In our country, the minimum age to retire and apply for a pension is 65 years. However, members of the Pension Fund Administrators (AFP) can access this benefit without having to have met this condition. It turns out that since 2021, Law 31332 came into force, which standardized the age to access early retirement in the Private Pension System (SPP).
In addition to them, those insured by the National Pension System (SNP) administered by the ONP, can also request an early pension, if they meet a series of requirements. To learn about the modalities, conditions and how to access the Early Retirement Scheme (REJA)continue reading this note.
Early Retirement: What is the age to qualify in Peru?
Speaking to the Andina agency, Andrés Escalante, a specialist and director of the Administration and Finance Program at the UPC, explained that “early retirement is not a concept created to cover the current needs of the taxpayer, but rather to allow them to live a less difficult old age, regardless of the collateral expenses incurred for this purpose.”
Let us remember that in August 2021, Law 31332 came into force, which standardized the age for accessing early retirement in the Private Pension System. In this way, AFP members can request the withdrawal of up to 95.5% of their fund or request their pension from the 50 yearsIf the first option is chosen, the remaining 4.5% will be used for coverage of the benefits provided by EsSalud.
It is worth mentioning that the Congress of the Republic’s pension reform proposal sought to raise this requirement, but this legislative initiative has not been able to prosper in the Plenary. Therefore, this benefit continues to be available for people who need the money, who have contributed to the SPP for years.
What are the requirements for early retirement?
According to the scope of the law that establishes the Special Early Retirement Regime (Reja), there are three modalities that provide beneficiaries with regular income and allow them to fulfill their status as retirees. To access any of them, review these requirements:
Ordinary early retirement
- Be over 50 years old.
- Have an individual account that allows you to access a pension equal to or greater than 40% of the average of your last three salaries.
- Have at least 72 months of contributions in the last 120 months prior to requesting the extra benefit.
Early retirement due to unemployment
- Have as minimum 50 years of age and under 65.
- Meet in unemployment situation for a period greater than or equal to twelve consecutive months prior to submitting the application.
Early retirement for hazardous work
- Meet the requirements for ordinary early retirement.
- Perform high-risk tasks such as underground mining, open-pit mining, in mining, metallurgical and steel production centres exposed to risks of toxicity, danger and unhealthiness, and in civil construction activities.
Early retirement: how to apply for it?
It is essential that you review your situation with the AFP to which you are affiliated before requesting early retirement. To do so, you can contact the corresponding numbers, depending on the administrator to which you belong.
- For AFP Habitat: (01) 230-2200 (Lima) or 0801-14224 (provinces)
- For Prima AFP: (01) 615-7272, option 1, (Lima) or 0801-18010 (provinces)
- For AFP Integra: (01) 513-5050 (Lima) or 0800-40110 (provinces)
- For Profuturo: (01) 215-2828 (Lima) or 0800-11434 (provinces).
After making these inquiries, you can apply for early retirement through the website of the AFP to which you are affiliated. Just follow these instructions:
- Submit your application with your ID and date of birth. Next, choose the procedure for early retirement due to unemployment and fill in the information requested on the form.
- Select the bank of your choice to receive your pension or withdraw your funds.
- Ask for a quote to find out the amounts offered by the AFP and insurance companies.
- Check all the information and choose the pension type that interests you.
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.
