AFP Withdrawal: How and until when can we request access to up to 4 UIT from pension funds?

Lima, May 2, 2021Updated on 05/02/2021 11:10 pm

After Thursday, April 29, the Economy Commission of Congress approved by insistence the autograph of law that allows the affiliates of the Pension Fund Administrators (AFP) withdraw up to S / 17,600 (4 UIT) after implementing some changes recommended by the Executive, there are many contributors who want to know how and until when they will be able to request access to said fund of the Private Pension System.

MORE INFORMATION: What changes did the Congressional Economic Commission make to the law to approve it for insistence

Let us remember that after having passed this stage, the bill will go to the Plenary of Congress for legislators to debate and vote for its approval by insistence.

HOW TO REQUEST THE AFP WITHDRAWAL?

In accordance with article 2 of the law, the withdrawal procedure may be carried out by submitting a request remotely, in person or online to the AFP to which the affiliate belongs.

MORE INFORMATION: MEF will seek to go to the TC in the event of a new AFP withdrawal. How does your position stand?

UNTIL WHEN TO REQUEST ACCESS TO SUCH FUND?

The request for access of up to S / 17,600 to the AFP It will be done only once, within 90 calendar days, after the publication of the regulation.

MORE INFORMATION: What you should know about access to 100% of the CTS

The value of pension funds of the AFPs reached S / 160,312 million at the end of March 2021. (Photo: GEC)
The value of pension funds of the AFPs reached S / 160,312 million at the end of March 2021. (Photo: GEC)

WHAT IF I SUBMITTED MY APPLICATION BUT I NO LONGER WANT TO WITHDRAW MY FUNDS?

In the event that the affiliate submitted his request for withdrawal, but no longer wants to access said fund from his individual account, You may notify the AFP ten days before disbursement.

MORE INFORMATION: 10 things you should know about Service Time Compensation

WHAT WILL THE DISBURSEMENT BE LIKE?

The approved opinion of insistence establishes what will be the procedure for the withdrawal of S / 17,600 from the AFP funds. After submitting the application to the AFPs, the affiliate You will receive a credit of up to S / 4,300 (1 UIT) every 30 calendar days during the first and second months. The rest of the allowed amount must be delivered in the third disbursement.

MORE INFORMATION: In “maximum 48 hours” an opinion on AFP Retirement will be sent to the Board of Directors, says Novoa

THE WITHDRAWAL OF UP TO 4 UIT FROM THE AFP IS INTANGIBLE

Article 3 establishes that the withdrawal of funds from the AFP “maintains the condition of intangible”, not being able to be the object of discount, legal or contractual compensation, embargo, retention or any form of affectation, either by judicial or administrative order, without distinction of the account in which they have been deposited.

The single supplementary provision establishes that the Superintendency of Banking, Insurance and AFP will determine the operating procedure for compliance with this rule, within a period that will not exceed 15 calendar days from the publication of the law, under the responsibility of its owner.

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