ONP: what are the requirements and steps to access the pension loan?

If you are looking to request your retirement pension and do not reach the contribution period required by the Pension Standardization Office (ONP), which is equivalent to a minimum of 10 years, you can request a pension loan to complete them. Below, we will tell you in the following note from La República what this benefit of the National Pension System (SNP) is about, what are the requirements and the procedure to request it. Pay attention!

ONP: if I contributed only 7 years, can I access a pension?

ONP: what does the pension loan consist of?

This ONP loan offers its affiliates the possibility of requesting a retirement pension and completing their remaining contributions. This varies according to the age of each member and the number of contributions that remain to complete them.

Let us remember that in November 2020 Supreme Decree 354-2020-EFE was promulgated, which established the unified regulation of the legal norms that regulate the National Pension System, and in this device the pension loan was created.

For example, affiliates who have nine years of contributions will have access to a pension loan granted by the ONP to cover the remaining year and thus complete the remaining 10 to access their S/250 pension. In the case of affiliates with 17 years of contributions, they are guaranteed a pension of S/350, but if they want to reach the maximum of 20 years to obtain a pension of S/500, they can access the pension loan to cover the three years missing contributions.

ONP: what are the requirements to access the pension loan?

According to the official page of the ONP, if you want to access the pension loan, you must submit your retirement application so that the entity can evaluate your case and decide if you are eligible to access this economic benefit.

ONP: who can access the pension loan?

The Pension Standardization Office established a period of contributions necessary to access the pension loan:

• If you request a proportional retirement pension with 10 years of contributions, you will be able to access the pension loan of up to 12 months of contributions.
• If you request a special proportional retirement pension with 15 years of contributions, you will be able to access the pension loan of up to 24 months of contributions.
• If you request a retirement pension under the general pension scheme with 20 years of contributions, you will be able to access the pension loan of up to 36 months of contributions.

ONP: how to apply for the pension loan?

According to official information from the ONP, the person who wishes to apply for a pension loan from the National Pension System can do so virtually through these steps:

1. Fill in your information in the form to request virtual care.
2. Submit your pension application at the following LINK and they will send you by email the total amount of the debt for the years of contributions that you still need to complete.
3. You have up to 10 business days to report your decision. If you accept, the necessary contribution units will be credited to obtain your retirement pension.
4. Remember that, if you die, the discount will continue to be applied to the pensions of your beneficiaries. In the event that there is no survivor’s pension, the pension loan will be cancelled.