AFP: they propose to authorize the withdrawal of up to 50% of the funds for the acquisition of a home

Congresswoman Patricia Juárez Gallegos, from the bench people forceproposed that affiliates be authorized to the AFPs the use of up to 50% of the accumulated funds in their individual accounts for the purchase or payment of mortgage loans for a home or propertyas long as it is a credit granted by a financial system entity or a savings and credit cooperative.

PL 4528 indicates that the last paragraph of article 40 of the Single Ordered Text of the law on the Private Pension Fund Administration System, approved by Supreme Decree 054-97-EF, should be modified, expanding the current withdrawal of pension funds. 25% up to 50%. The regulation will be issued within a maximum period of 45 calendar days from the date of official publication.

Among the arguments that support the proposal, they highlight that members will be allowed access to housing and reactivate mortgage credit, which is closely related to other indicators that help to reactivate the economyand secondly, it is specified that it does not affect the pension fund since the amounts withdrawn for housing are S/3,418 million, a figure that represents only 3.3% of the total portfolio managed by the AFPs.

“The proposal is not a spending initiative, therefore, it does not violate articles 78 or 79 of the Political Constitution of Peru, as it deals with the use of private revisional funds, appealing to the existence of the pairing pension savings and mortgage loan payment, that will allow hundreds of thousands of citizens to access this home or cancel the home dreamed of by families”is specified in the document.

The initiative was presented on Wednesday, March 22 and must go through the evaluation of the commissions of the Congress before its debate and vote in plenary.