Reform of the pension system: they ask Congress to evaluate the Executive’s project by listening to members

The Peruvian Association of Consumers and Users (Aspec), in front of executive branch bill Regarding the reform of the pension system, he considered that this initiative should be evaluated carefully by the Congress of the Republic and listening to the voice of the affiliates, which has not happened until now.

For Aspec, the Executive Branch’s approach demonstrates, first of all, that, despite everything they offered, the private pension system run by the AFP failure. For this reason, now the State is forced to intervene, since the amounts of a large number of affiliates are ridiculous and, in many cases, do not reach S/500.

Secondly, the association considers that, if an adequate legal framework is not established to prevent the administrators of the new system to be created from incurring the same vices as the AFPs, then the reform will be useless and pensions will still be insufficient.

For this reason, he pointed out that the requests that Aspec has been formulating for more than a decade are the same and translate into:

• Transparency in investments.
• Align the collection of commissions to the profitability obtained, so that if the affiliate suffers losses, the administrator does not receive his remuneration.
• Apply the balances of the legal reserve accounts of the administrators to the losses due to bad investments made by the AFPs themselves.
• Carry out awareness-raising work among the population about the importance of pension culture.
• Respect the rights of members to information, to the protection of their economic interests and to receive an appropriate service that culminates in a decent pension.

Finally, the union reiterated its request to Congress that, on this occasion, members be allowed to express themselves. “The AFP has been telling them for decades that they are the ‘owners of their funds’, but in reality it has only been an empty phrase because they have never been consulted about anything and nor have the reasons for the various reasons been explained to them.” losses that their funds have suffered over the years. In this sense, Congress must analyze the situation in perspective and evaluate its proposals and only then decide. The future of millions of people who are about to retire depends exclusively on said power of the State. Therefore, it is a responsibility that must be taken with the greatest possible prudence,” he stressed in a press release.