Accounting Manual for Pension Funds

THE COMMITTEE OF STANDARDS OF THE CENTRAL BANK OF RESERVE OF EL SALVADOR,

CONSIDERING:
I. That by Legislative Decree No. 614, dated December 20, 2022 and published in Official Diary No. 241, Volume No. 437 on December 21, 2022, the Comprehensive Pension System Law was approved.
II. That Article 2, letter g) of the Comprehensive Pension System Law, establishes that each Pension Fund Administrator shall manage a Pension Fund, which shall be constituted with the set of individual savings accounts for pensions and the solidarity guarantee account, and shall be separate from the Administrator's equity.
III. That Article 27, first paragraph of the Comprehensive Pension System Law, establishes that Pension Fund Administrators shall be financial pension institutions, whose exclusive purpose shall be to administer a fund that will be called Pension Fund, manage and grant the benefits and benefits established by said Law.
IV. That Article 45 of the Comprehensive Pension System Law establishes that the Central Bank, through its Standards Committee, will issue the corresponding accounting regulations in which the accounting obligations of the Administrators and the pension fund, the accounting principles of mandatory application, and the provisions for the formulation of Financial Statements will be determined. All of this with the objective that the real financial situation of the Administrators is reflected.
V. That Article 159 of the Comprehensive Pension System Law establishes that the Central Bank of Reserve of El Salvador will issue the necessary Technical Standards that allow the development of what is established in said Law.
VI. That Article 99, letter c) of the Law on Supervision and Regulation of the Financial System, establishes that it corresponds to the Standards Committee of the Central Bank of Reserve to approve the Technical Standards for the elaboration, approval, presentation and dissemination of the Financial Statements and supplementary information of the members of the financial system; the determination of accounting obligations and the principles according to which they must keep their accounting and the establishment of criteria for the valuation of assets, liabilities and constitution of provisions and reserves for risks.

THEREFORE,

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023 by virtue of the regulatory powers conferred upon it by Article 99 of the Law on Supervision and Regulation of the Financial System, AGREES to issue the following:

ACCOUNTING MANUAL
FOR PENSION FUNDS

CHAPTER I
GENERAL PROVISIONS

OBJECTIVES
1.1 General Objective
To standardize the accounting record of the operations of Pension Funds, carried out by the Pension Fund Administrator, for the obtaining of financial statements that reflect the financial situation and results of the management of the same, as an instrument for the analysis of information and decision-making by the administrators of the entities, the public users of the services provided by Pension Fund Administrators and other interested parties.
1.2 Specific Objective
To have complete, timely and homogeneous information on the financial and economic situation of Pension Funds that contributes to decision-making by affiliates and public users of the services provided by Pension Fund Administrators.
SCOPE
The application of the Manual is mandatory for Pension Funds authorized by the Superintendence, for the management of their own operations. When this Manual refers to actions of the Fund, it shall be understood that the one performing them is the Pension Fund Administrator in its capacity as administrator thereof. The Manual consists of the General Provisions, the Chart of Accounts, the Accounting Applications Manual and the Models of the Financial Statements with their Notes.
TERMS

a) AFP: Pension Fund Administrators; b) Central Bank: Central Bank of Reserve of El Salvador; c) CFT: Transition Financing Certificate; d) CIAP: Individual Savings Account for Pensions; e) COP: Pension Obligations Certificates; f) Fund(s): Pension Fund(s); g) ISP: Salvadoran Institute of Pensions; h) Law: Comprehensive Pension System Law; i) SP: Pension System;

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023 j) SPP: Public Pension System; k) Superintendence: Superintendence of the Financial System; and l) Securities: Shares, debentures and other securities.

CODIFICATION STRUCTURE
The codification structure has been created based on a system of codes and account names that contemplates different levels of classifications, distinguishing the following:
Class Identified by the first digit
Item Identified by the first two digits
Account Identified by the first three digits
Sub-account Identified by the first five digits Type of sub-account Identified by the sixth digit Analytical Account Identified from the seventh digit onwards The codification system established up to the level of sub-account uses five (05) digits, at the level of analytical accounts it uses more than seven digits, complemented by the sixth digit (M), which must always be prefixed to the use of analytical accounts, established to differentiate accounts by currency type, accounts with valuation, exchange differences and interest accumulated at the time of purchases. The codes at the level of the sixth digit must be used as follows:
1 Used for operations in legal tender currency; 2 Used for operations in foreign currency; 3 Used for operations with valuation; 4 Used for operations with exchange difference; and 5 Used for the recording of interest accumulated at the time of the purchase of financial investment instruments.
CLASSIFICATION OF THE CHART OF ACCOUNTS

The defined classes comprise the items, accounts, sub-accounts and analytical accounts, as established in the respective Chart of Accounts, being the following:
Class 100 Asset
Class 200 Liability
Class 300 Equity
Class 600 Commitment Accounts
Class 700 Control Accounts

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
The accounts contained in the Chart of Accounts do not constitute authorization to carry out the operations to which they refer, and the AFPs must adhere to the legal norms, regulations and instructions issued for such effect. AFPs may not use new accounts or sub-accounts without prior authorization from the Central Bank. However, they may open additional analytical accounts to those established in the Chart of Accounts, with the exception of analytical accounts intended to identify banking entities, stock exchanges, issuers and others. With respect to investment accounts in securities such as 131, 132, 133, 134, 139, 151, 152, 153, 159 and 715, sub-accounts may be incorporated through the following procedure:
a) The AFP will notify the Superintendence and the Standards Committee of the Central Bank that it has acquired titles detailing the following:
i. Name of the issuer;
ii. Date of acquisition and settlement; and
iii. Characteristics of the issuance.
b) Additionally, the AFP will request the Central Bank to assign it the code and denomination of the corresponding sub-account. c) The Central Bank will make the corresponding evaluation and, if the assignment of new sub-accounts is necessary, it will notify the AFP and the Superintendence of the code and denomination of the sub-account added to the Chart of Accounts and the Accounting Applications Manual, for immediate implementation. d) The Financial Regulation Department of the Central Bank will proceed to compile the Manual incorporating the new sub-accounts, publish them on the Central Bank's website and then communicate them to the AFPs through a Circular signed by the Secretary of the Standards Committee of the Central Bank. e) The Financial Regulation Department of the Central Bank will inform the Standards Committee of the Central Bank about the incorporations of the new sub-accounts in the Session following the publication of the added sub-accounts.

DENOMINATION AND CODIFICATION OF FINANCIAL SYSTEM INSTITUTIONS AND ENTITIES FROM ABROAD
Financial System Institutions and entities from abroad must be identified with the codes presented in the attached table, which will be applied immediately after the last code determined in the Chart of Accounts for the corresponding analytical account.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
When a new Institution is incorporated, the Superintendence must be consulted to identify the code that will be assigned to it; upon withdrawal of any codified Institution, the code corresponding to it will be omitted.

FINANCIAL SYSTEM AND FOREIGN INSTITUTIONS
BANKS INSURANCE AND SURETY COMPANIES
Central Bank of Reserve of El Salvador 0101 Agrícola Comercial Insurance Company, S. A. 0601 Agricultural Bank, S. A. 0103 Protege Insurance, S.A. 0602 Cuscatlán Bank of El Salvador, S. A. 0104 Sura Insurance, S.A. 0603 Davivienda Salvadoran Bank, S. A. 0107 MAPFRE La Centro Americana, S. A. 0606 Mortgage Bank of El Salvador, S. A. 0108 Insurance and Investments, S. A. 0608 Citibank, N. A., Branch El Salvador 0109 Pacific Insurance, S. A. 0609 Agricultural Development Bank 0110 Davivienda Commercial Insurance Bolívar, S. A. 0611 Atlántida El Salvador Bank, S. A. 0112 Pan American Life Insurance Company (El Salvador) 0613 Promérica Bank, S. A. 0120 The Central Insurance and Surety Company, S. A. 0614 Bank of Central America, S. A. 0127 Future Insurance, A. C. de R. L. 0615 Abank Bank, S.A. 0130 Atlántida Vida, S.A., Life Insurance 0617 Industrial Bank El Salvador, S. A. 0131 SISA, LIFE, S. A., Life Insurance 0619 Azul Bank of El Salvador, S.A. 0132 Sura Insurance, S.A., Life Insurance 0620 Abank Insurance, S.A., Life Insurance 0622 Qualitas Insurance Company, S. A. 0623 STOCKBROKERAGE FIRMS INSURANCE AND SURETY COMPANIES General Stock Services, S. A. de C. V. 0301 ASSA Insurance Company, S. A. Hencorp S.A. de C.V. 0302 ASSA LIFE, S. A., Life Insurance

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
Banagrícola Securities, S. A. de C. V. 0303 Azul Vida Insurance, S. A., Life Insurance Cuscatlán El Salvador Securities, S. A. de C. V. 0304 Azul Insurance, Insurance Company, S.A. LAFISE Securities of El Salvador, S. A. de C. V. 0305 Fedecrédito Insurance, S.A. Cuscatlán SV Investments, S.A. de C.V. 0306 Fedecrédito Life, S.A., Life Insurance Davivienda El Salvador Securities, S. A. de
C. V. 0307
Atlántida Securities, S. A., Stock
Brokerage Firm 0308
Sysvalores, S. A. de C. V. 0309
Azul Securities, S.A. de C.V. 0318
STOCK EXCHANGES
Stock Exchange of El Salvador, S. A. de
C. V. 0401
SECURITIES DEPOSIT AND CUSTODY
Securities Deposit Central, S. A. de
C.V. (CEDEVAL, S. A. de C. V.) 0501
FOREIGN INSTITUTIONS
FOREIGN BANKS
The Bank of New York Mellon 0701
In the event that an AFP expresses interest to the Superintendence in carrying out financial operations with any new institution of the national financial system or an entity from abroad that is duly registered in the Registry kept for such purposes by the Superintendence, new codes will be incorporated into the above table using the following procedure:
a) The AFP will notify the Superintendence and the Standards Committee of the Central Bank that it will carry out financial operations with a new institution, detailing the following:
i. Name of the institution; and
ii. Characteristic of the operation to be carried out.
b) Additionally, the AFP will request the Superintendence to assign it the corresponding code and denomination.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023 c) The Financial Regulation Department of the Central Bank, once received the notification from the Superintendence, will proceed to compile the Manual with the new assigned codes, publish it on the Central Bank's website and communicate it to the AFPs through a Circular signed by the Secretary of the Standards Committee of the Central Bank. d) The Financial Regulation Department of the Central Bank will inform the Standards Committee of the Central Bank about the incorporations in the Session following the publication of the added modifications.

ACCOUNTING RECORDS AND FILES
7.1 Recording, archiving, accounting and legal documentation of accounting books
The movement and balance of accounts will be recorded in the main books and that of sub-accounts in auxiliary books as deemed necessary. The main books that must be legalized are those indicated by the Code of Commerce. Accounting records must comply with what is established in Title II, of Book Two, of the Code of Commerce, insofar as applicable.

7.2 Financial Statements
The economic and accounting period shall comprise from January 1 to December 31 of each year.
The Fund shall prepare Financial Statements on March 31, June 30, September 30 and December 31 of each year, as well as the trial balance and its auxiliaries, which reflect the accounting movements of the Pension Fund. Additionally, the following minimum auxiliary records must be established according to the nature of the Fund:
a) Statements of individual accounts of affiliates; b) Auxiliary records of investment movements; c) Auxiliary records of contribution delinquency; and d) Others that are deemed necessary. For the Funds, the AFPs must prepare and maintain the necessary auxiliaries that allow adequate information, taking the necessary precaution so that they are in a position to generate at any time all financial and analytical reports. A copy of the balance files must remain at the entity available to the Superintendence.

7.3 Presentation and publication of Financial Statements
The basic financial statements of the Fund are: General Balance Sheet, Statement of Cash Flows, Statement of Changes in Equity and Notes to the Financial Statements, which are the only valid ones for all purposes, whether for the approval of the General Shareholders' Meeting; inclusion in the annual report, the publication referred to in Article 46 of the Law or for any other type of dissemination in the country or abroad. The AFPs must hire the services of an Independent External Audit, to examine the financial statements of the Fund, in accordance with the Technical Standards for the Registration of External Auditors of the Members of the Financial System (NRP-16) and the Technical Standards for the Provision of External Audit Services (NRP-18) approved by the Central Bank through its Standards Committee. The basic financial statements of the Fund must contain the signatures of the general accountant, the general manager or financial director or whoever acts on their behalf and the President or legal representative of the AFP. (6) The signatures must be identified as to the persons to whom they belong and their corresponding positions, considering that they imply the declaration that the information contained in the documents signed has been extracted from the legal and auxiliary books of the entity and verified as to its accuracy and integrity. In addition to the above, the quarterly financial statements must be signed by the external auditor. The financial statements must be published with the following frequency and deadlines:
Period Maximum publication deadline
June 30 Within 30 calendar days following the indicated date December 31 Within 60 calendar days following the indicated date

Additionally, the external auditor's report must be published along with the financial statements and their notes, for each period, and with an opinion, the one referred to December 31 of each year, as established in Article 46 of the Law.

7.4 Annual Report
The closing financial statements of the economic and management year of the Fund must be included in the annual report to be presented at the General Shareholders' Meeting for its approval, taking into account the following procedures:
a) The Board of Directors of each AFP must annually prepare the report to submit it to the General Shareholders' Meeting for its approval within sixty days following the closing of the exercise;

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023 b) The report must be available to shareholders along with supporting documents, at least ten days in advance of the holding of the General Shareholders' Meeting; c) In addition to what is stated in the Code of Commerce, the report must contain the external auditor's opinion on the financial statements; d) The report must be presented in such a way as to clearly reflect the financial and administrative situation of the Fund, as well as the results obtained in the past, present and its projections according to the entity's experience, making a summarized evaluation of each of the most important items, so as to allow the shareholder to have a clear image of the management carried out by the AFP in the administered Fund; and e) The content of the report will be analyzed by the Superintendence after its approval. For this purpose, the AFPs will present it within the deadline provided for in letter a) of this section.

7.5 Presentation of Financial Statements to the Superintendence
The AFPs must present to the Superintendence the financial statements of the administered Fund duly approved, in the formats, deadlines, periodicity and under the grouping standards established in this Manual. The financial statements presented to the Superintendence must be considered and approved as follows:
a) those referred to the end of each quarter, by the Board of Directors of the AFP; and b) those referred to December 31, by the Ordinary General Meeting of Shareholders in the first meeting held after their presentation, attaching the certification of the minutes of said meeting. In case of observations, these must be reported immediately to the Superintendence. The trial balance to be presented to the Superintendence must contain the balances at the level of the accounts included in the Chart of Accounts according to what is established in this Manual, including additional analytical accounts and their movements. The AFPs will present to the Superintendence the financial statements and information in a comparative manner, with the frequency and deadlines detailed below:
Financial Information Frequency
Monthly Quarterly Semi-annual Annual
Trial Balance x
General Balance Sheet x
Statement of Changes in Equity x

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
Financial Information Frequency
Statement of Cash Flows x
Notes to the Financial Statements x
External Auditor Interim Report x x
External Auditor's Opinion x
The presentation to the Superintendence of the detailed financial information mentioned above will be made according to the following deadlines:
Information Maximum presentation deadlines
Monthly
Within the first 7 business days of the following month. (6) Quarterly (With report) Within the first 15 business days of the month following the end of the corresponding quarter. (6) Annual (December 31 and without opinion) Within the first 15 business days of the month of January. (6) Annual (December 31 and with opinion) Within the first 10 business days of the month of February. (6) Annual (December 31 and with authorization of the General Meeting of Shareholders) Within the first 15 business days of the month of February. (6)

CHAPTER II
CHART OF ACCOUNTS
The Chart of Accounts to be used is presented in the Annex of this Accounting Manual, in which the codes and descriptions are detailed.

CHAPTER III
ACCOUNTING APPLICATIONS MANUAL
SECTION 1
ACCOUNTING APPLICATIONS MANUAL OF ASSETS

Class 100.00 ASSET
DESCRIPTION:
Groups the accounts representative of available money maintained in bank deposits, the rights that are expected to be converted into cash and investments in securities. Item 110.00 AVAILABLE

DESCRIPTION:

Includes available balances in local banks and their correspondents abroad.

ACCOUNT 111.00 DOMESTIC BANKS
DESCRIPTION:
Represents deposits in checking accounts and fixed-term deposits, in legal tender and/or foreign currency, that the entity holds in banking institutions in the country.

SUBACCOUNTS:

111.01 Deposits in checking accounts - Collection account
111.02 Deposits in checking accounts - Investment account
111.03 Deposits in checking accounts - Administrative account
111.04 Deposits in checking accounts – Funds received from ISP
111.05 Fixed-term deposits

DEBITED:
For deposits received in cash or its equivalent as:

Collection of contributions.
For the receipt of funds as arrears received from other AFPs, ISSS, or ISP.
For the receipt of funds as transfers of CIAP balances from another AFP.
For the receipt of funds for the purchase of shares, such as the Special Guarantee Contribution and the investment of the AFP in shares of the same Fund.
For the entry of funds received from the Social Housing Fund (FSV) as balances in affiliates' individual accounts.
For the receipt of interest and/or dividends generated by investments.
For income from the sale and/or redemption of securities.
For cash transfers between the Fund's checking accounts.
For funds received from the ISP for the payment of pensions.
For the reclassification of creditor balances presented by bank accounts in occasional overdrafts.
For income received from the AFP, as Incentive for Permanence.
For contributions received from complementary capital in accordance with article 158 of the Law, whether from insurance companies or as capital advances made by the AFP.
For interest on deposits in checking accounts received from banks.
For the value of payments received as reimbursement of withdrawals made by affiliates.
For the opening of Fixed-term Deposits in favor of the pension fund, for a maximum term of 90 days.

Movements in the Solidarity Guarantee Account.
For income from maturity and capitalization of interest of Fixed-term Deposits.

CREDITED:
For debit notes and checks drawn against the Fund's checking accounts for the following concepts:

For the return of checks that had been remitted and were not accepted by the bank for a concept other than contribution payments.
For the payment of benefits, whether old-age pensions, survivor benefits, disability benefits, and those expenditures granted as inheritance.
For the expenditure resulting from the investment of Fund resources in securities.
For the expenditure of funds as transfers of affiliates' balances to another AFP.
For the expenditure of funds as arrears cancelled to other AFPs, ISSS, or ISP.
For the transfers of funds between the Fund's bank accounts.
For the payment of minimum pensions to pensioners.
For advances and payments of commissions to AFPs for the administration of CIAP.
For expenditures resulting from the return of overpayments.
For the return of contributions received erroneously.
For the reclassification of debtor balances for covered occasional overdrafts.
For the expenditure of affiliate funds that return to the SPP, due to the cancellation of the affiliation contract.
For the withdrawal of funds as excesses of free availability.
For the return of CIAP balances to affiliates and/or beneficiaries.
For the return of complementary capitals received in excess.
For the withdrawal of AFP shares, as established by the regulations on the Management of the Special Guarantee Contribution and Investment of AFPs with own resources in Shares of the Pension Fund.
For the value of Fixed-term Deposits that are cancelled at maturity.
For the withdrawal of funds for the opening of Fixed-term Deposits in favor of the pension fund, for a maximum term of 90 days.
Movements in the Solidarity Guarantee Account.

Considerations:
Applicable to accounts 111.00 and 112.00.
The available amounts maintained in accounts 111.00 and 112.00 will be subject to the provisions issued by the Central Bank, those established in this Manual, and the regulations for the management of the Pension Fund's checking accounts.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
Transactions conducted through immediate communication media must be recorded on the same day they occur, backed by the corresponding documentation. Bank account balances must be reconciled with their respective statements; differences arising, as well as items pending reconciliation, must be regularized within a maximum period of thirty (30) days for domestic operations and sixty (60) days for foreign operations. The debtor balance will be shown in assets. Creditor balances constituted by occasional overdrafts in checking accounts will be shown in liabilities, in the corresponding account. Collection checking account: This checking account will apply to all cash flow entering the Pension Fund other than investments. Its only outflows are to feed the Fund's own investment checking accounts in the same bank. Investment checking account: Transfers of funds from the collection checking account, income from the redemption and sale of investments, as well as yields collected generated by investments and interest in checking accounts that banks apply to all accounts, will enter this account. Its expenditures are for the acquisition of securities, transfers between investment accounts, and transfers to administrative accounts.

Administrative checking account: It is funded by transfers received from investment checking accounts; its special function is that all expenditures for concepts other than investments, such as payment of benefits, returns for overpayments in payroll, payments for transfers, arrears, etc., are made from it. Checking account for resources received from ISP: Deposits made by the ISP, as a transfer for the payment of previdential benefits for affiliates upon the exhaustion of resources in the Solidarity Guarantee Account, will enter this account.

ACCOUNT 112.00 FOREIGN BANKS
DESCRIPTION:
Represents the available amount of deposits in checking accounts at banks abroad.

SUBACCOUNTS:

112.01 Deposits in checking accounts – Collection account
112.02 Deposits in checking accounts – Investment account

DEBITED:

For bank deposits received in cash or its equivalent as collection of contributions and AFP commissions from affiliates residing abroad.
For fund transfers made to be invested.
For resource transfers necessary for the payment of pensions to affiliates residing abroad.
For credit notes applied by the bank.
CREDITED:
For cash transfers to national bank accounts for their corresponding local investment (collection account).
For the payment of benefits to affiliates residing abroad (administrative account).
For debit notes applied by the bank.
For the expenditure of funds resulting from the acquisition of investments abroad and the transfers of funds between the checking accounts of the same bank.

ACCOUNT 113.00 SECURITIES UNDER REPurchase AGREEMENTS

DESCRIPTION:
Represents the amounts for rights acquired by the Fund when acting as the reporting entity in repurchase operations. The amounts registered in this account must represent the value of the operations on the date of the transaction.

SUBACCOUNT:

113.01 Securities issued or guaranteed by Salvadoran banks
113.02 Securities issued by national companies
113.03 Securities issued by Salvadoran securitization companies
113.04 Participation shares of Investment Funds
113.05 Securities issued by foreign entities
113.99 Other public offering instruments

DEBITED:

For investments made in this type of instrument.

For the cancellation at maturity of this type of investment.

ITEM 120.00 ACCOUNTS RECEIVABLE

DESCRIPTION:
Groups the rights held by the Fund represented in accounts receivable, incorporating yields generated by investments and deposits in checking and fixed-term accounts, pending contributions that are duly substantiated, normal and special arrears, advances of commissions made to the AFP, and receivable transfers.

ACCOUNT 121.00 YIELDS RECEIVABLE

DESCRIPTION:
This account registers the value of declared dividends that are pending collection generated by investments in shares and interest generated by fixed-income investments held in the Pension Fund's portfolio, as well as fixed-term deposits, in addition to other yields that cannot be classified in the previously described categories.

SUBACCOUNTS:
121.01 Dividends receivable from share investments
121.02 Interest receivable
121.99 Other yields receivable

DEBITED:

For dividends declared by the issuer of the shares, which are pending collection.
For interest that is pending collection.
For the right to other yields receivable that arise during the Fund's operations.
For interest generated from fixed-term deposits.
CREDITED:
For the collection of dividends declared by the issuer of the shares.
For the collection of interest on fixed-term deposits.
For the collection of other yields receivable.

ACCOUNT 122.00 PENDING CONTRIBUTIONS RECEIVABLE

DESCRIPTION:
Represents the value of affiliates' contributions that have not been made effective, such as: declarations and non-payment, and insufficiencies. When collection is initiated via the judicial route, for declarations and non-payment, and insufficiencies, the value of the respective contributions will be transferred to subaccount 122.03 Judicial collection processes. Additionally, it represents the value for omissions and inconsistencies in previdential declarations.

SUBACCOUNTS:
122.01 Declarations and non-payment
122.02 Payment insufficiencies
122.03 Judicial collection processes
122.04 Omissions and inconsistencies in previdential declarations

DEBITED:

For the value of contributions pending collection.
CREDITED:
For the recovery of contributions pending collection.

ACCOUNT 123.00 ARREARS RECEIVABLE
DESCRIPTION:
Represents the amount of contributions pending receipt belonging to affiliates of the AFP and which have been proven to have been sent to other AFPs, ISSS, and ISP, which will be settled in the fund compensation, as well as those originated by the transfer of affiliates.

SUBACCOUNTS:
123.01 Arrears receivable from other AFPs
123.02 Arrears receivable from ISSS
123.03 Arrears receivable from ISP

DEBITED:

For the net amount to be collected for contributions and other movements in favor of the Fund's affiliates that have been received in other AFPs, ISSS, and ISP.

CREDITED:

For the collection of contributions and other movements in favor of Fund affiliates that had been received by other AFPs, ISSS, and ISP.

ACCOUNT 124.00 OTHER ACCOUNTS RECEIVABLE

DESCRIPTION:
Represents the pending collection value for misapplications made in collection processes, the amount contributed as a subscription for preferred shares while the capital call period has not ended, the value of Transition Financing Certificates (CFT) in exchange for Previdential Investment Certificates (CIP), Transfer Certificates (CT) and Complementary Transfer Certificates (CTC), as referred to in article 11 of the Special Law for the Issuance of Previdential Obligations Certificates and Dissolution of the Previdential Obligations Trust, while the CFTs have not been delivered to the Pension Fund, and any other operation that the Pension Fund carries out.

SUBACCOUNTS:

124.01 Accounts receivable from collectors
124.02 Accounts receivable from the AFP
124.03 Share subscription
124.04 Accounts receivable from Voluntary Previdential Savings Funds
124.05 Account receivable from the Salvadoran Institute of Pensions
124.99 Other accounts receivable

DEBITED:

For decreases in cash or other assets resulting from misapplications related to collection processes or other operations.
For amounts paid to exercise the preferential right in the subscription of shares.
For the value of CFTs pending delivery by the ISP in favor of the Pension Fund.
For the value to be collected from another Pension Fund originated by CIAP balance transfers.
CREDITED:
For the value of recovered amounts.

For the transfer to investment accounts of the paid value of subscribed shares.
This will be made the next calendar day after the end of the subscription period.
For the value of CFTs delivered to the Pension Fund.
For the recovery of amounts made in favor of the Fund.
The use of accounts 124.01, 124.02, and 124.03 must be the result of unusual situations, and the balance of these operations must not exceed one business day, unless expressly and documented justification is provided by the AFPs.

ACCOUNT 125.00 ADVANCES OF BALANCES TO AFFILIATES

DESCRIPTION:
Represents the amount that affiliates have accessed in advance from the balance of their Individual Savings Account for Pensions, which they may return if they wish, in accordance with what is established in article 98 of the Law. The account must be updated and reflect monthly the closing value of the shares representing the advance of the affiliates, for the purpose that the account shows the yields foregone by it.

SUBACCOUNT:

125.01 Advances to affiliates on the balance of their Individual Savings Account for Pensions

DEBITED:

For the value of funds requested by the affiliate that have been granted as an advance on the balance of their CIAP account.
CREDITED:
For the amount of the reimbursement made by affiliates for the balance advance received.
For the settlement of the unreimbursed balance of affiliates due to the deferral of their old-age benefit after reaching the legal age.
For the settlement of the unreimbursed balance of affiliates when they request the old-age benefit.

ACCOUNT 126.00 RECEIVABLE TRANSFERS
DESCRIPTION:

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
Represents the amount of transfers in favor of the balances of individual savings accounts for pensions belonging to affiliates of another AFP whose transfer to the Fund has taken effect and is pending receipt from the originating AFP in the respective compensation.

SUBACCOUNT:
126.01 Receivable transfers

DEBITED:

For the amount to be collected for CIAP balances of affiliates whose transfer to the Fund has taken effect and have been included in the balance compensation.

CREDITED:

For the collection of CIAP balances from transfers in favor, resulting from the compensation process.

ACCOUNT 127.00 DEPOSITS IN TRANSIT
DESCRIPTION:
Represents the amount as funds remitted to or from abroad, to carry out financial investments that have not yet been settled or deposited in a checking account owned by the Pension Fund, in the country or abroad.

SUBACCOUNT:

127.01 Deposits in transit for the realization of investments in securities

DEBITED:

For the amount of funds transferred to third parties to settle investment operations abroad.
CREDITED:
For the amount of payment of investments materialized abroad.
For the amount of cash transfers to bank accounts located in the country or abroad owned by the Fund.

ACCOUNT 128.00
TRANSFERS TO CUSTODIANS FOR
OPERATIONS ABROAD

SUBACCOUNTS:

128.01 Transfers to national custodians for settlement of operations
abroad – international sub-custodian
128.02 Transfers to international custodians for settlement of
operations abroad

DEBITED:

For the amount of funds transferred to a bank account owned by the national custodian opened in an international sub-custodian abroad, to settle securities operations in international markets.
For the amount of funds transferred to a bank account owned by the international custodian to settle securities operations in international markets.
CREDITED:
For the amount of payment of investments materialized abroad.
For the amount of payment of investments in foreign securities.
For the amount of cash transfers to bank accounts located in the country or abroad, owned by the Fund.

ITEM 130.00 INVESTMENTS IN SECURITIES
DESCRIPTION:
Includes investments in securities issued by entities in the country, as well as in securities issued by foreign entities that have complied with what is established in article 9 of the Securities Market Law, that are placed in the primary market of a national stock exchange and acquired complying with the regulations provided in the Integral Law of the Pension System, Regulations, standards issued by the Central Bank, or other provisions issued for such effect by the Risk Committee. At the same time, it represents the Fund's investment portfolio, reflecting at the sub-account level, its cost value and the daily valuation made of those investments. Its registration at the time of acquisition will be at cost. The balance will be represented by the present values of the financial instruments, plus increases or decreases resulting from the price vector; in accordance with the valuation procedures for investments according to the current regulatory framework.

ACCOUNT 131.00
SECURITIES ISSUED BY PUBLIC
INSTITUTIONS
DESCRIPTION:
Represents securities issued by the Central Government and other Official Institutions in accordance with what is established in transitional article 161 of the Law.

DYNAMICS:
Applicable to accounts 131.00, 132.00, 133.00, 134.00, and 139.00.
The analyticals that follow after one of these accounts must be created with the 6th digit, which will take the following values:

When the investment is in legal tender;
If it is in foreign currency and not legal tender;
For the increases or decreases experienced by investments, resulting from the daily adjustment of the price vector;
For the exchange rate differential; and
For the interest accumulated from the purchase of financial investments.

SUBACCOUNTS:

131.01 Securities issued by the Central Government – DGT
131.02 Social Housing Fund

DEBITED:

For the increase in investments resulting from the daily valuation of the price vector.
CREDITED:
For the value registered at the time of the sale, withdrawal, or liquidation of the securities.
For the decrease experienced in investments, resulting from the daily adjustment of the price vector.
For the value of matured coupons in those securities that pay yields or capital under this modality.

ACCOUNT 132.00
CERTIFICATES OF DEPOSIT AND SECURITIES ISSUED
OR GUARANTEED BY SALVADORAN BANKS

DESCRIPTION:
Represents the acquisition of securities and deposit certificates issued by financial institutions in the country, within the limits provided in the Law, Regulations, technical standards, and other provisions issued for such effect by the Central Bank or by the Risk Committee.

SUBACCOUNTS:

132.01 Banco Agrícola, S. A.
132.02 Banco Cuscatlán de El Salvador, S. A.
132.03 Citibank, N. A. Sucursal El Salvador
132.04 Banco Hipotecario de El Salvador, S.A.
132.05 Banco Promérica, S. A.
132.06 Banco Davivienda Salvadoreño, S. A.
132.07 Banco de América Central, S. A.
132.08 Banco Abank, S.A.
132.09 Banco Industrial El Salvador, S. A.
132.10 Banco Azul de El Salvador, S.A.
132.11 Banco Atlántida El Salvador, S.A.

ACCOUNT 133.00
SECURITIES ISSUED BY DOMESTIC COMPANIES
DESCRIPTION:
Represents the acquisition of securities issued by private companies in the country, within the limits provided for in the Law, Regulations, or other provisions issued for such effect by the Central Bank or the Risk Committee.

SUBACCOUNTS:

133.01 Distribuidora de Electricidad del Sur, S. A. de C. V.
133.02 CrediQ Inversiones, S.A.
133.03 La Hipotecaria, S.A. de C.V.
133.04 FEDECRÉDITO, de C.V.
133.05 Compañía de Alumbrado Eléctrico de San Salvador, S. A. de C. V.
133.06 Empresa Eléctrica de Oriente, S. A. de C. V.
133.07 LaGeo, S.A. de C.V.
133.08 Saram, S.A. de C.V.
133.09 Inmobiliaria Mesoamericana, S.A. de C.V.
133.10 Compañía de Telecomunicaciones de El Salvador, S.A. de C.V. (CTE)
133.11 Multi Inversiones Banco Cooperativo de los Trabajadores, S.C. de R.L.
de C.V.
133.12 SAC Credicomer, S.A. (1)
ACCOUNT 134.00
SECURITIES ISSUED BY SALVADORAN TRUSTOR COMPANIES

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
DESCRIPTION:
Represents the acquisition of securities issued by trustor companies in the country charged to Securitization Funds, within the limits provided for by the Law, Regulations, technical standards, and provisions issued for such effect by the Central Bank or the Risk Committee. SUBACCOUNTS:
134.01 Securitization Fund - Hencorp Valores - Municipal Government of San
Salvador
134.02 Securitization Fund - Hencorp Valores – Integral Support
134.03 Securitization Fund – Hencorp Valores – Autonomous Port Executive
Commission
134.04 Securitization Fund – Ricorp Trustor – Road Conservation Fund
134.05 Securitization Fund – Ricorp Trustor – Mesoamerican Real Estate
134.06 Securitization Fund - Hencorp Valores – Municipal Government of San
Miguel
134.07 Securitization Fund - Hencorp Valores – La Geo
134.08 Securitization Fund - Hencorp Valores – Municipal Government of
Santa Tecla
134.09 Securitization Fund - Hencorp Valores – National Administration of
Aqueducts and Sewers
134.10 Securitization Fund - Ricorp Trustor – Credit Box of
San Vicente
134.11 Securitization Fund - Ricorp Trustor – Credit Box of
Zacatecoluca
134.12 Securitization Fund – Hencorp Valores – CrediQ
134.13 Securitization Fund – Ricorp Trustor – Multi Inversiones Mi
Bank
134.14 Securitization Fund – Hencorp Valores – Municipal Government of
Antiguo Cuscatlán
134.15 Securitization Fund – Ricorp Trustor – Distributing
Companies 01
134.16 Securitization Fund – Hencorp Valores – Alutech 01
134.17 Securitization Fund – Hencorp Valores – Zero One Credit Opening
134.18 Securitization Fund – Hencorp Valores – El Angel Sugar Mill 01
134.19 Securitization Fund – Ricorp Trustor – CIFI ZERO ONE
134.20 Securitization Fund – Hencorp Valores – Road Conservation
Fund 04
134.21 Securitization Fund – Ricorp Trustor – Credit Box of
Sonsonate 01
134.22 Securitization Fund – Hencorp Valores – AES Zero One

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
134.23 Securitization Fund – Atlántida Trustor – LaGeo (4)
134.24 Securitization Fund - Hencorp Valores - Municipal Credits
Zero One (5)
DYNAMICS:
The dynamics applicable to this account are the same as those described in item 130.00 INVESTMENTS IN SECURITIES. ACCOUNT 135.00 TRANSFER CERTIFICATES

DESCRIPTION:
Represents the value of Transfer Certificates of affiliates, which meet the requirements to access the benefits established in the Law.

SUBACCOUNTS:
135.01 Issued by the ISSS
135.02 Issued by the ISP
DEBIT:

For the value of Transfer Certificates, delivered by the ISSS or the ISP.
For the increase in the appreciation of investments.

CREDIT:

For the value recorded at the time of sale of the securities.
For the decrease in value, resulting from the appreciation of these securities.
For the value of matured coupons or quotas, in the portion corresponding to
principal amortization.
For the value of CT and CTC that are exchanged for a Transition Financing Certificate.
ACCOUNT 136.00 PREVISIONAL INVESTMENT CERTIFICATES

DESCRIPTION:
Represents the securities acquired and which were issued by the Fiduciary Trust for Previsional Obligations, referred to in Decree No. 98, published in Official Diary No. 171, Volume No. 372, on September 14, 2006, and Decree No. 789 issued on September 28, 2017, published in Official Diary No.180, Volume No.416, on September 28, 2017, which was repealed by Decree No. 616 on December 20 of 2022 which contains the Special Law for the Issuance of Certificates of Previsional Obligations and Dissolution of the Fiduciary Trust for Previsional Obligations, published in Official Diary No. 241, Volume No. 437 on December 21, 2022.

136.01 Previsional Investment Certificates by annual plans
136.02 Previsional Investment Certificates by CT and CTC
136.03 CIP, Art. 1 letter a) DL 789 (Art.12 FOP Law)
136.04 CIP, Art. 1 letter b) DL 789 (Art.12 FOP Law)
136.05 CIP, Art. 1 letter b) DL 789 (Art.14 FOP Law)

DYNAMICS:
The dynamics applicable to this account are the same as those described in item 130.00 INVESTMENTS IN SECURITIES. ACCOUNT 137.00 CERTIFICATES OF PREVISIONAL OBLIGATIONS AND TRANSITION FINANCING DESCRIPTION:
Represents the acquisition of securities issued by the Salvadoran Institute of Pensions in accordance with the Special Law for the Issuance of Certificates of Previsional Obligations and Dissolution of the Fiduciary Trust for Previsional Obligations.

SUBACCOUNTS:
137.01 Certificates of Previsional Obligations
137.02 Transition Financing Certificate by the ISP
DYNAMICS:
The dynamics applicable to this account are the same as those described in item 130.00 INVESTMENTS IN SECURITIES. ACCOUNT 138.00 PARTICIPATION QUOTAS IN SALVADORAN INVESTMENT FUNDS DESCRIPTION:
Represents the acquisition of securities representing participation quotas of Salvadoran investment funds, within the limits provided for by the Law, Regulations, technical standards, or other provisions issued for such effect by the Central Bank or the Risk Committee.

SUBACCOUNTS:
138.01 Participation Quotas of Open Investment Funds
138.02 Participation Quotas of Closed Investment Funds

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
DYNAMICS:
The dynamics applicable to this account are the same as those described in item 130.00 INVESTMENTS IN SECURITIES. ACCOUNT 139.00 OTHER PUBLIC OFFERING INSTRUMENTS

DESCRIPTION:
Represents the acquisition of other public offering instruments not considered in the previous classifications, representing securities issued by entities or companies in the country, as well as securities issued by foreign entities that have complied with what is established in article 9 of the Securities Market Law, which are placed in the primary market of a national stock exchange, within the limits provided for in the Law, Regulations, technical standards, or other provisions issued for such effect by the Central Bank or the Risk Committee.

SUBACCOUNTS:

139.01 Central American Bank for Economic Integration
139.99 Other public offering instruments

ITEM 140.00 INVESTMENTS IN FOREIGN SECURITIES

DESCRIPTION:
Comprises investment in securities issued by foreign companies that have been registered in a Stock Exchange of El Salvador, within the limits provided for in the Law, Regulations, technical standards, or other provisions issued for such effect by the Central Bank or the Risk Committee. Its recording will be at cost at the time of acquisition. The balance will be represented by the present values of the financial instruments according to the investment appreciation procedures established in the current regulatory framework. ACCOUNT 141.00 SECURITIES ISSUED BY FOREIGN ENTITIES

DESCRIPTION:
Comprises investment in securities issued by foreign companies representing negotiable obligations and shares, within the limits provided for in the Law, Regulations, technical standards, or other provisions issued for such effect by the Central Bank or the Risk Committee. It also represents the investment portfolio of the Pension Fund, reflecting at the subaccount level, its cost value and the daily appreciation made of those investments. Its recording at the time of acquisition will be at cost. The balance will be represented by the present values of the financial instruments, plus increases or decreases

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023 resulting from the price vector; according to the investment appreciation procedures according to the current regulatory framework.

DYNAMICS:
The analytics that follow after one of these accounts must be created with the 6th digit, “M” which will take the following values:

When the investment is in legal tender currency;
If it is in foreign currency and not legal tender;
For the increases or decreases experienced by the investments, resulting from the
daily adjustment of the price vector;
For the exchange differential; and
For the interest accrued from the purchase of financial investments.
SUBACCOUNTS:

141.01 Securities issued by governments
141.02 Securities issued by financial entities
141.03 Securities issued by non-financial entities
141.04 Securities issued by state entities

DEBIT:

For the acquisition value of the securities.
For the increase in investments resulting from the appreciation of the securities.
For the amounts of securities transferred from account 160.00 Excess Investment
Foreign Issuers, when regularizing the excess.

CREDIT:

For the value recorded at the time of sale of the securities.
For the decrease resulting from the appreciation of the securities.
For the amounts of securities transferred to account 160.00 Excess Investment
Foreign Issuers.
For the value of matured coupons in those securities that pay yields or
capital under this modality.
For the value of declared dividends.
ACCOUNT 142.00
PARTICIPATION QUOTAS IN FOREIGN INVESTMENT
FUNDS

DESCRIPTION:

SUBACCOUNTS:

142.01 Participation Quotas of Open Investment Funds
142.02 Participation Quotas of Closed Investment Funds

DYNAMICS:
The dynamics applicable to this account are the same as those described in item 130.00 INVESTMENTS IN SECURITIES. ITEM 150.00 EXCESS INVESTMENT DOMESTIC ISSUERS DESCRIPTION:
Comprises the transfer of amounts that represent excesses in the investment portfolio with respect to the investment limits in domestic securities established in the Law, Regulations, technical standards issued for such effect by the Central Bank. ACCOUNT 151.00 CERTIFICATES OF DEPOSIT AND SECURITIES ISSUED OR GUARANTEED BY SALVADORAN BANKS

DESCRIPTION:
Comprises the transfer of amounts that represent excesses in the investment portfolio, of securities issued or guaranteed by Salvadoran banks, with respect to the investment limits in securities established in the Law, Regulations, and technical standards issued for such effect by the Central Bank.

SUBACCOUNTS:

151.01 Banco Agrícola, S. A.
151.02 Banco Cuscatlán de El Salvador, S.A.
151.03 Citibank, N.A., Branch El Salvador
151.04 Banco Hipotecario de El Salvador, S. A.
151.05 Banco Promérica, S. A.
151.06 Banco Davivienda Salvadoreño, S. A.
151.07 Banco de América Central, S. A.
151.08 Banco Abank, S.A.
151.09 Banco Industrial El Salvador, S. A.
151.10 Banco Azul de El Salvador, S.A.
151.11 Banco Atlántida El Salvador, S.A.

DESCRIPTION:
Comprises the transfer of amounts that represent excesses in the investment portfolio, of securities issued by domestic companies, with respect to the investment limits in securities established in the Law, Regulations, technical standards, or other provisions issued for such effect by the Central Bank. SUBACCOUNTS:

152.01 Distribuidora de Electricidad del Sur, S. A. de C. V.
152.02 CrediQ Inversiones, S.A.
152.03 La Hipotecaria, S.A. de C.V.
152.04 FEDECRÉDITO, de C.V.
152.05 Compañía de Alumbrado Eléctrico de San Salvador, S. A. de C. V.
152.06 Empresa Eléctrica de Oriente, S. A. de C. V.
152.07 LaGeo, S.A. de C.V.
152.08 Saram, S.A. de C.V.
152.09 Inmobiliaria Mesoamericana, S.A. de C.V.
152.10 Compañía de Telecomunicaciones de El Salvador, S.A. de C.V. (CTE)
152.11 Multi Inversiones Banco Cooperativo de los Trabajadores, S.C. de R.L.
de C.V.
152.12 SAC Credicomer, S.A. (1)
ACCOUNT 153.00
SECURITIES ISSUED BY SALVADORAN TRUSTOR
COMPANIES

DESCRIPTION:
Represents the value of investments in securities issued by Salvadoran trustor companies, charged to Securitization Funds, which exceed the investment limits in securities established in the Law, Regulations, technical standards, and other provisions established by the Central Bank or the Risk Committee.

SUBACCOUNTS:

153.01 Securitization Fund - Hencorp Valores - Municipal Government of San
Salvador
153.02 Securitization Fund - Hencorp Valores – Integral Support
153.03 Securitization Fund – Hencorp Valores – Autonomous Port Executive
Commission
153.04 Securitization Fund – Ricorp Trustor – Road Conservation Fund

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
153.05 Securitization Fund – Ricorp Trustor – Mesoamerican Real Estate
153.06 Securitization Fund - Hencorp Valores – Municipal Government of San
Miguel
153.07 Securitization Fund - Hencorp Valores – La Geo
153.08 Securitization Fund - Hencorp Valores – Municipal Government of
Santa Tecla
153.09 Securitization Fund - Hencorp Valores – National Administration
of Aqueducts and Sewers
153.10 Securitization Fund - Ricorp Trustor – Credit Box of
San Vicente
153.11 Securitization Fund - Ricorp Trustor – Credit Box of
Zacatecoluca
153.12 Securitization Fund – Hencorp Valores – CrediQ
153.13 Securitization Fund – Ricorp Trustor – Multi Inversiones Mi
Bank
153.14 Securitization Fund – Hencorp Valores – Municipal Government of
Antiguo Cuscatlán
153.15 Securitization Fund – Ricorp Trustor – Distributing
Companies 01
153.16 Securitization Fund – Hencorp Valores – Alutech 01
153.17 Securitization Fund – Hencorp Valores – Zero One Credit Opening
153.18 Securitization Fund – Hencorp Valores – El Angel Sugar Mill 01
153.19 Securitization Fund – Ricorp Trustor – CIFI ZERO ONE
153.20 Securitization Fund – Hencorp Valores – Road Conservation
Fund 04
153.21 Securitization Fund – Ricorp Trustor – Credit Box of
Sonsonate 01
153.22 Securitization Fund – Hencorp Valores – AES Zero One
153.23 Securitization Fund – Atlántida Trustor – LaGeo (4)
153.24 Securitization Fund - Hencorp Valores - Municipal Credits
Zero One (5)

DYNAMICS:
The dynamics applicable to this account are the same as those described in item 150.00 EXCESS INVESTMENT DOMESTIC ISSUERS. ACCOUNT 154.00 SECURITIES FOR REPOS

DESCRIPTION:
Represents the value of investments in securities for repo operations, which exceed the investment limits in securities established in the Law, technical standards, and other provisions established by the Central Bank or the Risk Committee.

154.01 Securities issued or guaranteed by Salvadoran banks
154.02 Securities issued by domestic companies
154.03 Securities issued by Salvadoran trustor companies
154.04 Participation quotas of Investment Funds
154.05 Securities issued by foreign entities
154.99 Other public offering instruments

ACCOUNT 155.00
PARTICIPATION QUOTAS IN SALVADORAN INVESTMENT
FUNDS
DESCRIPTION:
Represents the value of investments in securities issued by Salvadoran investment funds, which exceed the investment limits in securities established in the Law, Regulations, and technical standards established by the Central Bank regarding this matter.

SUBACCOUNTS:

155.01 Participation Quotas of Open Investment Funds
155.02 Participation Quotas of Closed Investment Funds
ACCOUNT 159.00 OTHER PUBLIC OFFERING INSTRUMENTS

DESCRIPTION:
Represents the value of investments in other public offering instruments, which exceed the investment limits in securities established in the Law, Regulations, technical standards, and other provisions established by the Central Bank.

SUBACCOUNTS:

159.01 Central American Bank for Economic Integration
159.99 Other public offering instruments
ACCOUNT 160.00 EXCESS INVESTMENT FOREIGN ISSUERS

DESCRIPTION:
Comprises the transfer of amounts that represent excesses in the investment portfolio in securities of foreign issuers, with respect to the investment limits in foreign securities established in the Law, Regulations, technical standards issued for such effect by the Central Bank.

DYNAMICS:

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
Applicable to accounts 161.00 and 162.00.
The analytics that follow after one of these accounts must be created with the 6th digit, “M” which will take the following values:

When the investment is in legal tender currency;
If it is in foreign currency and not legal tender;
For the increases or decreases experienced by the investments, resulting from the
daily adjustment of the price vector;
For the exchange differential; and
For the interest accrued from the purchase of financial investments.
ACCOUNT 161.00
SECURITIES ISSUED BY FOREIGN
ENTITIES

DESCRIPTION:
Represents the value of investments in foreign securities, which exceed the investment limits in securities established in the Law, Regulations, technical standards, and other provisions established by the Central Bank.

SUBACCOUNTS:

161.01 Securities issued by governments
161.02 Securities issued by financial entities
161.03 Securities issued by non-financial entities
161.04 Securities issued by state entities
ACCOUNT 162.00
PARTICIPATION QUOTAS IN FOREIGN INVESTMENT
FUNDS

DESCRIPTION:
Represents the value of investments in participation quotas in foreign investment funds, which exceed the investment limits in securities established in the Law, Regulations, technical standards, and other provisions established by the Central Bank.

SUBACCOUNTS:

162.01 Participation Quotas of Open Investment Funds
162.02 Participation Quotas of Closed Investment Funds

ITEM 170.00
DERIVATIVE INSTRUMENTS FOR RISK HEDGING

DESCRIPTION:

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
Represents the investments that the Fund has made in financial derivative instruments, which have the exclusive object of hedging the risks of the Fund's investments. ACCOUNT 171.00 DERIVATIVE INSTRUMENTS FOR RISK HEDGING

DESCRIPTION:
Represents the amounts disbursed assumed by the financial derivative when it takes the position of an asset, which the Pension Fund acquires to hedge the financial risks that originate from financial investments, such as variable interest rates, fluctuations in fair value, and other risks that originate from financial instruments. SUBACCOUNTS:
171.01 Derivative instruments for risk hedging - domestic
171.02 Derivative instruments for risk hedging - foreign

DEBIT:

When purchases of this type of instruments are made for hedging purposes.
CREDIT:
For the cancellation at maturity of this type of investments.
For the execution of the instrument when the covered risk materializes.

SECTION 2
ACCOUNTING APPLICATIONS MANUAL OF LIABILITIES
CLASS 200.00 LIABILITY

DESCRIPTION:
Represents all the obligations that the Pension Fund has with the Banking Institutions of the Financial System of the country and abroad, with its affiliates, the AFP, as well as with third parties related to the payment of the benefits of the Pension System. ITEM 210.00 OBLIGATIONS WITH FINANCIAL INSTITUTIONS

DESCRIPTION:

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
Comprises current account overdrafts that originate occasionally, resulting from operations with local and foreign banking institutions. ACCOUNT 211.00 OBLIGATIONS WITH FINANCIAL INSTITUTIONS OF THE COUNTRY

DESCRIPTION:
Represents obligations for overdrafts that are occasional (accounting or due to banking errors) with banks in the country.

SUBACCOUNT:

211.01 Occasional overdrafts

DEBIT:

For the cancellation or settlement of overdrafts.

CREDIT:

For overdrafts that are occasional accounting entries in the current accounts that the entity maintains at banks.

DYNAMICS:
Applicable to accounts 211.00 and 212.00

ACCOUNT 212.00
LIABILITIES WITH FINANCIAL INSTITUTIONS
ABROAD

DESCRIPTION:
Represents obligations for overdrafts that are occasional (accounting or due to banking errors) with banks abroad.

SUBACCOUNT:

212.01 Occasional overdrafts

ITEM 220.00 ACCOUNTS PAYABLE

DESCRIPTION:
Comprises obligations and debts arising from operations specific to the Fund, such as: Commissions payable to the AFP, obligations for transfers and arrears; for return of excess payments; for differences in the calculation of the Transfer Certificate and balance of the Social Housing Fund, for obligations with Insurance Companies and

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023 other accounts payable.
Such obligations will be regulated by the Central Bank through the issuance of technical standards.

ACCOUNT 221.00 COMMISSIONS PAYABLE TO THE AFP

DESCRIPTION:
Represents the obligations that the Fund has with the AFP, by virtue of commissions for: administration of individual savings accounts for pensions (CIAP) active, for pension payments, commissions for former affiliates who by transfer belong to another AFP and special CIAPs. Also included in this account are interest on commissions in arrears paid by employers.

SUBACCOUNTS:

221.01 Commissions payable to the AFP for administration of CIAP
221.02 Commissions payable to the AFP for administration of pension payment
221.03 Commissions payable to the AFP for administration of special CIAP
221.04 Commissions payable to the AFP for arrears
221.05 Commissions payable to the AFP for administration of CIAP of
non-resident Salvadorans

DEBIT:

For the total or partial payment of obligations for the administration of individual savings accounts for pensions.

CREDIT:

For the recognition of the obligation to pay the AFP the commission that has been collected in the contributions collected and that have been credited.
For the recognition of the obligation to pay the AFP, the commission for the administration of the payment of the pension, of former affiliates and/or special CIAPs.
For interest on arrears on the AFP commission of credited contributions.

ACCOUNT 222.00 OBLIGATIONS FOR TRANSFERS OF CIAP

DESCRIPTION:
Represents the obligations that the Pension Fund has with other AFPs, and with Institutions of the Public Pension System (SPP), arising from the transfer of affiliates and/or when transfer or affiliation contracts are cancelled, as well as the obligation with Charity Institutions or Hospitals as established in

SUBACCOUNTS:

222.01 Transfers of CIAP for transfers to other AFPs
222.02 Transfer of CIAP to another AFP, when an affiliation contract is cancelled
222.03 Transfer of CIAP to another AFP, when a transfer contract is cancelled
222.04 Return of CIAP to ISSS, when an affiliation contract is cancelled
222.05 Return of CIAP to ISP, when an affiliation contract is cancelled
222.06 Transfers of CIAP for transfer to the General Fund of the Nation
222.07 Transfer of CIAP for transfer to Charity Institution or
Hospitals.

DEBIT:

For the payment of CIAP balances in favor of another AFP, resulting from the compensation process or when affiliation or transfer contracts are cancelled.
When making effective the return of contributions of affiliates that correspond to the ISSS or ISP.
For the transfer to Charity Institution or Hospitals for the balances of the CIAP.

CREDIT:

For the recognition of the obligation of the CIAPs that will be transferred to another AFP, resulting from the compensation process or when affiliation or transfer contracts are cancelled.
For the recognition of the obligation to return the contributions of affiliates that correspond to the ISSS or ISP.
For the recognition of the obligation to the Charity Institution or Hospitals for the balances of the CIAP.

ACCOUNT 223.00 OBLIGATIONS FOR ARREARS

DESCRIPTION:
Represents the obligations of the Fund for the return of contributions received that correspond to other AFPs, ISSS and ISP.

SUBACCOUNTS:

223.01 Arrears AFP

DEBIT:

For the total or partial payment of obligations for arrears.

CREDIT:

For the recognition of the obligation of the arrears to other AFPs, ISSS and ISP.

ACCOUNT 224.00
OBLIGATIONS FOR RETURN OF EXCESS PAYMENTS

DESCRIPTION:
Represents the obligations of the Fund, for the return of contributions received in excess by employers and/or independent affiliates. For the recording of excess payments, analytical accounts must be kept for each of the subaccounts: 224.01 and 224.02 to control the balances pending to be returned, according to the age of the month of collection of the contributions that originated them, as the contributions to be credited are broken down.

SUBACCOUNTS:

224.01 For return of contributions to independent affiliates
224.02 For return of contributions to employers

DEBIT:

For the total or partial payment of contributions to affiliates and/or employers, according to the procedures and forms of payment contemplated in the corresponding regulations.

CREDIT:

For the recognition of the return of contributions to independent affiliates and/or employers on the date that the excess payment is determined.

ACCOUNT 225.00
OBLIGATIONS FOR DIFFERENCES IN THE CALCULATION OF THE CT AND BALANCE OF THE FSV

DESCRIPTION:
Represents obligations for the returns of transfer certificates (CT) to the ISSS and ISP due to errors in their calculation and, in addition, the recognition of the obligation for

SUBACCOUNTS:

225.01 For return of differences in the calculation of CT to ISSS
225.02 For return of differences in the calculation of CT to ISP
225.03 For return of differences in the balance transferred from the FSV account
to affiliates

DEBIT:

When making effective the return of Transfer Certificates to the ISSS and ISP.
When making effective the return of differences in the balances of the FSV account of affiliates.

CREDIT:

For the recognition of the obligation to return the value of transfer certificates to the ISSS or ISP.
For the recognition of the obligation for differences detected in the balances received from the FSV account of affiliates

ACCOUNT 226.00 OBLIGATIONS FOR PERSONAL INSURANCE

DESCRIPTION:
Represents the obligations of the Pension Fund with Personal Insurance Companies for differences in the calculation of supplementary capital received in accordance with what is established in article 158 of the Law.

SUBACCOUNTS:

226.01 For supplementary capital and/or Special Contributions

DEBIT:

For the return of the amount of supplementary capital received in excess from the insurer.

CREDIT:

For the recognition of the obligation to transfer to the personal insurance company the amount of supplementary capital received in excess.

ACCOUNT 227.00
TRANSITORY ACCOUNT OF PENDING COLLECTION
CONTRIBUTIONS

DESCRIPTION:
Represents values in the concept of contra-account of the asset accounts called Pending Collection Contributions.

SUBACCOUNTS:

227.01 Declarations and non-payment
227.02 Payment insufficiencies
227.03 Judicial collection processes
227.04 Omissions and inconsistency in pension declarations

DEBIT:

For the value of recovered contributions.

CREDIT:

For the value of contributions that are in arrears.
For the value of contributions pending payment due to inconsistency in pension declarations.

ACCOUNT 228.00 OTHER ACCOUNTS PAYABLE

DESCRIPTION:
Represents the value of contributions pending payment to the ISSS health regime for withholdings on retired affiliates, obligations for misapplications carried out in the collection processes, delivery of balances to Salvadorans abroad, as well as other operations that constitute an obligation for the Fund.

SUBACCOUNTS:

228.01 Accounts payable to collectors
228.02 Accounts payable to the AFP
228.03 Accounts payable to issuers of securities
228.04 Withholdings ISSS health regime on pensions
228.05 Accounts payable to de-affiliated persons from the SP
228.06 Legal costs
228.07 Delivery of balances to foreigners
228.08 Withholdings Solidarity Guarantee Account on Pensions
228.09 Return of voluntary contributions to affiliates
228.10 Accounts payable to Voluntary Pension Savings Funds

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
228.11 Return of balances to Salvadorans abroad
228.12 Withholdings on pensions for payment of contributions – Salvadoran Institute of Teacher Welfare (ISBM)
228.13 For claims of affiliates to the Qualifying Commission for Disability
228.99 Other accounts payable

DEBIT:

For the value of payments made.
When the payment of return of balance to Salvadorans abroad is made.

CREDIT:

For obligations of the Fund, in favor of collecting institutions, of the AFP and of third parties for misapplications related to collection, investment or other operations processes.
For obligations with the ISSS, product of withholdings of contributions to the health regime by retired affiliates.
For the recognition of the obligation to return the accumulated balance in the CIAP to an ex-affiliate of the SP.
For obligation with the AFP for legal costs received in their favor.
For the value to be paid in concept of return of balance to Salvadorans abroad.
For obligations with the Salvadoran Institute of Teacher Welfare (ISBM), product of withholdings of health contributions by retired affiliates.
For obligations with affiliates for financing of new examinations required by the Qualifying Commission for Disability to resolve claims of conformity as established in article 106 of the Law.
For the obligation to return voluntary contributions to affiliates when they request it.
The recording of the withholding of contributions to the ISSS health regime must be made on the date of payment of the pension. The use of subaccounts 228.01, 228.02, 228.03 and 228.09 must be for the recording of unusual situations.

ACCOUNT 229.00
TRANSITORY ACCOUNT OF ADVANCES OF
BALANCES TO AFFILIATES

DESCRIPTION:
Represents the amount of advances that affiliates requested from their individual savings account for pensions, to which Art. 110-A of Legislative Decree No. 787 published in the Official Journal No. 180, Volume No. 416 dated September 18, 2017

SUBACCOUNTS:
229.01 Advances to affiliates on the balance of their Individual Savings Account for Pensions.

DEBIT:

For the payments that affiliates make in concept of reimbursement of the withdrawn contributions and their profitability.
For the settlement of the balance at the moment that the affiliate meets the requirements for retirement, for the fulfillment of the deferred period for the enjoyment of the old-age benefit.
For the settlement of the unreimbursed balance of affiliates when they request the old-age benefit.

CREDIT:

For the value of the funds requested by the affiliate that have been granted as an advance of the balance of their CIAP account.

ITEM 230.00 OBLIGATIONS WITH AFFILIATES AND BENEFICIARIES

DESCRIPTION:
Comprises the obligation of the Fund with its affiliates and their beneficiaries, for the benefits to which they are entitled as established by the Law, in concept of old age, common disability and survivorship, as well as for the return of balances due to de-affiliation from the SP and other acquired economic benefits.

ACCOUNT 231.00 OBLIGATIONS FOR OLD AGE

DESCRIPTION:
Represents the obligations of the Fund with affiliates for: The payment of old-age pensions, return of the CIAP balance to the affiliate, when the accumulated amount in it is not sufficient to finance the pension or the legal requirements are not met, to opt for the same; return of the value accumulated annually in the CIAP, for retired affiliates and the payment to the affiliate of the excess of free availability, product of the difference between the balance of their individual account and the minimum balance necessary to finance their pension.

SUBACCOUNTS:

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
231.01 Old-age pensions
231.02 For return of balances for old age
231.03 For annual return of balances to retired persons for old age
231.04 For excesses of free availability - old age
231.05 For temporary economic benefit
231.06 For permanent economic benefit
231.07 Return of balance for serious illness
231.08 Return of balance for grave terminal illness

DEBIT:

For the payments in partial or total cancellation of obligations for old-age pensions and excesses of free availability.
When returning the accumulated amount of the CIAP of an affiliate.

CREDIT:

For the recording of the obligations with affiliates, for the payment of old-age pensions and excesses of free availability.
For the recognition of the obligation to return the accumulated balance to an affiliate.

ACCOUNT 232.00 OBLIGATIONS FOR DISABILITY

DESCRIPTION:
Represents the obligations of the Fund with affiliates for: The payment of disability pensions; the return of the CIAP balance to the affiliate, when the accumulated amount in it is not sufficient to finance the pension or the legal requirements are not met to opt for the same.

SUBACCOUNTS:
232.01 Common disability pensions - first report
232.02 Common disability pensions - second report
232.03 For return of balances to affiliates - disability
232.04 Return of balance for serious illness
232.05 Return of balance for grave terminal illness

DEBIT:

For the payments in partial or total cancellation of obligations for disability pensions.
When returning the accumulated amount of the CIAP of an affiliate.

CREDIT:

For the recording of the obligations with affiliates, for the payment of disability pensions.
For the recognition of the obligation to return the accumulated balance to an affiliate.

ACCOUNT 233.00 OBLIGATIONS FOR SURVIVORSHIP

DESCRIPTION:
Represents the obligations of the Fund with beneficiaries for: The payment of survivorship pensions; the return of the CIAP balance to the beneficiaries, when the accumulated amount in the deceased affiliate's account is not sufficient to finance the pension or the legal requirements are not met to opt for the same; and for the obligations of the Fund with the heirs of the CIAP balance, when retired affiliates die, without leaving beneficiaries entitled to survivorship pension or the last one with this right loses the condition of beneficiary.

SUBACCOUNTS:
233.01 Survivorship pensions
233.02 Returns for inheritance
233.03 Returns of CIAP balances to beneficiaries

DEBIT:

For the payments in partial or total cancellation of obligations for survivorship pensions.
When returning the accumulated amount of the CIAP to beneficiaries.
When making effective the CIAP balance to heirs.

CREDIT:

For the recording of the obligations with beneficiaries, for the payment of pensions and excesses of free availability.
For the recognition of the obligation to return the accumulated balance to beneficiaries or heirs.

ACCOUNT 234.00 OBLIGATIONS FOR PENSION – ISP AND STATE

DESCRIPTION:
Represents the obligation to pay pensions financed by the State.

SUBACCOUNTS:

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
ACCOUNTING MANUAL FOR PENSION FUNDS
Approval:
30/12/2022
Validity: 01/03/2023
234.01 For ISP old-age pension
234.02 For ISP disability pension
234.03 For ISP survivorship pension
234.04 For State old-age pension
234.05 For State disability pension
234.06 For State survivorship pension

DEBIT:

When making the pension payment.

CREDIT:

For the recording of the obligations with affiliates or beneficiaries, for the payment of pensions.

ACCOUNT 235.00
TRANSFERS OF FUNDS FOR THE PAYMENT OF
PENSION BENEFITS

DESCRIPTION:
Represents the balance of the transfers of resources coming from the ISP in accordance with what is established in article 10 of the Special Law for the Issuance of Certificates of Pension Obligations and Dissolution of the Pension Obligations Trust, referred to in Decree 616, published in Official Journal No. 241, Volume No. 437, of December 21, 2022.

SUBACCOUNTS:

235.01 Transfer from ISSS for the payment of pension benefits
235.02 Transfers from ISP for the payment of pension benefits
235.03 Transfers from the State for the compensation of contributions of the
Solidarity Guarantee Account

DEBIT:

For the payment of pensions with resources transferred by the Pension Institutes.
For the returns of resources received in excess from the Pension Institutes.
For the transfers made to the Pension Institutes, for the returns generated by these resources, before the payment of pensions.

CREDIT:

For the recording of the resources transferred by the Pension Institutes, for the payment of pensions.
For the returns that the resources transferred by the Pension Institutes have generated.

ACCOUNT 236.00
OBLIGATIONS OF THE SOLIDARITY GUARANTEE
ACCOUNT

DESCRIPTION:
Comprises the obligations of the Solidarity Guarantee Account (CGS) with affiliates and their beneficiaries, regarding pensions and the obligations that correspond to the Pension Institutes of the Public Pension System, as established in article 119 of the Law.

SUBACCOUNTS:

236.01 Value equivalent to CT and CTC
236.02 For second stage old-age pensions
236.03 Second stage survivorship pensions
236.04 For BEP pensions
236.05 Minimum Old-Age Pensions
236.06 Minimum Disability Pensions
236.07 Minimum Survivorship Pensions
236.08 Return of contributions to affiliates
236.09 Old-age pension due to exhaustion of CIAP
236.10 Disability pension due to exhaustion of CIAP (3)
236.11 Survivorship pension due to exhaustion of CIAP (3)

DEBIT:

For the payments in cancellation of obligations for pensions or benefits charged to the CGS.
When returning the accumulated amount of contributions to the CGS to the affiliates to whom it corresponds.

CREDIT:

For the recording of the obligations with affiliates, for the payment of pensions or benefits charged to the CGS.
For the recognition of the obligation to return the contributed balance in favor of an affiliate.

ITEM 240.00 SPECIAL GUARANTEE CONTRIBUTION

DESCRIPTION:
Comprises the contribution with own resources made by the AFP to the Fund constituted by legal requirement and other provisions, whose objective is to serve as backing for the minimum profitability of the Fund. This Contribution is represented in shares of the Pension Fund and incorporates the returns generated by the investments made from them.

ACCOUNT 241.00 SPECIAL GUARANTEE CONTRIBUTION

DESCRIPTION:
Represents the Special Guarantee Contribution invested in shares of the Fund and incorporates the returns generated by such investments and must represent the percentage established by the Law, based on the value of the Pension Fund, calculated daily on the average value of the fund during the fifteen consecutive days prior to the day of calculation.

SUBACCOUNT:
241.01 Special Guarantee Contribution

DEBIT:

For the decrease in the Special Guarantee Contribution when applied to individual accounts for minimum profitability coverage of the Pension Fund.
For the application of negative profitability resulting from the valuation of investments.
For the transfers of the excess of the EGC to the investment in AFP shares.

CREDIT:

For the constitution of the Special Guarantee Contribution, according to legal requirements.
For subsequent applications to its constitution in case it becomes insufficient to what is required by Law, whether in cash or transfers of AFP shares.
For the application of the profitability generated by the valuation of investments.

ITEM 260.00 AFP SHARES

DESCRIPTION:
Comprises the amounts that the AFP maintains invested in the Pension Fund administered, which will be represented in shares of said Fund.

ACCOUNT 261.00 AFP SHARES

DESCRIPTION:

Represents the AFP's investment in Fund quotas.

SUBACCOUNT:

261.01 AFP Quotas

DEBITED:

For the withdrawal of quotas made by the AFP from the Fund in accordance with regulations on the Management of the Special Guarantee Contribution and Investment of Pension Fund Administrators with own resources in Fund Quotas.
For the application of negative profitability resulting from the valuation of investments.
For the transfer made to the Fund's Equity to cover payment shortfalls and unearned profitability, at the expense of employers, collectors, and/or AFPs.

CREDITED:

For the contribution made by the AFP in quotas of the Pension Fund.
For transfers from the Special Guarantee Contribution (AEG) when it exceeds the required percentage.
For the application of positive profitability resulting from the valuation of investments.

ITEM 270.00
DERIVATIVE INSTRUMENTS FOR RISK COVERAGE

DESCRIPTION:
Represents the amounts disbursed assumed by the financial derivative when it takes the position of a liability, which the Pension Fund acquires to cover financial risks originating from financial investments, such as variable interest rates, fluctuations in fair value, and other risks originating from financial instruments.

ACCOUNT 271.00
DERIVATIVE INSTRUMENTS FOR RISK COVERAGE

SUBACCOUNT:

271.01 Derivative instruments for risk coverage – national
271.02 Derivative instruments for risk coverage – foreign

DEBITED:

For the payment of coverage derivative instruments on their settlement date.

CREDITED:

For the negotiation of derivatives for coverage.
For the registration of disbursed derivatives that have assumed the position of a liability.

SECTION 3
ACCOUNTING APPLICATION MANUALS OF EQUITY

CLASS 300.00 EQUITY

DESCRIPTION:
Comprises the items and accounts necessary to record received contributions, whether mandatory or voluntary, if they have been credited or contributions to be credited, such as those that have not entered the crediting process and have not been identified as belonging to AFP affiliates. It also includes the profitability generated by the Fund's investments. Affiliate contributions plus returns generated from investments and returns on current account balances will be registered in individual savings accounts for pensions expressed in legal tender currency and in the number of quotas that make up the Fund's equity, in accordance with provisions established in the current legal and regulatory framework.

ITEM 310.00 INDIVIDUAL ACCOUNTS

DESCRIPTION:
Comprises affiliate contributions plus returns generated by investments, expressed in legal tender currency and represented in the number of quotas.

ACCOUNT 311.00 ACTIVE CONTRIBUTORS

DESCRIPTION:
Represents the value of individual accounts corresponding to affiliates who have not accessed the benefits established by Law.

SUBACCOUNTS:

311.01 Mandatory contributions
311.02 Voluntary contributions

SUBACCOUNT 311.01 Mandatory contributions

DESCRIPTION:
Represents mandatory contributions from affiliates, employer contributions, and returns generated by investments, as well as other income that, by Law, must be entered into this account.

DEBITED:

For the amounts of contribution transfers to another AFP in the case of affiliate transfers.
For the amounts of refunds for overpayments on the maximum IBC (Base Contribution Base), by affiliates and/or employers.
For the value of AFP commissions for the administration of CIAP (Individual Savings Accounts for Pensions) and special CIAP administration.
For the transfer of CIAP to other institutions when an affiliation contract is terminated or for transfers.
For the application of loss resulting from the valuation of investments.
For the transfer to subaccount 313.01, when the affiliate retires due to old age or disability, or their beneficiaries receive a survivor's pension. The transfer must be made from the date the pension resolution is issued.
For the transfer to subaccount 312.01, when the affiliate stops contributing for more than one year. This transfer will be made at the accounting closing of the month in which the affiliate completes one year of non-contribution.

CREDITED:

For the amounts of mandatory contributions received from employers and affiliates.
For mandatory contributions, included in the amounts of affiliate transfers received from other AFPs.
For the application of profit resulting from the valuation of investments.
For mandatory contributions included in amounts received in the concept of arrears, from other AFPs, ISSS, and ISP.
For the transfer of funds from the Special Guarantee Contribution account or AFP own resources, when applicable to cover minimum profitability.
For the transfer from subaccount 312.01, when the affiliate contributes again.
For the transfer from subaccount 313.01, when the temporarily disabled pensioner is declared not disabled during the 2nd Medical Board.
For the value of Transfer Certificates issued by ISSS and ISP.
For the value of the special contribution when applicable.
For the transfer of the balance from the FSV (Voluntary Pension Savings Fund) individual account.

SUBACCOUNT 311.02 Voluntary contributions

DESCRIPTION:
Represents voluntary contributions from affiliates, employers, and returns generated by investments.

In accordance with Legislative Decree No. 787 published in Official Diary No. 180, Volume No. 416 on September 18, 2017, which contained reforms to the Pension Savings System Law, thereby repealing Article 17 of said Law, this account may no longer be credited with additional voluntary contributions, except if they correspond to contributions that were in arrears, recovery of previously declared contribution delinquency, or those incorporated into payrolls generated in the Previsional Payroll Preparation System on dates prior to the repeal of said article and are presented subsequently to the AFPs.

Additionally, in accordance with Article 17 of the Integral Pension System Law, it establishes that in the event of voluntary contributions, these will be returned to the affiliate including their respective profitability, when requested by the affiliate within a maximum period of five business days from the request.

When an affiliate requests to transfer their CIAP to another AFP, the resources of the affiliate's voluntary contributions must be included, in the case that the affiliate has not requested to transfer them to a Voluntary Previsional Savings Fund.

DEBITED:

For the amounts of contribution transfers to another AFP in the case of affiliate transfers.
For the transfer of CIAP to other institutions when an affiliation contract is terminated or for transfers.
For the application of negative loss resulting from the valuation of investments.
For the transfer to subaccount 313.02, when the affiliate retires due to old age or disability, or their beneficiaries receive a survivor's pension. The transfer must be made from the date the pension resolution is issued.
For the transfer to subaccount 312.02, when the affiliate stops contributing for more than one year. This transfer will be made at the accounting closing of the month in which the affiliate completes one year of non-contribution.
For the amounts of transfers of voluntary contributions to a Voluntary Previsional Savings Fund administered by a financial institution.

CREDITED:

For voluntary contributions, included in the amounts of affiliate transfers received from other AFPs.
For the application of positive profitability resulting from the valuation of investments.
For the application that the AFP makes to the individual account for the retention incentive.
For voluntary contributions included in amounts transferred from other AFPs in the concept of arrears.
For the transfer of funds from the Special Guarantee Contribution account or AFP own resources, when applicable to cover minimum profitability.
For the transfer from subaccount 312.02, when the affiliate contributes again. This transfer will be made at the accounting closing of the month in which they contribute again.
For the transfer from subaccount 313.02, when the temporarily disabled pensioner is declared not disabled during the 2nd Medical Board.

ACCOUNT 312.00 INACTIVE CONTRIBUTORS

DESCRIPTION:
Represents the value of individual accounts with inactivity for more than one year, corresponding to affiliates who have not accessed the benefits established by Law.

SUBACCOUNTS:

312.01 Mandatory contributions
312.02 Voluntary contributions

SUBACCOUNT 312.01 MANDATORY CONTRIBUTIONS

DESCRIPTION:
Represents mandatory contributions from CIAPs with inactivity for more than one year.

DEBITED:

For the transfer to subaccount 311.01, when the affiliate contributes again. This transfer will be made at the accounting closing of the month in which they contribute again.
For the transfer to subaccount 313.01, when the affiliate or their beneficiaries access the benefits established by Law. The transfer must be made from the date the pension resolution is issued.
For the application of loss resulting from the valuation of investments.

CREDITED:

For the transfer from subaccount 311.01, when the CIAP completes more than one year of not receiving contributions. This transfer will be made at the accounting closing of the month in which the affiliate completes one year of non-contribution.
For the application of profit resulting from the valuation of investments.
For mandatory contributions included in amounts received in the concept of arrears, from other AFPs, ISSS, and ISP.
For the transfer of funds from the Special Guarantee Contribution account or AFP own resources, when applicable to cover minimum profitability.

SUBACCOUNT 312.02 VOLUNTARY CONTRIBUTIONS

DESCRIPTION:
Represents the value of voluntary contributions from CIAPs with inactivity for more than one year.

DEBITED:

For the transfer to subaccount 311.02, when the affiliate contributes again. This transfer will be made at the accounting closing of the month in which they contribute again.
For the transfer to subaccount 313.02, when the affiliate or their beneficiaries access the benefits established by Law. The transfer must be made from the date the pension resolution is issued.
For the application of loss resulting from the valuation of investments.

CREDITED:

For the transfer from subaccount 311.02, when the CIAP completes more than one year of not receiving contributions. This transfer will be made at the accounting closing of the month in which the affiliate completes one year of non-contribution.
For the application of profit resulting from the valuation of investments.
For voluntary contributions included in amounts received in the concept of arrears, from other AFPs, ISSS, and ISP.
For the transfer of funds from the Special Guarantee Contribution account or AFP own resources, when applicable to cover minimum profitability.

ACCOUNT 313.00 PENSIONERS

DESCRIPTION:
Represents the value of individual accounts corresponding to affiliates who have accessed, they or their beneficiaries, the benefits established by Law.

SUBACCOUNTS:

313.01 Mandatory contributions
313.02 Voluntary contributions
313.03 Contributions of pensioned affiliates

SUBACCOUNT 313.01 Mandatory contributions

DESCRIPTION:
Represents mandatory contributions from affiliates, employer contributions, and returns generated by investments, as well as other income that by Law must be entered into this account.

DEBITED:

For the amounts withdrawn for the payment of benefits established in the Integral Pension System Law.
For the amounts of refunds for overpayments on the maximum IBC, by employers.
For the value of AFP commissions for pension administration and special CIAP administration.
For the value of the deduction of the contribution to the ISSS health regime. This application must be made on the same date the pension is paid.
For the transfer of CIAP to other institutions due to contract cancellation.
For the transfer to subaccount 311.01, when the temporarily disabled pensioner is declared not disabled during the 2nd Medical Board.
For the application of loss resulting from the valuation of investments.
For the refund or adjustment of overpayments of complementary capital according to Article 158 of the Law or disability pension payments made by the insurance company.
For the refund or adjustment of Transfer Certificates issued by ISSS and ISP for a value higher than corresponding.
For the refund to the State for pensions paid in excess.

CREDITED:

For the transfer from subaccount 311.01 or 312.01, on the date the affiliate or their beneficiaries access the benefits established by Law.
For the amounts of contributions received from employers and affiliates.
For mandatory contributions, included in the amounts of balance transfers of affiliates received from other AFPs.
For the value of Transfer Certificates issued by ISSS and ISP.
For the application of profit resulting from the valuation of investments.
For mandatory contributions included in amounts received in the concept of arrears, from other AFPs, ISSS, and ISP.
For the transfer of funds from the Special Guarantee Contribution account or AFP own resources, when applicable to cover minimum profitability.
For the advanced value of complementary capital contributed by the AFP or insurance company according to Article 158 of the Law.
For the net complementary capital value corresponding to the affiliate or beneficiary, contributed by the insurance company according to Article 158 of the Law or the AFP.
For the value of the special contribution when applicable.
For disability pension payments from the first board received from the insurance company.
For the transfer of the balance from the FSV individual account.
For the transfer of funds pursuant to the pension guarantee.

SUBACCOUNT 313.02 Voluntary contributions

DESCRIPTION:
Represents voluntary contributions included in the CIAP of affiliates, who they or their beneficiaries are receiving a pension.

DEBITED:

For the amounts withdrawn for the payment of benefits established in the Integral Pension System Law.
For the amounts of refunds for overpayments, by employers.
For the transfer of CIAP to other institutions due to contract cancellation.
For the transfer to subaccount 311.02, when the temporarily disabled pensioner is declared not disabled during the 2nd Medical Board.
For the value of the deduction of the contribution to the ISSS health regime. This application must be made on the same date the pension is paid.
For the application of negative profitability resulting from the valuation of investments.

CREDITED:

For the transfer from subaccount 311.02 or 312.02, on the date the affiliate or their beneficiaries access the benefits established by Law.
For voluntary contributions, included in the amounts of affiliate transfers received from other AFPs.
For the application of positive profitability resulting from the valuation of investments.
For the application that the AFP makes to the individual account for the retention incentive.
For voluntary contributions included in amounts transferred from other AFPs in the concept of arrears.
For the transfer of funds from the Special Guarantee Contribution account or AFP own resources, when applicable to cover minimum profitability.

SUBACCOUNT 313.03 Contributions of pensioned affiliates

DESCRIPTION:
Represents contributions included in the CIAP of pensioned affiliates who continue to contribute, as established in Article 13 of the Law.

DEBITED:

For the amounts withdrawn by the pensioned affiliate during the same month the pension became effective.
For the amounts of refunds for overpayments, by employers.
For the transfer of CIAP to other institutions due to transfer.
For the application of negative profitability resulting from the valuation of investments.

CREDITED:

For the amounts of contributions received from pensioned affiliates and/or employers.
For the application of positive profitability resulting from the valuation of investments.

ITEM 320.00 CONTRIBUTIONS PENDING APPLICATION

DESCRIPTION:
Represents the total value of contributions pending to be credited, arrears pending to be compensated, overpayments identified in the crediting process, and the reserve to cover complementary capitals.

ACCOUNT 321.00 GLOBAL COLLECTION

DESCRIPTION:
Records the total value collected in the concept of contributions for subsequent crediting, which must be zero at the end of each month. Once identified to whom the collections belong, they must be credited to account 311.01 "Mandatory Contributions".

The balance registered in subaccount 321.01 on the closing day of the collection month will be transferred to subaccount 322.01; to subaccount 323.01, the amount not identified in the crediting process and which may belong to this, another AFP, or a previsionary institution will be applied; to subaccount 324.01, the overpayments determined in the crediting process; and to subaccount 325.01, contributions of affiliates who were transferred to another AFP.

SUBACCOUNT:

321.01 Collection of the current month

DEBITED:

For the transfers of contributions to the individual accounts of affiliates when crediting is performed.
For the refund of deposits improperly paid by the bank.
For the transfers to the subaccount of contributions to be credited.
For the transfers made to the subaccount of arrears.
For the transfer of overpayments of affiliates and employers to the subaccount of overpayments.
For the application of negative profitability resulting from the valuation of investments.
For the transfer to account 221.00, the value of AFP commissions for credited contributions.

CREDITED:

For collections made.
For amounts of member transfers received from other AFPs.
For amounts of transfers received from other AFPs in the concept of backlogs.
For the application of positive profitability resulting from the revaluation of investments.

ACCOUNT 322.00 CONTRIBUTIONS TO BE CREDITED
DESCRIPTION:
Records the value of contributions transferred from subaccount 321.01 "Collection of the current month" and that at the end of the collection month, remain pending to be credited. At the beginning of each month, the reclassification in the subaccounts must be carried out, according to the age of the collection month of the contributions that are pending to be credited.

SUBACCOUNTS:

322.01 Of the current month
322.02 Of one month
322.03 Of two months
322.04 Of three months
322.05 Of four months
322.06 Of five months
322.07 Of six months
322.08 Of seven months
322.09 Of eight months
322.10 Of nine months
322.11 Of ten months
322.12 Of eleven months
322.13 From one year and more

DEBITED:

For the transfers to the individual accounts of the members when carrying out the respective credits.
For the return of deposits improperly paid by the bank.
For the transfers made to the backlog subaccounts.
For the transfer of excess payments from members and employers to the excess payment subaccounts.
For the transfer to account 221.00, the value of the AFP's commissions, for the contributions credited.
For the application of negative profitability resulting from the revaluation of investments.

CREDITED:

For the value of uncredited contributions transferred from subaccount 321.01.
For the application of positive profitability resulting from the revaluation of investments.

ACCOUNT 323.00 BACKLOGS
DESCRIPTION:
Records the value of contributions that after the crediting process present identification problems to be applied to the CIAP. These may belong to the AFP or other social security institutions. Once the reconciliation process referred to in Article 50 of the "Technical Standards for the Management of Current Accounts and the Operation of the Collection, Crediting and Information Transmission Process to Members of the Pension System" (NSP-51) is completed, the value of the backlogs belonging to another AFP, to the ISSS or to the ISP will be transferred to the corresponding liability account, on the date of compensation. What is identified as belonging to the AFP will be credited to the respective CIAP. Specifically, subaccount 323.14 records the profitability generated between the date of compensation of the backlog or duplicate improper contribution and the date of its return. At the beginning of each month, the reclassification in the subaccounts must be carried out, according to the age of the collection month of the contributions that have not been identified.

SUBACCOUNTS:

323.01 Of the current month
323.02 Of one month
323.03 Of two months
323.04 Of three months
323.05 Of four months
323.06 Of five months
323.07 Of six months
323.08 Of seven months
323.09 Of eight months
323.10 Of nine months
323.11 Of ten months
323.12 Of eleven months
323.13 From one year and more
323.14 Profitability from duplicate compensation

DEBITED:

For the transfer to the liability of the contributions of members from another AFP, from the ISSS or ISP that will be cancelled on the same day.
For the transfer of collections to the individual accounts of the members that are identified as belonging to the AFP.
For the application of negative profitability resulting from the revaluation of investments.

CREDITED:

For the transfer from subaccount 321.01 or from the subaccount of contributions to be credited, the value of unidentified collections.
For the application of positive profitability resulting from the revaluation of investments.
For the Profitability generated between the date of compensation and the date of return, of duplicate compensation.

ACCOUNT 324.00 EXCESS PAYMENTS
DESCRIPTION:
Records the value of payments received in excess, by employers or members, which, on the same date of crediting, will be transferred to account 224.01 or 224.02, where they will remain waiting for the decision on the form of application, which will be carried out in accordance with what is contemplated in the corresponding regulations.

SUBACCOUNT:

324.01 Excess payments

DEBITED:

For the nominal value of the excess payments, transferred to the liability account on the date of crediting or determination of the excess.
For the value of the profitability that the excess paid contributions generated, between the date of collection and the date of crediting of the payrolls that generated the excess, transferred to account 331.00. This application will be made in case that the value of the excess quotas, on the date of crediting, is greater than its nominal value.
CREDITED:
For the value of the excess payments determined in the crediting, transferred from the subaccounts of global collection, of contributions to be credited and of backlogs.

For the value of the profitability that the excess paid contributions generated, between the date of collection and the date of crediting of the payrolls that generated the excess, transferred to account 331.00. This application will be made in case that the value of the excess quotas, on the date of crediting, is less than its nominal value.

ACCOUNT 325.00 BACKLOGS OF FORMER MEMBERS

DESCRIPTION:
Records the value of backlogs generated by contributions received from former members who have been transferred to another AFP. Specifically, subaccount 325.14 records the profitability generated between the date of compensation of the backlog or duplicate improper contribution and the date of its return. At the beginning of each month, the reclassification in the subaccounts must be carried out, according to the age of the collection month of the contributions received from members who were transferred to another AFP.

SUBACCOUNTS:

325.01 Of the current month
325.02 Of one month
325.03 Of two months
325.04 Of three months
325.05 Of four months
325.06 Of five months
325.07 Of six months
325.08 Of seven months
325.09 Of eight months
325.10 Of nine months
325.11 Of ten months
325.12 Of eleven months
325.13 From one year and more
325.14 Profitability from duplicate compensation

DEBITED:

For the transfer to the liability of the contributions of former members, on the date of compensation of the backlogs.
For the transfer to the liability of the obligation to pay commissions to the AFP that administers the Fund, corresponding to contributions of former members whose accrual period corresponds to the AFP of origin.

For the application of negative profitability resulting from the revaluation of investments.
CREDITED:
For the transfer from the subaccount of global collection or from the subaccounts of contributions to be credited the value of the contributions corresponding to former members.
For the application of positive profitability resulting from the revaluation of investments.
For the profitability generated between the date of compensation and the date of return, of duplicate compensation.

ACCOUNT 326.00 COMPLEMENTARY CAPITALS

DESCRIPTION:
Records the value of the Complementary Capitals contributed by the AFP, due to the settlement of the disability and survivorship insurance contract that they had subscribed with an insurance company, and that have not yet been credited to the CIAP of the pension beneficiaries.

SUBACCOUNT:

326.01 Provision for complementary capitals

DEBITED:

For the transfer to mandatory contributions, resulting from the crediting of the complementary capital in the CIAP of the beneficiary.
For the application of negative profitability resulting from the revaluation of investments.
CREDITED:
For the values received from the AFP, in the concept of complementary capital.
For the application of positive profitability resulting from the revaluation of investments.

ACCOUNT 327.00
REMAINING CONTRIBUTIONS OF FORMER MEMBERS OF AFP PROFUTURO

DESCRIPTION:

Represents the value of the contributions of the members and their employers, as well as the returns obtained, and that were transferred from the settlement of the AFP Profuturo Pension Fund, and that present identification problems to be applied to their respective CIAP. As the members prove the ownership of the contributions, and the records are identified, the resources corresponding to the identified contributions will be credited to the respective CIAP.

SUBACCOUNTS:

327.01 Unidentified Contributions of Former Members of AFP Profuturo
DEBITED:

For the identified value, which will be credited to the member's CIAP, according to the proofs presented.
For the transfer of funds to another AFP, in case of insufficiency; to cover CIAP balances of Former Members of AFP Profuturo, S.A., "in Liquidation".
CREDITED:
For the value of the contributions transferred, which constitutes the remainder of the settlement of the AFP Profuturo Pension Fund.
For adjustments in CIAP balances of former members of AFP Profuturo, S.A., "In Liquidation".

ITEM 330.00 PROFITABILITY
DESCRIPTION:
Comprises the variation in the revaluation of the Fund's investments in accordance with what is provided by the Law, Regulations and other applicable provisions in force. Additionally, this account records resources coming from the application of fines and interest, as well as other income obtained from donations, cooperation and others under any title in accordance with Article 77 of the Law. The fines and interest referred to in the previous paragraph correspond to sanctions imposed by the Superintendence for non-compliance with what is established in the Law, having followed the procedure established in the Law of Supervision and Regulation of the Financial System. The Superintendence will carry out the corresponding procedures so that the product of the aforementioned fines and the moratory interest on them is deposited into the corresponding Pension Fund. At the end of the day, it must be applied to each account as appropriate, leaving it with a zero balance.

ACCOUNT 331.00 PROFITABILITY
DESCRIPTION:
Represents the result of the revaluation of the Fund's investments in accordance with the legal provisions that correspond. Additionally, in accordance with Article 77 of the Law, this account records resources coming from the application of fines and interest, as well as other income obtained from donations, cooperation and others under any title.

SUBACCOUNT:

331.01 Profitability

DEBITED:

For the loss generated by the revaluation of the Fund's investments.
For the negative profitability that excess payments of social security contributions have accumulated at the time of their transfer to the liability.
For the negative profitability that improper payroll deposits have accumulated, between the date of receipt and their return.
For the distribution of profitability at the end of each day.
For the negative profitability that transfers and backlogs have accumulated in the period between the date of the quota value taken as reference for their payment and the date on which the payment was made.
Reversions and adjustments for the amount of fines and interest, when applicable.
CREDITED:
For the positive profitability generated by the revaluation of the Fund's investments.
For the profitability generated by interest in current accounts.
For the positive profitability that excess payments have accumulated at the time of their transfer to the liability.
For the distribution of the loss at the end of the day.
For the profitability left uncollected collected from collectors for erroneous applications.
For the positive profitability that transfers and backlogs have accumulated in the period between the date of the quota value taken as reference for their payment and the date on which the payment was made.
For the positive profitability that improper payroll deposits have accumulated, between the dates of receipt and their return.
For the fines imposed and their generated interest.
For donations, cooperation and others under any title.

ITEM 340.00 SOLIDARITY GUARANTEE ACCOUNT

DESCRIPTION:
Comprises the contributions of employers, of pensioners plus the returns generated by investments, expressed in legal tender currency and represented in number of quotas.

ACCOUNT 341.00 SOLIDARITY GUARANTEE ACCOUNT

DESCRIPTION:
Records the value of the contributions charged to employers through the social security contribution payrolls of their workers; the special contribution on the amount of the monthly pension of the pensioned members for old age in accordance with Article 119 of the Integral Law of the Pension System.

SUBACCOUNT:

341.01 Solidarity guarantee account

DEBITED:

For the amounts of the transfers of contributions to another AFP in the case of member transfers.
For the amounts of the obligations to be cancelled established in the Law charged to the Solidarity Guarantee Account.
Payment of pensions in any modality contemplated in this Law when the Individual Savings Account for Pensions is exhausted;
For the returns of the contributions to the members who do not meet the requirements to access any other benefit covered with resources from the Solidarity Guarantee Account
For the payment of a value equivalent to the Transfer Certificates as established in this Law
For the refund to the State for contributions received in excess.
For the application of the loss resulting from the revaluation of investments.
CREDITED:
For the amounts of the contributions received from employers destined to the Solidarity Guarantee Account in accordance with Article 16 of the Law.
For the amounts of special contribution on the amount of the monthly pension of the pensioned members for old age.
For the contributions of the ISP and the State to the Solidarity Guarantee Account in accordance with Article 120 of the Law.

For the application of the profit resulting from the revaluation of investments.

SECTION 4
ACCOUNTING APPLICATIONS MANUAL OF COMMITMENTS
CLASS 600.00 COMMITMENT ACCOUNTS

DESCRIPTION:
Groups the debtor contra-accounts for those operations that represent obligations of the Pension Fund, and that on a later date, will decrease the equity and its assets or create a liability.

ITEM 610.00 DEBTOR COMMITMENT ACCOUNTS

DESCRIPTION:
Comprises the debtor registration accounts that are intended for the internal accounting control of the Fund and by their nature do not form part of the Fund's assets, liabilities or equity.

ACCOUNT 611.00 BACKLOGS TO BE TRANSFERRED
DESCRIPTION:
Represents the backlogs identified by the Superintendence, as well as those identified directly by the AFP.

SUBACCOUNTS:

611.01 Backlogs identified by the Superintendence
611.02 Backlogs identified by the AFP

DYNAMICS:
Subaccount 611.01, will record movements on the date that the backlogs identified by the Superintendence are notified to the AFPs. Those backlogs that are identified directly by the AFP will be registered in subaccount 611.02, on the date of their identification.

ACCOUNT 612.00 TRANSFERS TO BE MADE
DESCRIPTION:
Represents the amount of the transfers to be made, approved by the Superintendence, that will be transferred to other AFPs, regardless of their entry into force.

SUBACCOUNTS:

612.01 Transfers to compensate
612.02 Approved transfers

DYNAMICS:
The account transfers to be made, must record movements on the date of notification of the transfer authorization by the Superintendence, registering in subaccount 612.01, those that have already entered into force and in subaccount 612.02, the authorized ones that have not entered into force.

ACCOUNT 619.00 OTHER CAUSES

DESCRIPTION:
Represents the amount of eventual obligations that the Pension Fund would have for causes that may result in the decrease of equity and assets or the creation of a liability.

SUBACCOUNT:

619.99 Other causes

ITEM 650.00 CREDITOR COMMITMENT ACCOUNTS

DESCRIPTION:
Groups those operations that represent obligations of the Pension Fund, and that on a later date, will decrease the equity and its assets or create a liability.

ACCOUNTS:

651.00 LIABILITY FOR BACKLOGS TO BE TRANSFERRED
651.01 Liability for backlogs identified by the Superintendence
651.02 Liability for backlogs identified by the AFP
652.00 LIABILITY FOR TRANSFERS TO BE MADE
652.01 Liability for transfers to compensate
652.02 Liability for approved transfers
659.00 LIABILITY FOR OTHER CAUSES
659.99 Liability for other causes

SECTION 5
ACCOUNTING APPLICATIONS MANUAL OF CONTROL
CLASS 700.00 CONTROL ACCOUNTS

DESCRIPTION:
Groups the registration accounts intended for the internal control of the Fund, as well as those used for the accounting of operations with third parties, which by their nature do not integrate the assets, liabilities and equity.

ITEM 710.00 DEBTOR CONTROL ACCOUNTS
DESCRIPTION:
Represents the debtor registration accounts that are intended for the internal accounting control of the Fund and by their nature do not integrate the assets and liabilities and do not influence the equity. Comprises in the case of debtor control accounts; the special guarantee contribution to complete, the backlogs to collect; the CIAP transfers to collect; excess benefit payments to collect; transfer certificates that are soon to be issued for members to meet the requirements to opt for a pension; as well as, those custodied by the AFP pending endorsement by their beneficiaries; presumed delinquency and accounts to collect in legal proceedings; complementary capital in accordance with what is established in Article 158 of the Law and requested minimum pensions pending to receive; operations for the purchase of securities not settled; the values and transfer certificates delivered in custody; and the valuation of investments.

ACCOUNT 711.00
OPERATIONS WITH MANAGED PENSION FUNDS

DESCRIPTION:
Groups the deficiency of the Special Guarantee Contribution (AEG) that according to what is required by the Law and Regulations must be paid by the AFP, the amount contracted with AFP resources through guarantees or other financial instruments that allow backing the established AEG percentage; as well as, the amount of the transactions for the purchase of securities carried out in operations that have not been settled.

SUBACCOUNTS:

711.01 Special guarantee contribution to complete
711.02 Purchase of securities in cash operations to settle
711.03 Purchase of securities in term operations to settle
711.04 Guarantees to back the special guarantee contribution

DEBITED:

For the amount to be collected for the deficiency that the Special Guarantee Contribution presents.

For the amount negotiated in the purchase of securities for cash and term operations, that will be settled in accordance with what is established in the Securities Market Law, the current regulatory framework and the Stock Exchange.
For the amount of the guarantee contracted to back the AEG.
CREDITED:
For the contribution made by the AFP to complement the requirement of the Special Guarantee Contribution.
For the amount of the settlement of the cash and term operations.
For the decrease in the contracted amount of the guarantee to back the AEG.

ACCOUNT 712.00 OPERATIONS WITH OTHER PENSION FUNDS

DESCRIPTION:
Represents the amount pending to receive for the transfers of members from other AFPs to the present one, as well as from the backlogs coming from other social security institutions.

SUBACCOUNTS:

712.01 CIAP transfers to collect
712.02 Backlogs to collect
DEBITED:

For the estimated amount to be collected for the amount of the contributions of members to other AFPs that have been transferred to this one.
For the estimated amount to be collected from the backlogs coming from other social security institutions to the present one.
CREDITED:
For the collection of contributions for the transfers of members from other AFPs to this one.
For the collection of the amount of backlogs coming from another social security institution.

ACCOUNT 713.00 OPERATIONS FOR BENEFIT PROCEDURES

DESCRIPTION:
Represents the rights to collect derived from the excess benefit payments made to the members; transfer certificates, complementary capital in accordance with what is established in Article 158 of the Law and minimum pension that have been requested and are pending to receive; as well as, the transfer certificates custodied by the AFP pending endorsement by the corresponding beneficiary.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-40
PENSION FUND ACCOUNTING MANUAL
Approval:
12/30/2022
Validity: 03/01/2023

SUBACCOUNTS:

713.01 Overpayments of benefits receivable
713.02 Transfer certificates requested – ISSS
713.03 Transfer certificates requested – ISP
713.04 Transfer certificates held by the AFP – ISSS
713.05 Transfer certificates held by the AFP – ISP
713.06 Pending complementary capital requested to be received
713.07 Requested minimum pension

DEBITED BY:

The amount receivable for overpayments of benefits made to affiliates.
The value of transfer certificates requested from the ISSS or ISP, soon to be made effective.
The value of transfer certificates received and pending endorsement by the beneficiary.
The amount claimed for complementary capital from insurance companies that is pending receipt.
The amount of old-age, disability, and survivorship pensions requested from the State that are pending receipt.

CREDITED BY:

The collection of overpayments of benefits to affiliates.
The redemption of transfer certificates.
The withdrawal of the transfer certificate that has been endorsed by the beneficiaries and deposited in a securities custodian company.
The amount received for complementary capital from the insurance company.
The amount of old-age, disability, and survivorship pensions made effective by the State.

ACCOUNT 714.00 OPERATIONS FOR DELINQUENT CONTRIBUTIONS DESCRIPTION:
Represents the amount for presumed delinquency generated by affiliates' contributions that were not paid by employers, as well as those receivables that are in legal recovery proceedings.

SUBACCOUNTS:

714.01 Presumed delinquency
714.02 Receivables in legal proceedings for presumed delinquency
714.03 Judicial collection processes
714.03.M.01 Principal
714.03.M.02 Profitability

DEBITED BY:

The amount generated for presumed delinquency.
The amount in legal recovery proceedings.
The amount of real delinquency in the judicial collection process, segregating what corresponds to the principal and to profitability respectively.

CREDITED BY:

The amount recovered from presumed delinquency.
The transfer of presumed delinquency to real delinquency when the latter is duly justified.
The amount recovered from receivables in legal proceedings.

ACCOUNT 715.00
VALUES DELIVERED TO NATIONAL CUSTODY COMPANIES DESCRIPTION:
Groups the values representing investments made with the resources of the Pension Fund, which are deposited in a company specialized in the deposit and custody of national securities.

SUBACCOUNTS:

715.01 Bank Certificates of Deposit
715.02 Commercial Certificates
715.03 Share Certificates
715.04 Investment Certificates
715.05 Participation Certificates of Investment Funds
715.06 LETES
715.07 Promissory Notes
715.08 Stock Paper for Development
715.09 Corporate Certificates
715.10 Certificates of Previsional Obligations
715.11 Bonds for purchases of western electric companies
715.12 EUROBONDS
715.13 Exigible transfer certificates
715.14 Notes
715.15 Medium-Term Bonds
715.16 Negotiable Obligations of Foreign Issuers
715.17 Treasury Bonds
715.18 Previsional Investment Certificates
715.19 Securitization Values
715.20 Treasury Certificates
715.21 Values by Repos
715.22 Transition Financing Certificate (2)

DEBITED BY:

The nominal value of the deposited values.

CREDITED BY:

The amortized value of the values, through the payment of coupons.
The value of the values withdrawn from custody.

ACCOUNT 716.00
VALUES DELIVERED TO INTERNATIONAL CUSTODY COMPANIES

DESCRIPTION:
Groups the values representing investments made with the resources of the Pension Fund, which are deposited in a company specialized in the deposit and custody of international securities.

SUBACCOUNTS:

716.01 EUROBONDS

DEBITED BY:

The nominal value of the deposited values.

CREDITED BY:

The amortized value of the values, through the payment of coupons.
The value of the values withdrawn from custody.

ACCOUNT 717.00 SOLIDARITY GUARANTEE ACCOUNT

DESCRIPTION:
This account groups the control of the value of contributions charged to employers through the previdential contribution payroll sheets of their workers; the special contribution on the amount of the monthly pension of affiliates pensioned for old age in accordance with articles 119 and 120 of the Integral Pension System Law.

SUBACCOUNTS:

717.01 Contribution charged to the employer
717.02 Special contribution for pensioners
717.03 Contribution charged to the State

DEBITED BY:

The amounts of contributions received from employers destined for the Solidarity Guarantee Account.
The amounts of special contribution charged to pensioners for old age that correspond.
The contributions from the ISP and the State to the Solidarity Guarantee Account that correspond to the obligations established in the Law.

CREDITED BY:

The recording of adjustments determined with respect to the amounts previously registered.

ACCOUNT 718.00 CUSTODY OF OWN DOCUMENTS
DESCRIPTION:
Groups the values representing investments made with the resources of the Pension Fund, which are in custody of the Pension Fund Administrator.

SUBACCOUNTS:
718.01 Time Deposit Certificates
718.02 Time Deposit Certificates for Housing

DEBITED BY:

The nominal value of the values in own custody.

CREDITED BY:

The cancelled value of the values when the maturity date is met.
The value of the values withdrawn from custody.

ACCOUNT 719.00 FINANCIAL DERIVATIVE INSTRUMENTS FOR RISK HEDGING

DESCRIPTION:
The subaccounts of this account will account for the nominal or notional amounts of financial derivative instrument contracts purchased or acquired for the purpose of risk hedging.

SUBACCOUNTS:
719.01 Derivative Instruments for Risk Hedging – National
719.02 Derivative Instruments for Risk Hedging – Foreign

DEBITED BY:

The nominal value of the contracts of the acquired derivative instruments.
CREDITED BY:
The cancelled nominal value of the derivative instrument contracts when the maturity date is met.
The nominal value of the derivative instrument contracts when they cease to fulfill the hedging function.

ITEM 750.00 CREDITOR CONTROL ACCOUNTS

DESCRIPTION:
Comprises the creditor registration accounts destined for the internal accounting control of the Pension Fund and which by their nature do not integrate the asset and liability and do not influence equity. Includes the contra-creditor accounts of the debtor control accounts. It is not necessary to use subaccounts and analytical accounts for the creditor control accounts. The dynamics of the creditor control accounts is similar but in the reverse sense to that established for the debtor control accounts.

ACCOUNTS:
751.00 CONTRA-ACCOUNT OF OPERATIONS WITH ADMINISTERED PENSION FUNDS
752.00 CONTRA-ACCOUNT OF OPERATIONS WITH OTHER PENSION FUNDS
753.00 CONTRA-ACCOUNT OF OPERATIONS FOR BENEFIT PROCEDURES
754.00 CONTRA-ACCOUNT OF OPERATIONS FOR DELINQUENT CONTRIBUTIONS
755.00 CONTRA-ACCOUNT OF VALUES DELIVERED TO NATIONAL CUSTODY COMPANIES
756.00 CONTRA-ACCOUNT OF VALUES DELIVERED TO INTERNATIONAL CUSTODY COMPANIES
757.00 CONTRA-ACCOUNT OF SOLIDARITY GUARANTEE ACCOUNT
758.00 CONTRA-ACCOUNT OF CUSTODY OF OWN DOCUMENTS
759.00 CONTRA-ACCOUNT OF FINANCIAL DERIVATIVE INSTRUMENTS FOR RISK HEDGING

CHAPTER IV
FINANCIAL STATEMENT MODELS

GENERAL CONSIDERATIONS FOR FINANCIAL STATEMENTS Financial Statements will be prepared comparatively, under the following criteria:

The balances presented in the Balance Sheet, both quarterly and annual, will be compared with the balances as of December 31 of the previous year.
The Statement of Cash Flows and the Statement of Changes in Equity, both quarterly and annual, will be compared with the balances of the same period of the previous year.
The financial statement models contain the minimum accounting lines or accounts that must be considered in said financial statements of the Pension Fund, therefore, they are not limiting.

Model No. 1
NAME OF THE ADMINISTRATOR _____________________ Balance Sheet of the Pension Fund _______________________ (Expressed in United States dollars) 20X2 20X1

ASSETS
CURRENT ASSETS
Liquidity (Note 4) $______ $______
Values by Repos (Note 4) ______ ______
Investments* (national and foreign) (Notes 5, 19) ______ ______ Investment excesses (Note 5) Receivables (Note 6) ______ ______ Total current asset $______ $______ NON-CURRENT ASSETS Contributions pending collection * (Note 6) $______ $______ Advances of Balance to Affiliates (Note 16) ______ ______ TOTAL ASSET $______ $______ LIABILITY CURRENT LIABILITIES Obligations with financial institutions $______ $______ Commissions payable to the AFP (Note 7) ______ ______ Accounts payable (Note 8) ______ ______ Obligations with affiliates and beneficiaries (Note 9) ______ ______ Obligations of the Solidarity Guarantee Account ______ ______ Total current liability $______ $______ NON-CURRENT LIABILITIES Accounts payable (Note 8) ______ ______ Special Guarantee Contribution ______ ______ AFP Quotas ______ ______ Advances to Affiliates on their CIAP balance (Note 16) ______ ______ Total non-current liability $______ $______ Total liability $______ $______ EQUITY (Note 10) Individual accounts $______ $______ Contributions pending application ______ ______ Profitability ______ ______ Solidarity Guarantee Account (Note 10) ______ ______ Total equity $______ $______ TOTAL LIABILITY AND EQUITY $______ $______ COMMITMENT ACCOUNTS $______ $______ CONTROL ACCOUNTS $______ $______

Modified: Values by Repos were separated from Investments, for greater disclosure.
Includes all accounts except 221.00.
Includes balances for debts in favor of the Fund that the AFP considers will not be recovered within the 12 months following the balance sheet date.
The notes are an integral part of the financial statements.

Model No. 2
NAME OF THE ADMINISTRATOR _____________________ Statement of Cash Flows of the Pension Fund for the periods __________ (Expressed in United States dollars) 20X2 20X1 OPERATING ACTIVITIES Collection $ $ Transfers of accounts received from FSV Net CIAP transfers from other AFPs Net arrears from ISSS, ISP and other AFPs Differences in transfer certificates Payment of commissions to the AFP Interest and dividends received Payment of benefits Complementary capital received Return of complementary capital received in excess Contributions received from the AFP to cover deficiencies and insufficiencies Incentive to permanence received from the AFP Contributions received from the AFP to cover minimum profitability Return of erroneously received contributions Return of overpayments to employers and affiliates Return of inheritance balances Excess of free availability Return of balances to SPP due to contract cancellations Return of CIAP due to disaffiliations Return of Balances to Foreign Countries Contributions received from the ISP to the Solidarity Guarantee Account Contributions received from the State to the Solidarity Guarantee Account Bank charges Bank credits AFP commission adjustments or returns Reimbursements of CIAP Advances from the Affiliate Transfers received from other funds Payments received from other funds Increases in the Solidarity Guarantee Account Decreases in the Solidarity Guarantee Account Payments of other withholdings on pensions Other income Other expenses Cash provided (paid) by operating activities $____ $______

Model No. 2

INVESTMENT ACTIVITIES
Purchase of values $______ $______
Sale of values
Opening of Time Deposits
Cancellation of Time Deposits
Amortization of received capital
Redemption of investments
Cash provided (paid) by investment activities $______ $______

FINANCING ACTIVITIES
Contributions received by AEG $______ $______
Contributions received for purchase of AFP quotas Withdrawal of AFP quotas Cash provided (paid) by financing activities $______ $______ CASH PROVIDED (PAID) IN THE PERIOD $______ $______

CASH BALANCE AT THE BEGINNING OF THE PERIOD $______ $______

CASH BALANCE AT THE END OF THE PERIOD $______ $______

Model No. 3
NAME OF THE ADMINISTRATOR__________________
Statement of Changes in Equity of the Pension Fund _______ for the periods________ (Expressed in United States dollars) 20X2 20X1 INITIAL EQUITY BALANCE $______ $______ INCREASES BY:
Collections
Incoming transfers
Arrears received from SPP
Arrears received from AFP
Transfer certificates received
Transfer of the special guarantee contribution to cover deficiency Contributions for complementary capital Increases in CIAP due to incentives to permanence Return of individual accounts from FSV Increases in the Solidarity Guarantee Account Reimbursements of CIAP Advances from the Affiliate TOTAL INCREASE IN EQUITY $______ $______

DECREASES BY:
Withdrawals of CIAP for transfers to other AFPs Transfers of CIAP to SPP institutions Transfers to other AFPs for arrears Returns of contributions for overpayments Benefits granted for old-age pensions Benefits granted for survivorship pensions Benefits granted for disability Benefits granted for inheritance Transfers to insurance companies for disability pensions Withdrawal of excess of free availability Commissions payable to the AFP for active accounts Commissions payable to the AFP for inactive accounts Commissions payable to the AFP for special accounts Commissions payable to the AFP for pensions Returns of balances to affiliates Returns of balances to beneficiaries Returns of complementary capital to insurance companies Decreases in the Solidarity Guarantee Account TOTAL DECREASE IN EQUITY $______ $______ FUND YIELD $______ $______ FUND EQUITY $______ $______ Initial quota value $______ $______ Final quota value $______ $______

Model No. 4
NAME OF THE ADMINISTRATOR__________________
Trial Balance of the Pension Fund ___as of (Expressed in United States dollars) Accounts Movements

Balance Balance
Code Denomination Previous Debits Credits Current Code $______ .
.
.
.
.
Code $______
T o t a l s $______

CHAPTER V
NOTES TO THE FINANCIAL STATEMENTS
The financial statements of the Pension Fund must be accompanied by their corresponding explanatory notes, which will be included in the presentation and publication of the financial statements according to the following schedule:
QUARTERLY SEMI-ANNUAL ANNUAL ONLY IF APPLICABLE Notes: 2 (only what indicated), 3, 5, 10, 12, 15, 16, 17, 18, 19 and 20. (12) Notes: 2 (only what indicated), 3, 5, 6, 8, 10, 12, 15, 16, 17, 18, 19, and 20. (12) All notes The notes are accompanied by the abbreviation SSA, when the indicated paragraphs or notes must be revealed. Through this Manual, the minimum information that must be provided in the explanatory notes is established; however, the information requirements established herein do not exempt the administration of the Pension Fund from the responsibility to disclose all essential information. When circumstances warrant the disclosure of additional notes not scheduled in the indicated period, they must be included to achieve an appropriate presentation of the financial information. Below is a detail of the notes containing the minimum information that AFPs must include in the notes to the financial statements of the Pension Fund, which are not limiting and the numbers should be taken as reference.

Note 1. Operations
In this note, general data about the Pension Fund will be stated, such as:
Legal name of the AFP that administers it, clarifying note of the independence of the Fund corresponding with respect to the AFP and that the assets and rights of the former are unseizable; that the Fund lacks legal personality and is exempt from any tax. In addition, the number of agencies with which the AFP has and the address of its registered office (main office) must be indicated. Reveal the date on which the financial statements have been authorized for publication, as well as who has given the authorization. Note 2. Accounting Policies For financial statements finalized on March 31, June 30 and September 30, only the following paragraph must be included:
The financial statements have been prepared in accordance with the Technical Standards approved by the Standards Committee of the Central Bank of El Salvador that are applicable to them and the International Financial Reporting Standards, prevailing the regulations approved by the Standards Committee of the Central Bank, when there is conflict with the International Financial Reporting Standards. The policies used in the preparation of the financial statements for the period ending on ___ of ____ of 20X2, are the same that were used in the financial statements of the period ended on December 31, 20X1. For the annual closing financial statements, the following information must be included at a minimum:
The most significant principles and practices of accounting applied for the recording of operations and the preparation of the financial statements, are as follows:
2.1. General accounting policies
The financial statements at ____ of _____ of 20X2 and 20X1, have been prepared in accordance with the technical standards issued by the Central Bank.
2.2. Foreign currency operations (SSA)
Transactions in foreign currency are recorded in legal tender at the exchange rate of the date on which the transaction is made. Balances of assets and liabilities in foreign currency are presented in United States dollars, valued at the average exchange rate of the Financial System published by the competent authority.
2.3. Valuation of investments
The resources of the Pension Fund are invested in the financial instruments detailed in article 82 of the Integral Pension System Law, taking into consideration the maximum limits established by the Risk Committee (article 80), within the ranges indicated in articles 82, 83 and 84 of the same Law and in the Investment Regulations applicable to Pension Funds. Within that framework, Pension Fund Administrators determine their Investment Policy, which they must keep available to the public. Purchase and sale of values are recorded on the settlement date of the operations in the Stock Exchange. Transaction costs do not include commissions and fees paid to brokers or to the Stock Exchange, which are absorbed by the Fund Administrator, as part of its management. The instruments in which the resources of the Fund are invested are valued daily at fair value, through the price vectors that the Superintendence determines and provides to the AFP, except for repos and time deposit certificates greater than 90 days which are valued at the negotiated yield and at the issuance rate,

respectively, which is performed daily by the AFP. According to current regulations, the calculation of these vectors considers both market transactions on the Stock Exchange or other relevant markets; and for the case of fixed-income instruments, it is based on the analysis of discounted cash flows, with reference to rates observed in the market for these and similar instruments, determined in accordance with established family criteria in the Investment Regulations applicable to Pension Funds. The value of the instruments incorporates the amount of accrued interest. Foreign variable-income instruments are valued daily at fair value, at the closing price obtained from recognized international stock or financial information systems by the Superintendency.

For variable-income titles, specifically shares, the price vector is the weighted average of operations carried out in the last ten days, within a maximum range of sixty days.

Gains and losses derived from changes in fair value are recognized directly in the net equity accounts.

2.4. Equity
The equity of the Pension Fund is independent and distinct from that of the AFP and is constituted by the values collected in the Individual Savings Accounts for Pensions, the transfer certificates that have been made effective, the profitability obtained from its investments, and the balance of the Solidarity Guarantee Account.

The composition of the aforementioned values, with the exception of the values of the Solidarity Guarantee Account, have been applied to the corresponding Individual Savings Accounts for Pensions of each affiliate, represented by means of fund shares, all of equal value.

Note 3. Accounting Changes (SSA)
Accounting changes between one period and another shall be established, identifying the justifications, reasons, or circumstances that have originated such a decision. Likewise, the effects of the change on the financial statements must be quantified.

Note 4. Availability
The availability item comprises the following:

BANKS OF THE COUNTRY 20X2 20X1
Deposits in current accounts – Collection Account Deposits in current accounts – Investment Account Deposits in current accounts – Administrative Account Deposits in current accounts – Resources received from Previsional Institutes Deposits in fixed-term deposits up to 90 days

Values by repos
Total

BANKS OF THE EXTERIOR 20X2 20X1
Deposits in current accounts – Collection Account Deposits in current accounts – Investment Account Deposits in current accounts – Administrative Account Total

The weighted average interest rates that have been agreed upon for each type of deposit shall be disclosed.

Furthermore, for the balance of the account corresponding to resources received from the Previsional Institutes, the value of the interest or yields that these transfers may have generated for any reason must be disclosed, as well as a brief explanation of the nature of said bank account.

Accrued interest on fixed-term deposits must be disclosed.

The amount of values by repo must be disclosed, specifying the types of values.

Note 5. Investments in Securities
All investments acquired for the Pension Fund portfolio are considered "Available for Sale," according to the classification of International Accounting Standards.

The investment policy established by the AFP must be reported, evaluating the compliance given to it. The composition of investments by issuer and type of instrument must be detailed, according to the following detail:
(eliminating or adding the corresponding rows).

5.1. Investment portfolio by issuer

Issuers
Investments
Portfolio Policy
20X2 20X1 20X2 20X1
% % Amount - % Amount - %
Central Government – DGT
❑ Eurobonds of El Salvador
❑ LETES
State Companies and Autonomous Official Institutions ❑ Salvadoran Social Security Institute (ISSS) ❑ Transfer Certificates ❑ Salvadoran Pension Institute (ISP)

Issuers
Investments
Portfolio Policy
20X2 20X1 20X2 20X1
% % Amount - % Amount - %
❑ Transfer Certificates
❑ Previsional Obligations Certificates
❑ Transition Financing Certificate
Social Housing Fund
❑ Investment Certificates
Salvadoran Banks
❑ Term deposits greater than 90 days
❑ Investment Certificates
❑ Share Certificates
❑ Commercial Certificates
National Societies
❑ Investment Certificates
❑ Share Certificates
Salvadoran Investment Funds
Salvadoran Securitization Companies
Other Public Offer Instruments
Foreign Values
Foreign Investment Funds
Previsional Obligations Trust
❑ Previsional Investment Certificates

5.2. Investment portfolio by type of instrument
A description of the main instruments or types of instruments in which the Pension Fund is invested must be included, according to the following format:

Type of instrument Issuer Amount Maturity Rate Revaluation type Guarantee Other conditions* Treasury Bills Directorate General of Treasury Eurobonds Directorate General of Treasury Central American Bank of Economic Integration Investment Certificates Social Housing Fund Agrícola Bank, S. A. Cuscatlán Bank of El Salvador, S. A. Davivienda Salvadoran Bank, S. A.

Type of instrument Issuer Amount Maturity Rate Revaluation type Guarantee Other conditions* Central America Bank, S. A. (1) Shares (1) Securitization Values (1) Quotas of investment funds (2) Transfer Certificates ISSS ISP Previsional Investment Certificates Previsional Obligations Trust Previsional Obligations Certificates ISP Transition Financing Certificate ISP (1) Incorporate the denominations of the issuers of the values. (2) Incorporate the denominations of the investment funds in which investment has been made.

In the column other conditions, the currency in which the contract is made will be declared, if different from the legal tender, form of principal amortization, early liquidation options, conversion options, and others that may be applicable.

In fixed-income instruments, the payment of the principal is made at the maturity of the value, unless otherwise indicated in the column of other conditions.

5.3. Investment excesses (SSA)
A note must be disclosed specifying the investment excesses to the limits established by Law, Regulations, or other provisions, and the causes of such excesses. The note must disclose existing excesses, whether by issuer, issuance, and/or instrument.

The investment excesses to the limits established by Law, Regulations, or other provisions are:

By issuer
Issuer of the title 20X2 20X1 Reasons for the excess

By issuance
Issuer of the title 20X2 20X1 Reasons for the excess By instrument Issuer of the title 20X2 20X1 Reasons for the excess

Note 6. Accounts Receivable
The accounts receivable note must present separately the composition of its balance and disclose the following:
a) The amount of pending contributions to be collected for arrears, transfers, and excess pension payments determined at the close of each accounting period, establishing the age of said contributions, segregating those considered totally uncollectible; b) The amount of pending contributions to be collected for affiliate, employer, or collector delinquency, classifying them into those declared and unpaid, those estimated that have not been declared, and those declared incorrectly in payrolls.

Note 7. Commissions Payable to the AFP
The nature of the balance must be described and the amounts of commissions pending settlement established, disaggregating them by the activity that gave rise to them, as presented below:

Concept 20X2 20X1
Commissions payable to the AFP for CIAP administration Commissions payable to the AFP for pension payment administration Commissions payable to the AFP for special CIAP administration Commissions payable to the AFP for arrears Commissions payable to the AFP for administration of CIAP of Salvadorans non-residents Total

Special CIAPs are understood to be those individual accounts of pensioned affiliates or affiliates who meet the age requirements but do not exercise their right and continue to contribute. By arrears, it is understood that the affiliates who belonged at a certain moment to the Pension Fund administered and who, through a transfer process, are in another Pension Fund.

Note 8. Accounts Payable
Obligations corresponding to CIAP transfers, return of contributions for arrears or excess payments by affiliates and employers, returns that must be made to SPP institutions for calculation differences in transfer certificates and balances transferred from FSV accounts, respectively; as well as obligations arising from life insurance, must be detailed.

The disclosure must be presented as follows:

Concept 20X2 20X1
Obligations for CIAP transfers
Obligations for arrears
Obligations for return of excess payments*
Obligations for differences in CT and FSV balance calculation Obligations arising from life insurance Other accounts payable Transitory account of accounts receivable from employers Total

Obligations for excess payments must be disclosed presenting the balances by month of age of the analytical accounts that integrate sub-accounts 224.01 and 224.02, as required by the Accounting Manual for Pension Funds.

Note 9. Obligations with Affiliates and Beneficiaries (SSA) This note will describe the obligations that the Fund has in the payment of benefits to affiliates and beneficiaries, disclosing the following:

Fund Obligations:
Type of Benefits
20X2 20X1
Amount No. of
Beneficiaries
Amount No. of
Beneficiaries
Old-age benefits
Disability benefits
Survivor benefits
Minimum pensions
Subtotal

Note 10. Equity
The information on the number of shares must contain two decimal places. This note must be drafted as follows:

The equity of the Pension Fund is composed as follows:

Fund Equity
(Expressed in shares and amounts)

Concept
20X2 20X1
Amount No. of
Shares
Amount No. of
Shares
INDIVIDUAL ACCOUNTS
Active contributors

Inactive contributors
Pensioners
PENDING CONTRIBUTIONS TO APPLY
Global collection
Contributions to be credited
Arrears
Excess payments
Arrears of former affiliates
Complementary capitals
SOLIDARITY GUARANTEE ACCOUNT
Total Fund Equity

The following comparative information with the previous year must additionally be described:

The commission rates charged by the AFP, including changes that occurred in the periods covered.

The following descriptive conceptualizations must be established:
a) Individual Savings Accounts for Pension: In these accounts, contributions made by affiliates and employers that have been identified and credited are recorded, destined for the financing of their pension. These accounts incorporate contributions made through collections, returns obtained from resources invested by the Pension Fund, commission returns made by the AFP as an incentive for permanence at the request of affiliates, transfer certificates issued by ISSS and ISP, the balance transferred from FSV, and complementary capital contributed by the insurance company as established in article 158 of the Law; b) Pending Contributions to Apply: The balance of this account represents collections of contributions made by employers and affiliates that are pending identification and/or crediting in individual savings accounts for pension and those contributions of affiliates to other prevision institutions; c) Solidarity Guarantee Account: The balance of this account represents collections of contributions made by employers and special contributions established in articles 119 and 120 of the Law.

The equity must present detailed information of the balances by month of the sub-accounts that integrate it, as required by the Accounting Manual for Pension Funds.

Note 11. Share Value
It must be described what the share value is compared to the previous exercise and the annualized return obtained in both periods. The share value must be presented with eight decimal places and the annualized return with two decimal places.

Note 12. Commitments
Situations of commitments that could result from obligations and/or decreases in assets for the Fund must be explained.

In the case of events that have not been accounted for because a reasonable estimate of the amounts involved could not be made or for other reasons, the situation must be described.

Note 13. Control Accounts
This note must reflect the composition of the rights that the Fund has for the following concepts:

Concept 20X2 20X1
Special guarantee contribution to complete
CIAP transfers to be collected
Arrears to be collected
Excess benefit payments to be collected
Requested transfer certificates
Values delivered to custody companies
Transfer certificates in AFP custody
Requested minimum pension
Purchase of securities in unsettled operations Complementary capital in process Presumed delinquency Accounts receivable in legal process for presumed delinquency Solidarity Guarantee Account Total

Regarding the amount of the portfolio in the recovery process via judicial means that is pending collection at the end of the reported period, the classification of the collectibility expectation and age of balances must be highlighted.

In relation to presumed delinquency, when its amount is not adequately cleaned up, the following paragraph must be presented:

"The value of presumed delinquency is not presented because, at this date, the administration is cleaning up the records to establish a reasonable figure for the level of delinquency."

Note 14. Foreign Currency Position (SSA)
Balances in foreign currency at the level of balance sheet accounts, in which the entity maintains active and passive balances at the close of the exercise, must be presented, determining the net position for the foreign currency. Foreign currency will be understood as any currency different from the legal tender.

Note 15. Derivative Instruments for Hedging
Derivative instruments acquired exclusively for the purpose of hedging risks of the investments made by the Fund must be described and quantified.

Note 16. Balance Advance to Affiliate
Requests received in the concept of balance advance, amounts disbursed, number of affiliates who exercised this right, and the equivalent in number of shares must be described and quantified according to the following:

Concept 20X2 20X1
Amounts disbursed
Number of affiliates who have exercised this right Equivalent in number of shares

Note 17. Economic Benefits
Requests received in the concept of balance returns, temporary benefits, and permanent benefits must be described and quantified according to the following:

Balance Returns
Concept 20X2 20X1
Amounts disbursed
Number of affiliates who have exercised this right Equivalent in number of shares

Temporary Economic Benefit
Concept 20X2 20X1
Amounts disbursed
Number of affiliates who have exercised this right Equivalent in number of shares

Permanent Economic Benefit
Concept 20X2 20X1
Amounts disbursed
Number of affiliates who have exercised this right Equivalent in number of shares

Note 18. Other Important Disclosures (SSA)
All other additional explanations considered necessary or by International Financial Reporting Standards, for an adequate interpretation of the financial statements and significant events that occurred during the management period, must be included, such as:
a) Discontinued operations, indicating the date on which the event occurred;

b) Mergers or liquidations with other societies indicating the amount of assets, liabilities, and equities merged or to be merged; and c) Others that are of importance.

Note 19. Risks Derived from Financial Instruments This disclosure must be made attending to the requirements described in IFRS 7: "Financial Instruments: Disclosures."

Note 20. Events After the Closing (SSA)
Events and/or transactions after the closing of the period that affect or may significantly affect the financial and equity situation of the Fund must be described and quantified.

CHAPTER VI
OTHER PROVISIONS AND VALIDITY

SANCTIONS

Non-compliance with the provisions contained in this Manual will be sanctioned in accordance with what is established in the Law on Supervision and Regulation of the Financial System.

REPEAL
This Manual repeals the "Accounting Manual for Pension Funds" (NSP-01), approved by the Standards Committee of the Central Bank of Reserve of El Salvador, in Session No. CN-08/2017, of October 27, 2017.
TRANSITIONAL

What is established in Numeral 7 Accounting Records and Archives of Chapter I General Provisions of this Accounting Manual for Pension Funds (NSP-40), will be mandatory for Pension Funds, starting from the repeal by the President of the Republic of the Regulations on Accounting Standards for Pension Fund Administrating Institutions and for Pension Funds.

UNFORESEEN ASPECTS

Unforeseen aspects in regulatory matters in this Manual will be resolved by the Central Bank through its Standards Committee.

VALIDITY
These Standards will enter into force starting on March 1, 2023.

MODIFICATIONS:
(1) Modifications to accounts 133.00 Values issued by National Societies and 152.00 Values issued by National Societies, according to the procedure established for the assignment of accounting sub-accounts of investments in securities in the "ACCOUNTING MANUAL FOR PENSION FUNDS" (NSP-40), for consistency with modifications to the Accounting Manual for Pension Funds (NSP-01), with validity starting from March 1, 2023. (2) Modification to account 715.00 Values Delivered to National Custody Societies by the addition of sub-account 715.22, approved by the Central Bank of Reserve through its Standards Committee, according to the procedure established for the assignment of accounting sub-accounts of investments in securities in the "ACCOUNTING MANUAL FOR PENSION FUNDS" (NSP-40), with validity starting from April 3, 2023. (3) Modifications in account 236.00 Solidarity Guarantee Account Obligations by the addition of sub-accounts 236.10 and 236.11, approved by the Central Bank through its Standards Committee, in Session No. CN-09/2023, of September 26, 2023, with validity starting from October 11, 2023. (4) Modifications approved by the Central Bank through its Standards Committee, according to the procedure established in the fourth paragraph of section 5 of Chapter I "GENERAL PROVISIONS" of the Accounting Manual for Pension Funds (NSP-40), with validity starting from September 29, 2023. (5) Modifications approved by the Central Bank through its Standards Committee, according to the procedure established in the fourth paragraph of section 5 of Chapter I "GENERAL PROVISIONS" of the Accounting Manual for Pension Funds (NSP-40), with validity starting from January 6, 2026. (6) Modifications in sub-numeral 7.3 Presentation and publication of Financial Statements, third paragraph, and in sub-numeral 7.5 Presentation of Financial Statements to the Superintendency, sixth paragraph, approved by the Central Bank through its Standards Committee, in Session No. CN-02/2026, of February 26, 2026, with validity starting from March 13, 2026. ---

Accounting Manual for Pension Funds

Lineage: In force

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