stop the process once with 10 days’ notice before the next payment.
• The law also restores the option to withdraw up to 95.5% at retirement and removes mandatory contributions for independent workers, as reports cite potential outflows near S/31,600 million from funds exceeding S/107,000 million.