SBS Resolution No. 1400-2026: Amending Title VII of the SPP Regulatory Compendium, Approved by Resolution No. 232-98-EF/SAFP, Regarding Benefits; and Issuing Other Provisions (Effective from August 3, 2026)

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)6309000 Lima, May 14, 2026 SBS Resolution No. 1400-2026

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING: That, by Supreme Decree No. 054-97-EF, the Unified Text of the Law on the Private System for the Administration of Pension Funds (SPP), hereinafter the SPP Law, was approved; That, by Supreme Decree No. 004-98-EF, the Regulations of the SPP Law were approved; That, Article 45 of the Unified Text of the SPP Law provided that the balance remaining in the Individual Capitalization Account (CIC) at the time of the member's death would pass to their heirs, while Article 106 of the Regulations of the Unified Text of the SPP Law specified that the balance remaining in the CIC at the time of the member's death would generate survivorship pensions for their beneficiaries, and in the absence of heirs, the balance would integrate into the Fund, distributed equally among all CICs of the corresponding private pension fund administrator (AFP); That, subsequently, through Law No. 32123, the Law for the Modernization of the Peruvian Pension System, said Article 45 of the Unified Text of the SPP Law was amended, providing that, in the absence of heirs, the CIC balance becomes property of the Pension Normalization Office (ONP) after ten (10) years without being claimed, remaining in the funds under its administration, and that Section 9.2 of the Ninth Supplementary Final Provision of the Regulations of Law No. 32123, approved by Supreme Decree No. 189-2025-EF, establishes that this applies to all SPP members whose death occurs from the effective date of Law No. 32123; That, the third paragraph of Article 90 of Title VII of the SPP Regulatory Compendium, approved by Resolution No. 232-98-EFSAFP, regarding Benefits, provides that the AFP, once it becomes aware of the member's death, will send a letter to the address where pertinent information had been sent to said member, informing of the procedures to be followed for the delivery of survivorship pensions to beneficiaries regarding contributions credited in the member's CIC, or the procedure to be followed by heirs if no beneficiary exists;

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)6309000 That, it has been noted the existence of cases of deceased members with a balance in their CIC who have not registered any survivorship pension or inheritance claim, therefore the Superintendent considers it relevant to issue provisions that generate incentives for implementing a broader information dissemination strategy by the Fund Administrating Companies (EAF) so that potential beneficiaries or heirs actualize the exercise of the rights and benefits indicated as applicable to the Private Pension System, given that these resources form part of pension funds, which belong to the members; That, for the purpose of collecting public opinions regarding the proposed modifications to SPP regulations, SBS Resolution No. 644-2026 ordered the publication of the regulatory project on the matter, in the Superintendent's electronic portal, in accordance with the Thirty-Second Final and Supplementary Provision of the General Law, as well as Supreme Decree No. 009-2024-JUS; With the approval of the Adjunct Superintendencies for Pensions, and Regulation and Legal Affairs; and, In exercise of the powers conferred by Section 9 of Article 349 of the General Law of the Financial and Insurance Systems and Organization of the Banking and Insurance Superintendency, Law No. 26702 and its amendments, and Section d) of Article 57 of the Unified Text of the SPP Law and its amending regulations, approved by Supreme Decree No. 054-97-EF;

RESOLVES: Article One.- Articles 90-A and 90-B are incorporated into Title VII of the SPP Regulatory Compendium, approved by Resolution No. 232-98-EF/SAFP, regarding Benefits, according to the following text:

“Article 90-A.- Dispatch of communication to potential beneficiaries or heirs of the deceased member. The EAF must design and implement a periodic communication, guidance, and information strategy that promotes that potential beneficiaries or heirs, as applicable, become aware of the accumulated pension resources of the deceased member. This strategy includes at least three (3) actions:

1. An information cross-referencing process with the entity or entities that provide death information, in order to verify the status of SPP members.
2. A communication process with the minimum conditions established in the following article.
3. The dispatch of the communication referred to in Article 90, to the last residential address of the deceased member, within a maximum period of fifteen (15) calendar days from when this situation is known, keeping a record thereof. Without prejudice to the foregoing, the EAF must consider all information that could activate a guidance and communication process for potential beneficiaries or heirs, for which, among others, it must consider one of the following documents: a) Death certificate; b) Autopsy certificate or certified copy of judicial declaration of presumed death; c) Record of burial expense request; d) Claim notice; e) Report of information obtained from the National Registry of Identification and Civil Status (RENIEC); or, f) Other at the EAF's discretion, which fulfills the objectives of this provision. In any case, the EAF must implement and maintain an archive system available to the Superintendent.

Article 90-B.- Publication of list of deceased members. As a result of Section 2 of Article 90-A, the EAF must publish semi-annually the list of deceased members with an age greater than ninety (90) calendar days without any survivorship pension or inheritance claim having been registered, in one of the newspapers with the highest circulation nationwide. Additionally, said updated list must be published on its website, meeting the attributes of accessibility, simplicity, as well as a focus on service to the beneficiary and/or heir. The aforementioned list is cumulative while the EAF does not register any survivorship pension or inheritance claim on behalf of the deceased member. The semi-annual periodicity must consider information as of June 30 and December 31 of each year, to be published by January 15 and July 15 of each year, respectively. The list must contain the following information:

1. Full names of the deceased member, according to their official identity document.
2. Type of official identity document.
3. Number of official identity document. Complementarily, the Superintendent publishes on its institutional portal an informational notice containing direct links to the specific sections of each EAF's website, where detailed information on deceased members is recorded, in order to facilitate centralized access for potential beneficiaries or heirs. The EAF determines the available guidance channels and support, so that beneficiaries or heirs can contact them to inquire about the pension rights and benefits that may correspond to them. For this purpose, said channels and support must consider the attributes of due diligence, simplicity, and focus on service to the beneficiary or heir.”

Article Two.- Any reference to the term “AFP” contained in Title VII of the SPP Regulatory Compendium and its amendments, regarding Benefits, shall be understood, from the effective date of this Resolution, as Fund Administrating Companies (EAF), a denomination that includes both AFPs and Financial System Companies (ESF) referred to in letters A, C, and D of Article 16 of Law No. 26702, in accordance with Article 1 of the Unified Text of the SPP Law, amended by Law No. 32123, the Law for the Modernization of the Peruvian Pension System.

Article Three.- The EAF may implement a strategy with contact and additional publication mechanisms beyond those referred to in Article One of this Resolution, which must be available to the Superintendent.

Article Four.- This Resolution takes effect on August 3, 2026. The EAF may publish the list of deceased members corresponding to June 30, 2026, within forty (40) calendar days following the effective date of this Resolution.

Registered, communicated, and published. SERGIO JAVIER ESPINOSA CHIROQUE Superintendent of Banking, Insurance and Private Pension Fund Administrators