Regulatory Alerts2026-06-10
CMF Publishes for Consultation Proposed Regulation Modifying Instructions for Pension Recalculation in Life Annuities
The Financial Market Commission (CMF) has launched a four-week public consultation on a proposed regulation modifying Circular No. 2062 regarding pension recalculation in life annuity policies under Decree Law No. 3,500 of 1980. The proposal introduces a recalculation procedure for survivors convicted of specific crimes against the pensioner, as mandated by Article 5 bis, and regulates the early payment of increased pension benefits under the additional deferred and lifelong increase clause. This regulatory update aims to align operational instructions with recent legislative changes and enhance the integration of pension amount queries and offers within the SCOMP system.
CMF Publishes for Consultation Proposed Regulation Modifying Instructions for Pension Recalculation in Life Annuities
The proposed regulation contemplates, on the one hand, an adjustment related to cases where a legal pension beneficiary loses such status upon being convicted of the crimes contemplated in Article 5 bis of Decree Law No. 3,500, and on the other hand, a modification that allows for the advance payment of the increased pension, established in the contracting of the "Additional Clause for Deferred and Lifelong Pension Increase."
June 10, 2026. - The Financial Market Commission (CMF) has placed in public consultation, for a period of four weeks, a proposed regulation that modifies Circular No. 2062, which instructs on the treatment of pension recalculation in life annuity insurance policies under Decree Law No. 3,500 of 1980.
The main aspects of the proposed regulation establish:
• The incorporation of the pension recalculation procedure for the cases indicated in Article 5 bis of Decree Law No. 3,500, already approved by the National Congress (Bulletin No. 17,724-34) and pending publication in the Official Gazette. Said article establishes that no one who has been convicted as a principal, accomplice, or accessory after the fact to certain crimes specified in the Penal Code and the Law on Intrafamily Violence, provided the victim is the originator of the pension, may be a beneficiary of survivor's pension.
• The regulation of the advance payment of the additional clause for deferred and lifelong pension increase. This may be contracted together with the immediate life annuity policy, only for old age and disability pensions, when said additional clause is incorporated into the System of Queries and Offers of Pension Amounts (SCOMP). This advance may be made while the payment of the increased monthly life annuity has not yet begun, for a single time only.
The details of the proposed regulation are available for consultation in the "Regulation under Consultation" section of the CMF's institutional website. The CMF also publishes a Regulatory Report that presents the main contents of the proposal.
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