Affiliates of Peru's Administradoras de Fondos de Pensiones (AFP) who meet the conditions of the country's pension reform will be able to apply for a minimum or proportional pension starting in February 2027, once AFPs and the Oficina de Normalización Previsional (ONP) complete a mandatory adaptation period. The benefit is part of the new Semicontributory Pillar, created under Law No. 32123 to top up pensions for members whose individual retirement funds are not large enough to cover the payment on their own.
The ONP approved the procedure through Executive Presidency Resolution No. 000087-2026-PE-ONP, published on September 13, 2026. The rule sets out how affiliates of the Sistema Privado de Pensiones (SPP), Peru's private pension system, can apply for the benefit, and what role the AFPs and the ONP will each play in processing requests.
100-day adaptation period
The AFPs and other Fund Administering Entities, together with the ONP, have up to 100 business days to adjust their internal processes, counted from the day after the resolution's publication. Once that period ends, affiliates who meet the requirements will be able to submit applications directly to their AFP or another Administering Entity.
Because the adaptation window runs through the end of the year, applications are expected to start being processed toward the end of January or the beginning of February 2027.
How much is the minimum pension and who qualifies
The pension reform sets a minimum pension of S/600 a month for SPP affiliates who meet the conditions of the Semicontributory Pillar. To qualify, an affiliate must have accredited 240 contribution units (Unidades de Aporte, or UdA), equivalent to 20 years of contributions.
Applicants must also be at least 65 years old and meet other conditions set out in the regulation, including that the balance built up in their Individual Capitalization Account is not enough on its own to finance the corresponding pension. In that case, the state contributes the additional funds needed.
Affiliates who do not reach 240 UdA can still apply for a proportional pension if they have accredited at least 120 UdA. The benefit is split into two tiers: from 120 to under 180 UdA, equivalent to between 10 and just under 15 years of contributions, and from 180 to under 240 UdA, equivalent to between 15 and just under 20 years.
The proportional pensions are set at S/300 and S/400 a month, respectively, for those two tiers.
How and where to apply
The new procedure will begin once the 100-business-day adaptation period is complete. Affiliates must start the process at their AFP or other Administering Entity, where they will be given information on their contribution units, their account balance and the conditions for accessing the benefit. The AFP will then forward the application to the ONP, which will assess whether the pension should be granted.
The ONP will also review the affiliate's history of withdrawals from their Individual Capitalization Account. Law No. 32123 restricts eligibility for affiliates who withdrew funds after the law took effect, though it allows for some exceptions. Such withdrawals can affect the number of contribution units counted toward the benefit.
A voluntary and irreversible decision
Joining the Semicontributory Pillar is voluntary, but once a pension is granted under it, the decision cannot be reversed.
The new procedure applies only to affiliates of the Sistema Privado de Pensiones. Members of the Sistema Nacional de Pensiones can continue to apply directly to the ONP for the minimum or proportional pension they are entitled to once they reach retirement age.
