AFP Retirement 2024: who can access the disbursement of funds and what requirements must they meet?

2024 brings with it new opportunities for members of the Pension Fund Administrators (AFP), since the second semester of the 2023-2024 Congressional term is about to restart. In this period, bills that seek to authorize a seventh withdrawal from the Individual Capitalization Accounts (CIC) could enter the debate agenda, in which the movements and balances of the contributions that are generated throughout the year are recorded. Laboral life.

Although to date there has not been a consensus among the parliamentarians of the Economy Commission to approve an opinion in this regard, there are other modalities to access the money saved in private pension funds such as the Special Early Retirement Regime (REJA). ), 25% to acquire a property and the law that creates minimum pensions and authorizes the release of surpluses from the AFPs.

Withdraw your AFP this 2024: what modalities exist?

The Pension Fund Administrators (AFP) are private entities in charge of regulating the amounts corresponding to citizens in matters of retirement, disability, survival and funeral expenses. Currently, there are three mechanisms to access money from the private pension fund:

How to access early retirement?

According to Law No. 31332, which came into effect on September 1, 2021, a member aged 50 or older can use 95.5% of his or her funds if he or she is unemployed for a period of 12 consecutive months. The remaining 4.5% will be used to cover the benefits provided by Social Health Security. In that sense, there are three options to advance retirement, which have the following requirements:

Due to unemployment

• Be at least 50 years old when you start the process and less than 65 years old.
• Be unemployed for 12 months or more, consecutively.
• Submit an Affidavit of Unemployment Status.
• Present the document of a certain date that certifies the termination.

By ordinary modality

• Be over 50 years old at the time of starting the process.
• Demonstrate 72 months of contributions in the last 120 months prior to requesting the extra benefit.
• Have a pension calculated in the Private Pension System, which must be greater than or equal to 40% of the average of your salaries received and income declared during the last 120 months, that is, in the recent 10 years.

For risky work

• To access this regime, high-risk work must be carried out such as underground mining extraction activities, in open pit, in mining, metallurgical and steel centers that are exposed to toxicity, danger and unhealthiness, as well as work in civil construction, among others.

AFP 2024 withdrawal to buy a home

Another available alternative is the withdrawal of funds for the purchase of a home. According to Law No. 30478, an AFP member can request up to 25% of their pension fund to pay the initial payment or amortize the mortgage loan for their first property. In the following lines, review the requirements to request this type of disbursement:

1. Not having been or being the owner of a property acquired personally.
2. Not having been or being the owner of a property under a community partnership regime.
3. Not having been or being a co-owner, 50% or more, of a property registered or registrable in the Sunarp Property Registry.
4. You must not be the owner, either individually or under a community partnership regime, of a mortgage loan or have the position of co-debtor with a responsibility of 50% or more on a property registered or registrable in the Property Registry of the Sunarp.

How to access the AFP withdrawal for home purchases?

1. Go to the financial institution to request the mortgage loan and present the Sunarp Real Estate Index Search document. Then, your order will be evaluated and, if approved, you will be given the pre-conformity document.
2. Once you obtain this document, go to your AFP and request the provision of a percentage of your pension fund (up to 25%).
3. Then you AFP will carry out the respective evaluation and, if it is favorable, will send a communication of origin to the financial institution within a period of 10 business days.
4. Once said entity has received the disbursement order, the AFP You must transfer 25% of the funds to the financial system account. It is important to mention that in the case of two members who are spouses, both may demand 25% of their pension fund, either for the purchase or amortization.

Minimum pension: how to withdraw the surplus from my AFP?

According to Law No. 31670, which creates minimum pensions and promotes voluntary contributions in the AFPs, a member can determine the amount of the pension he or she will receive upon retirement, as long as it is not less than the cost of the established basic consumption basket. by the National Institute of Statistics and Informatics.

Likewise, the regulation also establishes that the minimum retirement balance will be updated until the member requests retirement. For its part, the AFP must regularly inform its users about the remaining amount necessary to reach the savings goal.

AFP: how to see my account statement?

To check your account statement, you need to log in to the AFP website or application using your ID and password. If you don’t have one, create a user by providing your personal information and generating your own password. Additionally, if you wish to receive the amount of your contributions every four months, you have the option of contacting your AFP or going to one of their agencies to update your information. Likewise, you can request a detailed report of all your contributions and movements since you first joined, including fees and accumulated balance.