Overview

• The banking and pensions regulator issued a resolution in El Peruano that formalizes the operative procedure for the latest AFP withdrawal authorized by law.
• The regulation sets up to four payments of as much as 1 UIT each, with the first due within 30 calendar days of a valid request and subsequent deposits 30 days after each prior payment until the requested amount is completed.
• AFP administrators must establish and publicize mechanisms to receive withdrawal and desist requests and ensure their channels operate properly, according to the rule.
• The withdrawal is voluntary and capped at S/21,400, and payout timing now depends on when each affiliate submits a request rather than on previously circulated tentative dates.
• Separate proposals to allow extraordinary ONP withdrawals of 2 to 5 UIT remain under congressional debate and have not been approved.