Sigrid Bazán: “People have realized how weak the pension system is”

—Is it the right moment for a reform of the system?

—Yes, because constant withdrawals from the AFPs are proposed along with other initiatives that end up undermining the little pension system that we have left, if there was one. We feel that the Recognition Bonus and migrate from one to another It is a temporary malaise after the crisis.

—What happened in 30 years so that no reform has prospered?

There has been very little political will. Without giving specific responsibility, there have been initiatives. A specialized commission was created, but it did not raise an opinion in plenary or vote on an initiative being ad hoc. Now we are regular commissions in charge. Unlike some who criticize us, we have had several work meetings with economists, lawyers and representatives of the current system. We feel that there has been neglect and relaxation from the AFPs that control the majority of contributions. People have realized how weak the pension system is and also that there were many funds with losses.

—Which will be the pillars of the system proposed by the Work Commission?

—We propose a multipillar system with three edges. The first financed by the State, and incorporates budgets from Pensión 65 and Contigo. The second is contributory to include not only the formal, but also the independent and informal with incentives and co-financing from the State so that they have a pension. And the third only with a contribution from the insured. In the latter, the private or the State can manage, depending on who you want to choose.

—The administrator will be the State?

—In the third pillar there is the possibility of choosing. People will wonder what will happen to their money? Current funds will not be touched. Those who have their funds will continue to have it and the new ones would enter the pillar that corresponds to them, according to their work and contribution. Nobody is going to expropriate the current funds. Nobody will nationalize. They will continue in the name of the contributors.

-How will they be?

—Each one will be assigned their Personal Pension Account to monitor their contributions and performance. They say that if the State is inefficient, how will it see this? We propose auditors such as the SBS in financial matters, Sunat in tax and benefits, Sunafil. There will be inspectors so that it works with the private sector inside, but as part of a whole.

—How does the proposal of the commission you chair differ from that of the Economic Commission?

—I understand that (they) still do not have a proposal. I’m sorry because we have invited SBS, BCRP and MEF, and they have attended our dialogue. It worries me because they don’t have a clear proposal, but it may be more linked to the AFP sector, when we propose getting closer to the disabled and improving Pensión 65. It may be a difference, but I’ll wait for the proposal.

Will it reach other regimes of the national system?

-No. These will continue with their own contribution regime.

– What would you reconsider?

—I cannot change the forecast under reconsideration. If approved, it can be improved with incentives to informal giving tax facilities.