What is missing to be able to request the sixth retirement of the AFP? After the plenary session of Congress approved by a large majority the opinion of the Commission of Economy, Banking, Finance and Financial Intelligence, which allows a new withdrawal of funds from the Private Pension System (SPP), it remains to be seen what is needed for it to be become law and be able to withdraw the funds up to S/18,400.
On April 12, the aforementioned working group approved the opinion for the sixth withdrawal of the AFP, which aims to face the economic crisis derived from the coronavirus pandemic, to which the rise in prices of fuels and products has been added. essential for the war between Russia and Ukraine. Weeks later, on May 4, the plenary session of Congress approved the bill by 107 votes in favor, 8 against, and 2 abstentions.
However, even those affiliated with the Private Pension System (SPP) cannot withdraw funds because there are a series of procedures to follow. What is missing to start the withdrawal request for funds up to S / 18,400?
WHAT IS MISSING TO BE ABLE TO REQUEST THE SIXTH WITHDRAWAL OF THE AFP FUNDS?
In order to access a new withdrawal of funds, the following steps must be fulfilled:
- The Congress sent the autograph of the law to the President of the Republic, Pedro Castillo, for its promulgation within a period of 15 business days. The document was received in the presidential office on May 6, 2022 at 9:46 in the morning. The deadline is May 27.
- If there are no observations, the President of the Republic must promulgate the law, ordering its publication in the Official Gazette El Peruano. The day after publication, the sixth withdrawal of funds would become law.
- If the Executive presents any observations on the proposal approved by Congress, it has 15 days to submit them to the Legislative.
- If the term of 15 days expires, that is, until May 27, the President of the Republic does not promulgate the proposed law sent, it is promulgated by the presidency of Congress.
What happens after it becomes law?
- If the proposal of the Congressional Economy Commission becomes law, the Superintendence of Banking, Insurance and AFPs (SBS) will have a period of up to 15 days to approve the technical procedure for the sixth withdrawal, that is, how the request will be made and how the money will be delivered to the affiliates.
- With the approval given, the AFPs will establish and disseminate the information channels and attention to the requests of the affiliates. In this sense, they must take care that the application registration process is simple and agile. They must also establish protocols for affiliates who are abroad.
HOW COULD THE SIXTH WITHDRAWAL OF AFP FUNDS BE MADE?
The opinion proposes that the disbursement be in three parts, as on previous occasions:
- First part: One UIT (S/4,600) 30 days after the request is computed.
- Second part: One UIT (S/4,600) 30 days after delivery of the first amount.
- Third part: Two UIT (S/9,200) 30 days after the second delivery.
WHO WILL BE ABLE TO WITHDRAW PART OF THEIR FUNDS IN THE SIXTH AFP RETREAT?
In accordance with the opinion of the Economy Commission, backed by the Plenary Session of Congress, all AFP affiliates who are not of retirement age will be able to withdraw funds.
The measure also excludes those who withdrew up to 95.5% of their Individual Capitalization Account (CIC) and affiliates covered by the Special Early Retirement Scheme (Reja).
IN WHICH CASE CAN UP TO 30% OF THE AMOUNT BE WITHHELD?
According to the bill sent to the Executive, the withdrawal of funds maintains the condition of intangible, but there is an exception. “Funds cannot be subject to discounts, legal or contractual compensation, seizure, retention or in any way affected, either by judicial or administrative order, without distinction of the account in which those indicated in this provision have been deposited. . It does not apply to judicial or conventional withholdings derived from food debts up to a maximum of 30% of those withdrawn”mentions.
HOW CAN I KNOW HOW MUCH MONEY I HAVE LEFT IN MY PENSION FUND?
To find out how much money is in your fund, you must enter the page or application of the AFP in which you are affiliated.
- AFP Integrates: If you are a member of this administrator, you can enter the following link: www.afpintegra.pe/iniciar-sesion .
- Press AFP: enter the page http://www.prima.com.pe/wcm/portal/PrimaAFP/inicio and in “My account” you place the number of your ID and password.
- AFP Habitat: To review the statement of account in this AFP you must enter www.afphabitat.com.pe/mi-cuenta.
- Future AFP: If you are a member of this AFP you can enter https://enlinea.profuturo.com.pe/zonaprivada/login to view your account statement.
- pension calculator AFP association.
WHAT HAPPENS IF I MADE THE REQUEST, BUT I NO LONGER WANT TO WITHDRAW THE MONEY FROM THE AFP?
In the event that the affiliate decides to stop withdrawing his funds from his individual capitalization account, he may request it from the AFP up to 10 calendar days before the disbursement. of discount, legal or contractual compensation or of any affectation, be it by judicial or administrative order.
HOW MANY HAVE BEEN THE EXTRAORDINARY WITHDRAWALS OF THE AFPs APPROVED IN THE PANDEMIC?
The Peruvian State approved five withdrawals of AFP funds since the start of the pandemic. These are:
- The Emergency Decree 034-2020, of April 1, 2020, established the one-time extraordinary withdrawal of up to 2,000 soles from their Individual Capitalization Account (CIC), provided that, until March 31, 2020, they did not have accreditation of mandatory pension contributions to said account, for at least six consecutive months. The delivery was made in April.
- Law 31017, of April 6, 2020, authorized, on a voluntary and extraordinary basis, to withdraw up to 25% of the total funds accumulated in your Individual Capitalization Account, establishing the maximum withdrawal amount as the equivalent of 3 UIT and as minimum withdrawal amount equivalent to 1 UIT.
- Emergency Decree 038-2020, of April 13, 2020, included a new extraordinary withdrawal from the AFPs for those who had entered Perfect Labor Suspension (SLP), excluding the universe of people included in DU 034-2020. It facilitated the withdrawal of up to S/2,000 from the Individual Capitalization Account (CIC).
- Law 31068, of November 4, 2020, which authorized the extraordinary withdrawal of SPP affiliates who until October 31, 2020 did not have proof of pension contributions to the Individual Capitalization Account for at least twelve consecutive months, could optionally withdraw up to 4 UIT of the total of your accumulated funds. The rule was not applicable to those who qualified to access the Early Retirement Scheme for Unemployment.
- Law 31192, of May 6, 2021, extraordinarily authorized all members of the Private Pension Fund Administration System to optionally withdraw up to 4 UIT of the total funds accumulated in their Individual Capitalization Account. It was not applicable to those who qualify to access the Early Retirement Scheme for Unemployment.