Peru to allow pension system transfers starting June 2027

Under the framework of Law No. 32123, also known as the Law for the Modernization of the Peruvian Pension System, members of the National Pension System (SNP) and the Private Pension System (SPP) will be able to switch between regimes starting June 1, 2027.

The transfer process will be voluntary and managed through a digital tool called the Secure and Transparent Affiliation Platform (PAST). While members can request their first transfer at any time after the start date, those seeking a second change must remain in their chosen regime for at least 24 months.

Affiliates moving from the public system (ONP) to the private system (AFP) may request a Recognition Bonus (Bono de Reconocimiento) representing their previous contributions, provided they meet specific requirements. This bonus is typically integrated into the affiliate's account at the time of retirement, death, or permanent disability. However, certain restrictions apply, such as prohibiting transfers for those already receiving retirement or disability pensions.