At present, the AFPs receive commissions despite the fact that in some periods they do not generate profitability, maintains the bill of congresswoman Rosangella Barbarán (Popular Force).
the congresswoman rosangella barbaranfrom the Fuerza Popular bench, proposes establishing a compensation mechanism according to the productivity of the funds managed by the Private Pension System (SPP), since currently the AFPs charge commissions despite the fact that in some periods they do not generate profitability, this to the detriment of affiliates’ funds, says the initiative.
According to bill 4087, it seeks to modify article 24 of the TUO of the Law on the Private Pension Fund Administration System, which was approved by Supreme Decree 054-97-EF. Thus, the remuneration for productivity is limited to the following aspects: the fixed component, a percentage that does not vary, and the productivity component, which is a variable component associated with the productivity of the funds.
In this way, in case the AFP does not obtain profitability or generates losses in the Capitalization Account (CIC) of the contributor, only the fixed component applies, it is specified in the proposal.
“This legislative initiative contemplates conditioning productivity on the collection of a remuneration according to the productivity of the AFP in a certain period of time, that is, if the AFP has harmed or has not made the fund generate profits for the contributor The two components of the “productivity compensation” will no longer be applicable, but only the component that allows the AFPs to cover their operating expenses”, indicated in the explanatory statement.
It is established that the Executive Branch must adapt the regulation within a period of 30 business days counted one day after the official publication of the regulation. The initiative was presented on Thursday, January 26, and must be evaluated by the Congress Commissions before going to the Plenary for debate and voting.
Source: Larepublica
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