The Congress of the Republic seeks to resume the proposals of free disaffiliation of the AFPs to transfer the funds to financial entities, this in order to give greater competition to the private pension system, going from 4 to about 40 administrators, which would generate better cost effectiveness.
The potential transfer amount would be S / 130,457 million, which corresponds to the total funds of 8.1 million members of the AFP.
The Podemos Peru bench is the promoter of the measure, by presenting a new bill and updating another from the previous legislature.
In short, they propose that if an affiliate wants to opt for another pension savings mechanism in the Finance systemThe AFPs themselves are the ones that directly transfer the funds accumulated in the Individual Capitalization Accounts to the new savings accounts in the chosen financial institution. Or vice versa, if the user decides to return to an AFP.
To allow this operation, they seek that the banks, finance companies and municipal savings banks form part of the Private Pension System to authorize them to open savings accounts for pension purposes, which would be long-term, would generate annual interest in favor of the saver and would not be subject to to the collection of commissions. Furthermore, they would be intangible; that is, they could not be seized.
Antecedent
It should be noted that one of the initiatives was scheduled in plenary last July, but could not be debated. And, although the new bill is in the Economic Commission, congressional sources indicated that it would only be debated in the legislature that begins in March of next year.
Previously, the Ministry of Economy and Finance (MEF) and the Superintendency of Banking, Insurance and AFPs (SBS) had spoken out against the measure, arguing that the profitability of the AFPs is higher than what a financial institution can yield, and that the Deposit Insurance Fund would only cover small depositors, since the ceiling is around S / 110,000.
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