Peru establishes new rules for minimum private pension access

The Oficina de Normalización Previsional (ONP) and the Superintendencia de Banca, Seguros y AFP (SBS) have published a new operational regulation allowing affiliates of the Private Pension System (SPP) to access a minimum or proportional pension. This measure is part of Law No. 32123, the Law for the Modernization of the Peruvian Pension System.

Under the semi-contributory pillar, beneficiaries can access a minimum pension of S/ 600 when their accumulated resources are insufficient. The benefit is primarily funded by the affiliate's own resources, supplemented by a state guarantee when necessary. Key requirements for access include being at least 65 years old, having ceased labor activity for dependent workers, and no longer receiving certain types of income.

Fund administration companies, including AFPs and insurance companies, as well as the ONP, have a maximum of 100 business days to adapt their internal processes to these new provisions. If the full period is used, the deadline will end on February 5, 2027, meaning applications could potentially begin being received around February 8, 2027, depending on the completion of the adaptation process.