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3 clusters · 10 sources · 7 days · First seen · Last updated

Peruvian pension system modernization

Overview

Under Law No. 32123, also known as the Law for the Modernization of the Peruvian Pension System, new regulations have been established regarding the National Pension System (SNP) and the Private Pension System (SPP).

Initial provisions allow members to voluntarily switch between the public and private regimes starting June 1, 2027, via a digital tool called the Secure and Transparent Affiliation Platform (PAST). For any subsequent moves following the initial transfer, regulations require a minimum 24-month stay in the destination regime. Those moving from the public system (ONP) to the private system (AFP) may be eligible for a Recognition Bonus, provided they meet specific requirements. Notably, contributions made to the ONP are not transferred as cash to individual capitalization accounts; instead, a mechanism exists to recognize previous contributions.

Further operational regulations from the ONP and the SBS have introduced a semi-contributory pillar. This allows SPP affiliates to access a minimum or proportional pension of S/ 600 if their accumulated resources are insufficient. This benefit is funded by the affiliate’s own resources and supplemented by a state guarantee. To access this, beneficiaries must be at least 65 years old and have ceased dependent labor activity. Fund administrators, including AFPs and insurance companies, have until February 5, 2027, to adapt internal processes, meaning applications could potentially begin around February 8, 2027.

Entities

Superintendencia de Banca, Seguros y AFP · Oficina de Normalización Previsional · Plataforma de Afiliación Segura y Transparente · Sistema Privado de Pensiones · ONP

Timeline

  1. [BUSINESS] 3 sources
    Peru to allow pension transfers between AFP and ONP in 2027

    Starting June 2027, Peruvian affiliates can request transfers between the AFP and ONP pension systems via a new digital platform, subject to specific rules regarding contribution recognition.

  2. [BUSINESS] 5 sources
    Peru establishes new rules for minimum private pension access

    Peru's ONP has approved new regulations allowing Private Pension System affiliates to access a minimum pension of S/ 600 under the semi-contributory pillar once administrative adaptations are complete.

  3. [BUSINESS] 3 sources
    Peru to allow pension system transfers starting June 2027

    Starting June 1, 2027, Peruvian pension members can voluntarily switch between the ONP and AFP systems via a new digital platform under Law No. 32123.

Sources

ciperchile.cl · cronicaviva.com.pe · diariodelcauca.com.co · diariodelsur.com.co · elmen.pe · elpopular.pe · emprender.pe · g5noticias.cl · larepublica.pe · radiosantarosa.com.pe

This summary has been updated 1 time: see revision history