The death of a loved one is one of the most painful experiences for a family, since it affects the emotional stability of its members and generates economic uncertainty. In this sense, various doubts arise regarding whether the contributions accumulated in the deceased’s pension fund are lost or remain with the entity.
Given these concerns, the AFP Association recommends two modalities so that direct beneficiaries can access the pension savings of the loved one who lost their life. In the following note from La República, find out what they are and what amount the relatives of the deceased are entitled to receive. Take note!
How to withdraw AFP funds from a deceased relative?
According to the AFP Association, if an AFP member dies, the accumulated pension resources found in the individual capitalization accounts will be used to pay survivor pensions if there are legal beneficiaries.
If there are none, this amount becomes an inheritance and, ultimately, if the person who died does not have family members who can receive their pension savings, the State will be the creditor of these economic resources.
Survivor pension: how to access it?
The survivor’s pension is one of the economic benefits offered by the Private Pension System when the death of a member occurs and is granted only to people who are accredited as beneficiaries according to the requirements established in the SPP regulations. To access this amount, the following documents must be presented on the SBS website:
- Death certificate.
- Medical certificate of death, autopsy or declaration of presumed death.
- Police report in case of accidental death.
- Documents that prove the affiliate’s salaries for the last 48 months, only required in the case of those salaries that were generated prior to joining the SPP.
- Documents that prove the status of beneficiary, as the case may be.
How much money should the family of an AFP member who died receive?
According to the SBS, survivor pensions consist of a percentage of the pension of the deceased member and will depend on the relationship he or she had with the beneficiary.
It is worth mentioning that the sum to be awarded to all beneficiaries cannot exceed a maximum percentage of the monthly remuneration of the contributor who lost his life. Next, review the following table:
| Beneficiaries | Percentage |
| Spouse or common-law partner without children | 42% |
| Spouse or common-law partner with children | 35% |
| Children under 18 years of age | 14% |
| Children over 18 years of age declared with permanent total disability for work | 14% |
| Children over 18 years of age who continue uninterruptedly and satisfactorily with basic or higher level studies | 14% |
| Parents who are totally or partially disabled of a permanent nature | 14% |
| 60-year-old father and/or 55-year-old mother who have depended financially on the member | 14% |
According to this year’s AFP Association report, there are more than 112,000 beneficiaries of members who have a survivor’s pension in the Private Pension System and This economic benefit amounts to an average of S/706.
Who are the direct beneficiaries?
- Spouse or partner, parents or children who meet the required conditions.
- Children under 18 years of age.
- Children from the age of 18 who continue their professional studies uninterruptedly until the age of 28.
- Disabled children who are totally and permanently incapable of working, according to the disability ruling issued by Comafp or Comec.
- Fathers and mothers over 60 and 55 years old, respectively, who are economically dependent on the member
How to inherit an AFP fund from a deceased member?
According to the SBS, if a person affiliated with an AFP dies and there are no legal beneficiaries of the survivor’s pension, their funds become part of the inheritance that the person left.
Furthermore, when the cause of death is due to a work accident or occupational disease, they also constitute an inheritance and it must be taken into account that the amount of the economic benefit corresponds to the entire balance of the pension savings account that the member had. Next, review the following conditions:
- The pension savings will be paid to the heirs in accordance with the legislation on this matter. To access this benefit, the presentation of the effective possession order registered in the Property Registry of the Conservator of Real Estate is required.
- If the savings left by the deceased person total an amount less than 5 UIT and the heirs correspond to the spouse, civil partner, children or parents of the deceased; Proof of effective possession of the inheritance will not be required.
- Heirs must sign the application for inheritance payment in the AFP of the deceased member.
- If there are several heirs, they must designate a common representative to represent them to receive payment of the inherited resources.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
