What are the requirements to access early retirement in Peru?

In our country, the retirement age is 65 years, a period in which working life usually ends after contributing a lot of time to the Peruvian pension system. However, that changed since Law No. 31332 came into force in 2021 so that members of the Pension Fund Administrators (AFP) can access the Early Retirement Regime (REJA) from 50 years old.

For this reason, it is important that those insured in the Private Pension System (SPP) know that there are a series of requirements to access this benefit. which allows you to generate regular income and comply with the condition of retirees in all aspects. Next, find out what modalities exist and write down all the steps to apply for it.

What is early retirement?

Early retirement allows the insured to access the benefit before the ordinary age (65 years), as well as alleviate the financial burdens of those who are unemployed and do not receive financial subsidies from the State. Likewise, this economic benefit can be of great help to resolve family problems that arise due to the lack of presence of the adult in the house or enjoy more time with loved ones.

In this sense, AFP members from the age of 50 can request the withdrawal of 95.5% of their total fund or a part of it and, in this way, have access to a retirement with the remaining balance. In the event that the first of them is chosen, the remaining 4.5% will remain for coverage for the benefits provided by EsSalud.

What are the modalities of early retirement and the requirements to access it?

According to the law that establishes the Special Early Retirement Regime, there are three modalities. To access any of them, these requirements must be met:

• Ordinary early retirement: You must be over 50 years old and the pension fund must be equal to or greater than 40% of the average of the last three salaries of the applicant member. Likewise, you must have at least 72 months of contributions in the last 120 months prior to requesting the extra benefit.
• Early retirement due to unemployment: Those who want to access this REJA modality must be at least 50 years old and less than 65 years old, as well as be unemployed for a period greater than or equal to 12 consecutive months prior to submitting the application. .
• Early retirement for risky work: To access this regime, high-risk work must be carried out such as underground mining extraction activities, open pit, in mining, metallurgical and steel production centers that are exposed to toxicity, danger and unhealthiness, as well as work in civil construction, among others.

How to request early retirement?

Before proceeding with the early retirement request, you must verify your situation with the AFP to which you are affiliated. To achieve this, you can call the following numbers according to the administrator to which you belong:

• AFP Habitat: (01) 230-2200 (Lima) or 0801-14224 (provinces)
• AFP Premium: (01) 615-7272, option 1, (Lima) or 0801-18010 (provinces)
• AFP Integra: (01) 513-5050 (Lima) or 0800-40110 (provinces)
• Profuturo: (01) 215-2828 (Lima) or 0800-11434 (provinces).

After making these queries, you have the possibility of requesting early retirement on the AFP website to which you belong. Just follow this procedure:

• Enter your request with your ID and date of birth. Choose the early unemployment retirement procedure and fill out the information requested in the form.
• Select the bank of your choice to receive your pension or withdraw your funds.
• Request the quote to find out the amounts offered by the AFP and insurance companies.
• Check all the information and choose the pension type that interests you.