First AFP withdrawal begins on June 14

In compliance with Law 32002, which authorizes a seventh extraordinary withdrawal of up to 4 UIT (S/20,600) from the AFP, the regulations and schedule of a standard expected by workers were published yesterday.

In that sense, Before making the first optional withdrawal, members will have to register their request, only once and 100% digitally, indicating the total amount they want to extract from their savings, taking into account that this must not be greater than S/20,600. This amount will be paid in four disbursements of 1 UIT (S/5,150) each.

Along these lines, the registration of applications will be enabled from Monday, May 20 to August 17, complying with the 90 calendar days established by law.

From May 20 to July 1, members will be able to access on established days according to the last digit of their ID (see table). Then, from July 2 to August 17, Registration of applications will be free for those who were not able to do so on the days previously stipulated in the schedule.

Likewise, the Superintendency of Banking, Insurance and AFP (SBS) highlighted that the first disbursement will be made, at most, starting on June 14, for those who sent the request on May 20, completing 20 business days. Consequently, if the member submits the application on May 21, his first disbursement will be on June 17, and so on.

Meanwhile, the following three fleets, each of up to S/5,150, may be withdrawn within a period of no more than 30 calendar days, counted from the date of the previous disbursement. That is to say, If the first disbursement was on June 14, the following would be a maximum of July 14, August 13 and September 12.

On the other hand, the payment of the four installments must be completed within 120 calendar days following the date on which the withdrawal request is submitted. According to the SBS, “if a request were registered on August 17, this being the last day, the four disbursements would culminate on December 15.”

It is also important to mention that the AFPs are in charge of guaranteeing the cybersecurity and information conservation mechanisms, as well as establishing the mechanisms that guarantee the availability and proper functioning of the service channels, which must be disseminated before on May 20. Besides, the withdrawal payment will be intangible; That is, it cannot be subject to discount or embargo, with the exception of withholdings for food debts.

Background

The previous six extraordinary withdrawals of pension savings for members of the Private Pension System (SPP) took place during the pandemic, between 2020 and 2022, and resulted in the withdrawal of S/87,937 million, an amount included by the universe total of affiliates who decided to use their money, that is, 6 million 133,003 Peruvians.

The first withdrawal comprised 37% of the total registered until December 2022 and amounted to S/32,219 million, while the second (S/21,994 million) and the third withdrawal (S/19,647 million) represented 25% and 22% of the total, respectively.

In addition, The fourth withdrawal generated the outflow of S/9,016 million and represented 10% of the total registered until 2022, while the fifth (S/2,966 million) and sixth withdrawal (S/2,094 million) represented—each—3% of the total. On the other hand, it was identified that 61% of those who had their savings were men and 39% were women.

Affiliate conduct regarding withdrawals

Until December 2022, in relation to the previous six extraordinary withdrawals, 26% of members had up to S/2,000, 19% between S/2,000 and S/5,000, 13% between S/5,000 and S/10,000 , 15% between S/10,000 and S/20,000, 8% between S/20,000 and S/30,000, and 19% more than S/30,000.

Between 2020 and 2022, 70% of active members fully or partially withdrew their pension funds.

The highest percentage of members with withdrawals is in the range of 31 to 45 years. 80% of this group used their savings.

Only 23% of members over 65 years of age requested withdrawal from their pension fund.