Last Monday, the Podemos Peru bench presented a series of bills related to the withdrawals of the Compensation for Time of Service (CTS) and with the Administration of Pension Funds (AFP).
One of these legal proposals seeks that members of the private pension system can have access to up to 50% of your AFP for the purchase of your first property and the amortization of the mortgage loan.
It is about Law Project 1117/2022-CR, which seeks to modify article 40 of the Single Ordered Text (TUO) of the Law of the Private Pension System. Currently, the regulation contemplates a 25% cap for these purposes.
The initiative of Congressman José Luis Elías Avalos also adds that policyholders they will be able to use up to half of their funds to “pay debts contracted with the Peruvian financial system”.
Finally, it establishes that the Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) will determine the operating procedure for compliance with the regulation within a period of no more than 15 calendar days from its entry into force.
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Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
