After two years, Peruvians will once again be able to use their AFP funds. The ruling received the majority support of the Congress of the Republic, and according to specialists and politicians involved, it responds to citizens’ fatigue with a pension model that did not fulfill its purpose.
1. How much can I withdraw from my savings?
According to the law – which has already been sent to the office of President Dina Boluarte – up to 4 tax units (UIT) may be released from the individual capitalization accounts of the AFPs: that is, up to S/20,600.
According to the parliamentarians who support the ruling, this measure seeks to boost the household economy after the recession and the rising cost of living.
The savings released are intangible and cannot be discounted or taken as legal, contractual, embargo, retention or any other affectation, whether by judicial or administrative order, without distinction of the account to which they have been deposited.
However, in the event that the AFP member has pending payment of food debts, up to a maximum of 30% of the amount requested from their private administrator will be deducted.
2. When would payments begin?
Boluarte has had the autograph since April 12, and has 15 days to make a statement, whether for or against. Taking into account the antecedents, under the assumption that the last day to issue a position – and in this case, it is supporting it – is expected at the beginning of May, it would already be law, once published in El Peruano.
From there, the SBS has another 15 days to prepare the regulations, and always under the previous example, if they go to the limit, the criteria for the seventh release of savings would be orchestrated for the fortnight of May.
Here the AFP would come in to carve. On past occasions, they set schedules so that members can request their withdrawal, and 30 days later, the first payment would be made: that is, by the second half of June the money will already be disbursed. The AFPs have committed to informing their members about all the details to follow.
3. How do I know which AFP I am in and how much I have?
According to the Superintendence of Banking and Insurance (SBS), through the SBS Online Services website, by clicking on the ‘Registration’ option and accepting the conditions of use, you must enter your DNI number and an email.
Once the process is completed, we must go to the ‘Pension situation report’ option and there we will know which AFP we are in. If you are a foreign citizen, you must click on the option in point 3.
There are four administrators of the private pension regime: AFP Integra, Prima AFP, AFP Habitat and Profuturo AFP, and each one on its website allows the creation of a virtual user – whose password we can process with our email – with which they will provide us details about the accumulated in our CIC and the movements by date. It is vital to know how much we have when managing what we want to do with our money.q
4. Is it mandatory? How can I process it?
No. The extraordinary withdrawal of pension savings is voluntary. If you do not want to disrupt the money that will be used for your pension, you can leave it in your individual capitalization account.
Users must submit their request, whether physical or virtual, within 90 calendar days after the law regulations come into effect.
Once the data has been registered on the various pages enabled by the AFPs, the banks – including the Banco de la Nación – will be able to open accounts in the name of those identified by the AFPs without the need to agree on an acceptance contract by the owner. In existing accounts, financial institutions will be able to share data with the AFPs such as the interbank account code (CCI) for deposits.
If a member does not withdraw the funds, they may request it only once from their pension administrator 10 days before the next disbursement.
According to the SBS and the BCRP, it is expected that more than S/34,170 million will be released from the private model, and will be distributed among its 9 million contributing members.
They assure that the new withdrawal will mean that 7 million members will be left without a pension when they stop working, with zero funds in their savings accounts.
5. How can I take advantage of my AFP?
Despite the questioning of the great mass of economists and academics, the popular will weighed more and it is necessary to put the money to good use.
Gonzalo Llosa, professor of Economics at the Universidad del Pacífico, recommends investing in investment funds (EFT), since it is an attractive option for those seeking to diversify their portfolio and obtain returns similar to those of the stock market; as well as betting on equity or private debt funds, which, although they come with higher commissions and higher minimum investment amounts, offer more stable returns compared to other alternatives.
A term deposit in local financial institutions is also wise: the capital is protected and additional income is generated with interest, and there is also buying an annuity from an insurance company supervised by the SBS, which guarantees monthly income during the life. retirement and provides security and stability.
: Fernando Llanos on the AFP: “People have the right to make a decision about their money”
6. How does the seventh withdrawal impact the economy?
It will not generate a considerable impact on inflation, according to Carlos Montoro, BCRP Monetary Policy Manager.
However, one of the tangible effects of the release of savings will be the increase in long-term interest rates. In macroeconomic terms, the AFPs will be forced to liquidate their portfolios to assume payments to citizens who want their savings. It projects that a small part will go to consumption, and the bulk to savings or debt payment.
Montoro specifies that the AFPs will sell their investments, both abroad and domestic and Government bonds, and, on the other hand, it will generate pressure in the local financial markets and will also reduce liquidity in the market, which will make long-term financing difficult. term of the companies. “It is a measure that will have an effect on the bond markets,” he estimated.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
