The S/20,600 from the AFP would come out in four tranches

After the shelving given by the Congressional Economic Commission for the withdrawal of the 4 UITs from the individual capitalization accounts (CIC) of the AFP is not subject to the reform of the pension system, the frequency of eventual withdrawals has already been established: up to one UIT every 30 days.

The substitute text – to which La República had access – indicates that the free disposal of up to S/20,600 of pension resources will be given in four fleets every 30 calendar days, with the first disbursement being one month after submitting the request to the respective AFP.

And in the event that a member desists from withdrawing their funds from the AFP – after accessing their money -, they may request it only once from their administrator ten days before the next disbursement.

The document specifies that these funds are intangible and will not be subject to discount, legal or contractual compensation. And he adds that the Superintendence of Banking, Insurance and AFP (SBS) will determine, via regulations, the operating procedure for withdrawal within a period of no more than 15 days.

Why will the debate in plenary take time?

When asked by La República about the deadlines for the debate on the—we can call it that—seventh withdrawal of AFP pension funds, César Revilla, president of the Congressional Economy Commission, acknowledged that this would only take place at the end of April or the first days of May in the Plenary.

“Due to our own administrative processes. Remember that everything in the Plenary is important and all projects are in queue”Revilla commented.

For his part, the Minister of Economy and Finance, Jose Arista, told the press that they will evaluate the consequences of the new release of contributions. He remained cautious about the stance he will take, considering that it is within his power to put a stop to it.

“I could not anticipate now what actions could be taken, because the decision is not in the hands of the Executive, but rather the Legislature,” he clarified.

Finally, Revilla announced that the debate on the pension reform would only be seen today in the Economy Commission. Among its main points is the new minimum pension of S/600.