If you belong to Private Pension System (SPP), discover the procedure to change the entity collecting money for your retirement and what the risks are.
After the start of the optional withdrawal of funds from the AFP and in search of a reform in the pension systemmany people find themselves analyzing how to invest the accumulated amount with the intention of increasing their profits or covering expenses that they consider important.
People who wish to return to the Provisional Normalization Office (ONP) must complete two processes. The first is the free disaffiliation from the Private Pension System (SPP) and return to the National Pension System (SNP). To know the details about these procedures, we leave you information below.
What happens to the fund accumulated in the SPP?
The accumulated money no longer belongs to the contributor and is irreversibly transferred to the ONP common fund. Added to this is that at the time of disaffiliation a debt may be generated that the worker must pay to the ONP.
You must keep in mind that if you leave the AFP to which you belong and return to the SNP, you will not automatically receive a pension in the SNP. To obtain a pension, you must meet some requirements.
How to go from the AFP to the ONP?
- The money you have in your individual capitalization account in the AFP (personal account) is irreversibly transferred to the SNP (DL No. 19990) after disaffiliation occurs.
- In this process, a debt may be generated that you must pay to the ONP, because the monthly contributions made to this entity are greater than to the AFP.
- If you have an issued Recognition Bond (BdR) title, it will be returned to the ONP.
- To return to the National Pension System, you must contact your AFP and present your request for Free Informed Disaffiliation. They will forward your request to the ONP.
- The ONP has a period of 30 business days to process the request and send the result of your request to your AFP.
- Your AFP, having received the result of your application, has 5 days to contact you and, from that moment, you have up to 90 days to confirm that you agree to return to the SNP; If so, the SBS will issue the disaffiliation resolution within a period of no more than 15 days. This resolution is then sent to the AFP, and the AFP sends a physical copy to the ONP and the affiliate within a period of 5 days. In parallel, the AFP services area contacts the affiliated person.
What requirements must I meet?
- Submit a document that proves your contributions (remuneration payment receipts, social benefits settlement, work certificates, sworn statement from the employer, verification reports of contributions issued by the ONP, sworn statement from the insured, documents evidencing contributions issued by the ex-IPSS or EsSalud or other documents that prove periods of employment with other employers).
- Have a document that certifies the return of any amount you have withdrawn from your Individual Capitalization Account (CIC).
What percentage of my salary goes to the ONP?
The contribution to the ONP is equivalent to 13% of the worker’s monthly salary, and is withheld in each payment that the worker receives monthly.
How to contact the ONP?
The entity has a service called ONP Te Escucha that you can contact by dialing (01) 634 – 2222 from Monday to Friday from 8 am to 5:30 pm
What is the ONP and what is its function?
The Pension Normalization Office (ONP) is a public pension security agency of the Peruvian State created in 1992. Its objective is to administer the National Pension System, which refers to the Decree Law 1990, and depends on the Ministry of Economy and Finance.
Source: Larepublica
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