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2h ago

Peru’s SBS Grants Temporary Investment Flexibility to AFPs for Eighth Pension Withdrawal

The move equips pension managers to meet cash demands from the 4‑UIT octavo retiro under strict fiduciary limits.

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Overview

  • Resolution SBS No. 04081-2025, published on November 15, authorizes exceptional measures from December 2025 through July 2026 to manage liquidity pressures.
  • AFPs may transfer local equities from higher‑risk Fund 3 to Funds 1 and 2 under technical caps, with intent notices due by December 3 and cash‑settled transfers executed in December.
  • Temporary operational tools include direct repo operations, sovereign bond lending between funds, relaxed FX negotiation limits through July 2026, higher exposure to BBB‑ or better foreign sovereign debt, and limited derivatives use.
  • The regulator notes that early withdrawals can force asset sales and alter portfolio composition, potentially lowering future replacement rates, so all actions must follow fiduciary standards in SPP law and regulation.
  • The eighth withdrawal allows up to 4 UIT via a digital, staggered schedule, with the first 1 UIT disbursed within 30 days of each request; early applicants may receive payments in November, and a free filing window runs from December 4 to January 18.