[REVISION HISTORY]

Peruvian pension system modernization

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-09-16 03:15 UTC → 2026-09-19 13:52 UTC · added ~~removed~~

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 and~~ requirements. Notably, contributions made to the ONP are not ~~already receiving retirement or disability pensions.~~ 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~~ administrators, including AFPs and insurance companies, have until February 5, 2027, to adapt ~~their~~ internal ~~processes to these new provisions.~~ processes, meaning applications could potentially begin around February 8, 2027.

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