Changing from a Pension Normalization Office to a Pension Fund Administrator or vice versa is an option available to all Peruvians. If you are thinking about making this change, it is important that you are aware that, although it could bring you many benefits, you would also have to abide by various conditions. To do this, it is better to know all the information available.
One of the main concerns of contributors interested in making this pension fund change is what will happen to the money contributed. For all people interested in changing from an ONP to an AFP, it is important to know that they could lose all of their contributions made so far, in addition to being subject to various restrictions.
Switching from ONP to AFP: what do I need to know before?
According to the Association of Private Pension Fund Administrators, If contributors seek to migrate from the ONP to AFP, it is necessary to take into account the following points:
- To leave the National Pension System and join the Private Pension System, You must request the recognition bonus from the AFP to which you belong, which has a period of 60 days to review your request and send it to the ONP.
- It is important to compare the pension you receive in the ONP against the amount in the AFP.
Steps to change from ONP to AFP
In order to carry out the migration from ONP to AFP, The first thing is to disaffiliate from the National National Pension System, to do so and join a private system, you must take the following steps:
- Go to one of the ONP headquarters with your ID and ask for the attention of an advisor.
- Next, submit your request for disaffiliation and transfer in writing.
- Before disaffiliating, check your contributions to the ONP through your account statement, as it will help you know if you qualify for any of the recognition bonuses.
- Save your proof of disaffiliation that the ONP will give you.
- Then, go to the AFP offices of your choice and sign the membership contract.
- Present your ID at the office along with a copy of the pay stubs for the last two months.
- Finally, attach your ONP disaffiliation document.
Can I lose my contributions if I change from an ONP to an AFP?
According to information from the AFP Association, it is possible to migrate from an ONP to an AFP, available to all contributors. However, not everyone has the possibility of accessing the recognition bonus. It is important to be clear that the bonus is essential to be able to transfer the money contributed from one fund to another. Remember that if you do not qualify for the bonus, you will lose all your contributions made to the ONP.
If you have made your contributions to National Pension System until 2001, it is possible to transfer them to an AFP with the recognition bonus. However, to date, this is the last update on the accessibility of the bonus, promulgated by the Executive. Currently, there is no bonus available for people who have moved from the ONP to an AFP and who have made their contributions for a period of 4 years between January 1, 2002 and December 31, 2020.
How many recognition bonuses are available?
1992 Recognition Bonus:
- Compensation for contributions until November 1992: This bonus provides compensation for contributions made to the National Pension System (SNP) until November 1992.
- Requirement of 48 months of contributions: To access this benefit, you must have made contributions to the SNP for a minimum of 48 months between December 6, 1982 and December 5, 1992.
1996 Recognition Bonus:
- Reward for contributions until November 1996: This bonus rewards contributions made to the Private Pension System (SPP) until November 1996.
- Conditions to receive the bonus: The following conditions must be met to obtain this benefit:
- Membership in the SPP must have occurred between November 6, 1996 and December 31, 1997.
- Contributions must have been made to the SPP for a minimum of 48 months between January 1, 1987 and December 31, 1996.
2001 Recognition Bonus:
- Recognition of contributions until November 2001: This bonus recognizes contributions made to the SNP until November 2001.
- Accessibility for the bonus: To have access to the bonus, the following requirement must be met:
- Have made contributions to the SNP for a minimum of 48 months between January 1, 1992 and December 31, 2001.
Source: Larepublica
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