478,026 affiliates withdrew their AFP at the time of retirement

As of January 2023, the number of pensioners for retirement was 74,641, while the number of members of the Private Pension System (SPP) who chose to withdraw up to 95.5% of their individual capitalization account managed by the AFP it reached the figure of 478,026, according to data from the Superintendency of Banking, Insurance and AFP (SBS).

The amount withdrawn from May 2016 to January of this year reaches S/46,425 million.

And it is that currently AFP affiliates can access this benefit, as long as they reach the age of legal retirement (65 years), ordinary advance or other regimes.

Likewise, they also enjoy this facility those who qualify for the early retirement scheme for unemployment (REJA), aimed at affiliates between 50 and 65 years of age who do not work for 12 months.

It is important to mention that in all cases the contributor decides whether to opt for a retirement pension or to withdraw 95.5% of his AFP. The remaining 4.5% is transferred to Essalud to be entitled to health benefits.

“You have three ways to retire: a life annuity, which is a lifetime pension; a programmed income, which is a fixed pension for a period of time; or withdraw 95.5% of what you have in your AFP”, explains Jorge Carrillo Acosta, a professor at the Pacífico
Business School.

The finance expert points out that this money can be used for any purpose; however, ideally these resources should be managed as part of the retirement.

For his part, Arturo García, professor of Finance at ESAN Graduate School of Business, recommended affiliates who choose to withdraw their pension funds to use them responsibly.

“95.5% of your AFP is for the affiliate, that means that the person is going to manage his pension fund. Unfortunately, there are many cases of affiliates who have withdrawn to manage it, but over time they have been consuming it and logically it has affected their income when they are no longer working, “he said.

early withdrawal

Of the 478,026 members who opted to withdraw 95.5% of their funds, 26.55% did so at the legal retirement age; while about 74% did so in advance. That is, with less than 65 years.

Likewise, some 340,542 (71.20% of the total) contributors requested their funds through the GRIDsince they had not had a job for at least a year.

In detail, 237,226 affiliates who withdrew their pension resources through REJA were between 51 and 60 years of age. Meanwhile, 34,699 contributors made their disbursement request at the age of 50, while 68,617 decided to choose this benefit between the ages of 61 and 65.

They seek to make access to the REJA more flexible

the bench Democratic Peru He presented a bill that seeks to provide facilities so that more affiliates can access the withdrawal of 95.5% of their AFP.

Thus, it is proposed to reduce the period of unemployment from 12 consecutive months to only 2 months to access the REJA.

The Ministry of Economy and Finance and the SBS expressed their unfavorable opinion on said measuresince it would have a series of adverse effects, such as the deterioration of pension coverage, and the aggravation of the effects on the profitability of the funds.

figures

237,226 members of the AFP they requested 95.5% of their funds through REJA.

26.55% who applied for their AFP did so at the legal retirement age.