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AFP withdrawal 2024: from when will I be able to use my money?

AFP withdrawal 2024: from when will I be able to use my money?

With the approval of the optional withdrawal of the AFP, questions arise regarding the procedure to follow to access this money.

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Last Thursday, April 11, the Congress of the republic approved the signature of the law that allows a new withdrawal of up to 4 UIT from AFP funds (S/20,600) after a legislative session that began at 10 am and ended at night with 97 votes in favor, 5 against and 5 abstentions.

After authorizing this seventh disbursement, various questions arise regarding the deadlines for making this withdrawal of funds effective, and in light of this scenario, the professor and finance expert at Pacífico Business School Jorge Carrillo Acosta explained the procedures and tentative dates on which contributors could collect their money.

What are the remaining procedures for withdrawal from the AFP?

These would be the actions necessary for the AFP withdrawal to become effective:

  • Possible observation of the law’s signature by the Executive Branch on May 6 of this year (15 business days).
  • Approval at the insistence of the law by the Plenary of Congress on May 9.
  • Promulgation of the law in the official newspaper El Peruano on May 10.
  • Publication of the operating procedure by the SBS on May 25 (15 calendar days).
  • Start of validity of the operating procedure (start of withdrawal requests) as of June 3.

When could I withdraw my AFP?

Once the procedures mentioned above have been completed, in this scenario, effective withdrawals would be made on the following dates:

In this scenario, effective withdrawals would be made on the following dates:
• Start of the first withdrawal (up to 1 UIT): 07/03/24 (30 calendar days after the request).
• Start of the second withdrawal (up to 1 UIT): 08/02/24 (30 calendar days after the first withdrawal).
• Start of the third withdrawal (up to 1 UIT): 09/01/24 (30 calendar days after the second withdrawal).
• Start of the fourth withdrawal (up to 1 UIT): 10/01/24 (30 calendar days after the third withdrawal).
Likewise, the deadline to request withdrawals would expire on 09/01/24, 90 days from the start of the operating procedure.

How many AFP withdrawals have been approved so far?

Since the beginning of the pandemic in April 2020 until now, 6 withdrawals have been made from the funds managed by the AFPs. This situation originates from the approval of several laws in Congress aimed at mitigating the adverse economic impacts generated by the health crisis in the country.

How many AFPs are there in Peru?

In Peru, the system of Pension Fund Administrators (AFP) It is made up of a specific number of entities in charge of administering the pension contributions of workers under the private regime. To date, four operate AFP in Peruvian territory:

  • AFP Integra: is one of the AFP leaders in the Peruvian market, highlighted for its investment management and member services.
  • AFP Premium: Recognized for its extensive network of care and investment options, it offers various retirement products.
  • AFP Profuturo: focuses on providing personalized pension plans, in addition to having financial advisory tools.
  • AFP Habitat: the most recent addition to the Peruvian system of AFP. Coming from Chile, he has brought innovation and competition to the sector.

Who voted against a new withdrawal from pension funds?

  • Popular Renewal (1)
  • Country Advances (3)
  • Not grouped (1).
Author's photo

Communicator with a specialty in multiplatform journalism trained at the San Martín de Porres University. With experience in writing and producing content in various media. He interested in current affairs, cars, sports and tourism.

Source: Larepublica

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