Overview

• Resolution N.º 03444-2025 from the SBS implements Law N.º 32445, enabling a voluntary withdrawal of up to 4 UIT (S/21,400) from private pension accounts.
• Requests may be filed starting 21 October 2025 for 90 calendar days through AFP digital or in-person channels as a one-time request.
• Disbursements will be made in up to four monthly tranches of up to 1 UIT each, with SBS maximum dates set for 20 Nov. 2025, 20 Dec. 2025, 19 Jan. 2026 and 18 Feb. 2026.
• Affiliates can desist once only before the first payment with at least 10 days’ notice; retentions apply solely for alimentary debts up to 30% per tranche.
• AFPs must publish the DNI-segmented filing schedule and enable identity verification, including virtual options, while adopting cybersecurity and accounting controls; economists at Bank of America warn of long-term savings and market risks, and the labor minister urges using withdrawals for investment rather than consumption.