AFP Retirement 2024: how do I know which AFP I am affiliated with?

The seventh withdrawal of the Pension Fund Administrators (AFP) will be debated today, Thursday, April 11, in the Plenary Session of Congress. This decision by the Legislative Branch came after the Board of Spokespersons unanimously agreed to prioritize the debate of the opinion. If approval is obtained, contributors will be allowed to make a withdrawal of up to 4 UIT (S/20,600) from the AFP in 4 armies and without restrictions.

Despite the initial excitement and expectation of thousands of contributors, this new change proposed by multiple groups has unleashed a series of doubts about which AFP each person belongs tohow to access it and how to check the amount of money found there.

If you want to know how to identify which AFP you belong to, read the following note.

How do I know which AFP I belong to?

To be able to clearly see which AFP you are affiliated with, you just have to access the website of the Superintendency of Banking, Insurance and AFP. One of the services that this Government website offers is the possibility of Identify which Pension Fund Administrator each contributor belongs to.

Access to this account ID is completely free and available 24 hours a day. Next, review the procedure:

• Access the SBS system online at the following link: https://servicios.sbs.gob.pe/serviciosenlinea.
• Select the ‘AFP affiliation report’ option.
• Choose the type of ID document, its number and the SBS account password.
• Once the work is done, you will be able to find the data.

In case you are not logged in to the SBS services website, the page provides an option for immediate registration. In order to create an account you only have to carry out the following procedure:

• Select the following link: SBS services online.
• Read the conditions offered by the SBS and declare that you agree with what is written.
• On the next page you will find a registration that will ask you to select your identity document, the corresponding number and email.
• Once this process is completed, the SBS will send a code to the designated email.
• Subsequently, various procedures will be enabled in which you will have to use personal data to complete the procedure.
• Once the process is completed, you will be able to access the main query and see which AFP you belong to.

AFP withdrawal procedure

On March 25, the Economy Commission, chaired by parliamentarian César Revilla, approved an opinion that allows AFP members to withdraw up to 4 UIT (S/20,600) from their funds without restrictions. This means that all contributors, with or without employment, will be able to access their pension funds.

The withdrawal would be made in 4 payments of S/5,150 each until reaching S/20,600. To carry it out, you must follow this process:

1. Affiliates will submit their requests physically or virtually within 90 calendar days after the publication and entry into force of the law’s regulations.
2. An amount of up to 1 UIT (S/5,150) will be paid every 30 calendar days and the first disbursement will be made 30 days after the application is submitted to the AFP to which the affiliate belongs.
3. If the member refuses to withdraw the funds from his individual capitalization account, he may request it, one time only, from his AFP 10 days before the next disbursement.

AFP withdrawal: how many have been approved so far?

From April 2020 to date, six withdrawals of AFP funds have been made in Peru. These were possible thanks to the approval of bills in Congress, with the aim of mitigating the economic impacts of the pandemic on the population.

However, this has unleashed a series of criticisms, especially with the latest decree of Congress, of which the Minister of Economy, José Arista, has declared that Every withdrawal made to the pension fund weakens the system.

In addition, he harshly criticized the proposal to withdraw up to 100% of CTS and indicated that this is support for those who are looking for a job so they can have a livelihood. Likewise, he mentioned that the system is not designed for that type of withdrawals.