Lima, 26 April 2016

S.B.S. Resolution No. 2370-2016

The Superintendent of Banking, Insurance and
Private Pension Fund Administrators

WHEREAS:

That, by Supreme Decree No. 054-97-EF, the Single Ordered Text of the Law of the Private Pension System was approved, hereinafter the Single Ordered Text of the SPP Law;

That, by Supreme Decree No. 004-98-EF, the Regulation of the aforementioned Single Ordered Text of the SPP Law was approved;

That, by Law No. 30425, the Law that amended the Single Ordered Text of the SPP Law and that extends the validity of the special early retirement regime was approved;

That the aforementioned law, among other aspects, establishes the possibility that members, from 65 years of age, may choose between receiving the pension corresponding to them in any retirement modality or requesting the AFP to deliver up to 95.5% of the total available fund in their individual capitalization account (CIC), in the installments they consider necessary, and the member who exercises this option shall not be entitled to a state guarantee;

That, likewise, said decision scheme extends to members who avail themselves of the Special Early Retirement Regime (REJA);

That, to that effect, it is necessary to establish the operating procedure corresponding to this exercise of option by the member by effect of the provisions of the twenty-fourth final and transitory provision of the Single Ordered Text of the SPP Law;

That said exercise of option of pension benefits by which a member may choose must be carried out within a framework of adequate information and guidance by the AFPs and insurance companies, in such a way as to safeguard the right of members to know the main characteristics of the different retirement and/or pension modalities in the SPP, at the time of reaching the legal retirement age or of accessing the Special Early Retirement Regime;

With the approval of the Deputy Superintendencies of Private Pension Fund Administrators, of Insurance and of Legal Counsel; and,

In use of the powers conferred by numeral 9 of article 349 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance, Law No. 26702 and its amendments, and subsection d) of article

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57 of the Single Ordered Text of the SPP Law, as well as by the provisions of the Third Final and Transitory Provision of its Regulation and on the basis of the exceptional conditions set forth in Supreme Decree No. 001-2009-JUS and its amendments;

RESOLVES:

Article One.- To approve the “Operating Procedure for the exercise of options by the member when reaching retirement age or accessing the REJA”, in accordance with the following text:

“OPERATING PROCEDURE FOR THE EXERCISE OF OPTIONS BY THE MEMBER WHEN REACHING RETIREMENT AGE OR ACCESSING THE REJA

Article 1.- Definitions. For purposes of this operating procedure, the following shall be taken into account:

a) Delivery: condition of disbursement to a member of a percentage of their capitalization balance, by effect of reaching 65 years of age, attaining early retirement or availing themselves of the special early retirement regime for unemployed persons (REJA), regardless of whether the calculated pension is less than, equal to or greater than one (1) minimum living wage; said percentage may reach, according to their decision, up to 95.5% of their balance; 1

b) Installments: number of parts into which the delivery of the percentage of the available fund of their CIC would be divided. The member may request the withdrawal of a percentage or nominal value of the available fund at the times they require it, without it being necessary to define a term beforehand, subject to the conditions of valuation of the pension fund - in accordance with the provisions of article 8, Step 3 of this operating procedure -, on the basis of the value of the current unit of the corresponding pension fund, at the date of delivery; 2

c) Applicant for fund withdrawal: member who, complying with the conditions to access a fund withdrawal, set forth in subsection a), executes said decision as follows: i) partial, when the delivery or sum of the installments delivered corresponds to a percentage less than 95.5% of the balance of their CIC; ii) total, when the delivery or sum of the installments delivered corresponds to 95.5% of the balance of their CIC. According to the provisions of the text corresponding to subsection g) of article 5, a similar treatment by the AFP extends to those new funds collected after their withdrawal decision; in the case of the applicant for total withdrawal, they do not have the status of pensioner; 3

d) Retirement and/or Pension Options: set of possibilities that, on the basis of the scope of Law No. 30425, a member who meets the conditions set forth in subsection a) may dispose of multiple combinations that vary between self-management and the total transfer of the longevity risk of the balance of their CIC; that is, request the delivery of up to 95.5% of the balance of their CIC, arrange the contribution of the entire balance of their CIC for a pension product in a pension modality or opt for a combination between fund withdrawal and a pension product;

[1] Subsection replaced by SBS Resolution No. 3663-2016, published on 02.07.2016.

[2] Subsection replaced by SBS Resolution No. 5785-2016, published on 07.11.2016.

[3] Subsection amended by SBS Resolution No. 2740-2016, published on 14.05.2016. Subsequently replaced by SBS Resolution No. 5785-2016, published on 07.11.2016.

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e) Statement of Retirement and/or Pension Option Estimates: a dated document issued by the AFP, which contains, as reference information and based on a CIC balance held by the affiliate and the sworn declaration of the composition of their family group, an estimated value of a set of pension products in adjusted soles and the amount of the disbursement to which they would be entitled, if applicable;

f) Advisory Statement – Insurance Company: a dated document issued by the insurance company in which the guidance provided by the insurance promoter to an affiliate during the advisory period is recorded, pursuant to Law No. 30425;

g) Retirement and/or Pension Option Form: a dated document issued by the AFP, duly signed by the affiliate, in which the affiliate's decision to exercise the retirement and/or pension option is recorded and which may vary between: i. requesting the disbursement of up to 95.5% of their CIC balance; ii. arranging for the entire balance of their CIC to be contributed to a pension product under a pension modality; or iii. opting for a combination of fund withdrawal and a pension product;

h) CIC: for the purposes of this operational procedure, the CIC includes the individual mandatory contribution accounts; and, 4

i) Regulation approved by SBS Resolution No. 8514-2012: Rules for the Reduction and Selection of the Flow Commission and the Equivalent Commission within the Mixed Scheme.

j) Contributions to EsSalud: an amount equivalent to 4.5% of the balance of the mandatory contribution CIC, which must be withheld and transferred by the AFP directly to EsSalud, to guarantee access to the same benefits and entitlements as a regular insured person under the contributory regime of social security in health, as provided for in Law No. 26790, regardless of the retirement and/or pension options chosen by the affiliate, in accordance with the provisions of subsection d) of this article. 5

Article 2º.- Universe of affiliates subject to a disbursement condition. The following affiliates have this condition:

a) those who do not have the status of definitive pensioners under any pension modality in the SPP and are 65 years of age or older;

b) those who access the REJA.

c) those who opt for the REJA; 6

d) those who access early retirement in the SPP; 7

e) those who have the status of pensioners for retirement upon reaching the legal age, the special early retirement regime for the unemployed and other early retirement regimes in the SPP, provided that they have not received the benefits of the state guarantee supplement provided for in the laws and regulations of the SPP. 8

[4] Clause replaced by SBS Resolution No. 5785-2016, published on 07.11.2016.

[5] Clause incorporated by SBS Resolution No. 3663-2016, published on 02.07.2016. As stated in Article Eleventh of SBS Resolution No. 3663-2016, within the time limits established in the twenty-fourth final and transitory provision of the Single Ordered Text of the SPP Law, the AFPs shall be subject to the instructions issued by the competent entities to make the transfer of resources to EsSalud operational, with respect to affiliates who have chosen any withdrawal and/or pension option in the SPP, within the framework of Law No. 30425 and its amendments.

[6] Subparagraph incorporated by SBS Resolution No. 3663-2016, published on 02.07.2016.

[7] Subparagraph incorporated by SBS Resolution No. 3663-2016, published on 02.07.2016.

[8] Subparagraph incorporated by SBS Resolution No. 3663-2016, published on 02.07.2016.

The provisions of subparagraph e) above are also applicable to those who, prior to the entry into force of Law No. 30478, have the status of pensioners under the total or partial programmed withdrawal modality, being in the first case applicable to pensioners by programmed withdrawal referred to in article 10 of Title VII of the Compendium of Rules of the SPP and, in the second case, applicable to pensioners who are in the tranche of a temporary income under the temporary income with deferred life annuity modality, as well as under the mixed income or combined income modality, in accordance with the definitions established in articles 31, 39A and 39E of the aforementioned title. 10

Pensioners by retirement under family life annuity, bimoneda or stepped annuity, as well as those who are in the lifetime tranche of a temporary income with a deferred life annuity, under any of their combinations in complementary products offered in the SPP, prior to the entry into force of Law No. 30478, are not included under the scope of the aforementioned universe described in this article. Likewise, the condition of contribution to EsSalud under the scope of the provisions of subparagraph j) of article 1 of this operating procedure is not applicable to them.

Additionally, for those affiliates who have made the withdrawal of their pension funds under this operating procedure, the contribution to EsSalud will be applicable to them on the total of the CIC. 11

Article 3.- Operating procedure for access to withdrawal and/or pension options in the SPP.

To carry out this procedure, the affiliate who has the status of being a potential applicant for withdrawal of funds must have the proper information and guidance that allows them to make an adequate decision regarding the availability of the use of their funds. To do so, they must follow these steps:

Step 1: Delivery of information and adequate prior advice to the affiliate's formal application to the AFP;

Step 2: Advisory process associated with their decision-making about the withdrawal and/or pension options available to the affiliate;

Step 3: Choice of withdrawal and/or pension options.

Article 4.- Step 1: Upon reaching 64 years of age, members receive the appropriate guidance from

the AFPs regarding the withdrawal and/or pension options in the SPP, in accordance with the provisions of Article 41 of Title VII of the SPP Rules Compendium.

For this purpose, the AFPs must establish guidance platforms through in-person and remote means, so that the decision-making process to be carried out from the twelve (12) months following the aforementioned age takes place under conditions that allow adequate guidance for informed decision-making regarding old-age contingencies.

[9] Paragraph repealed by SBS Resolution No. 3663-2016, published on 02.07.2016.

[10] Paragraph incorporated by SBS Resolution No. 3663-2016, published on 02.07.2016.

[11] Last paragraph replaced by SBS Resolution No. 3663-2016, published on 02.07.2016.

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In the case of those members who reach 65 years of age before the next twelve (12) months from the entry into force of Law No. 30425, or who access early retirement under the REJA, the provisions of Article Seven of this resolution shall apply to them.

For the purposes of delivering the booklet referred to in subsection l) of Article 41 of Title VII of the SPP Compendium, it may be sent by physical and/or remote means.

Article 5.- Step 2: After receiving the information from Step 1 and when the member decides to begin their process of withdrawal and/or pension options, they shall contact the AFP through the channels established in Article 6, for which purpose the AFP is subject to the following:

a) Expands, at the member's request, the information contained in Article 41 of Title VII of the SPP Rules Compendium;

b) Takes the member's data, as a sworn statement, and the composition of their family group;

c) Provides them with a "Certificate of Estimates of Withdrawal and/or Pension Options", a document that includes the menu of main withdrawal and/or pension options in the SPP, so as to cover all basic scenarios of possibilities for covering the old-age contingency, according to the model provided in Article 7;

d) Informs the member about the situation provided for by the effects of Laws No. 30425 and No. 30478, regarding care and coverage for health benefits provided by EsSALUD, with respect to those who choose to request from the AFP the delivery of 95.5% of the balance of their CIC; 12

e) Informs the member that if they choose the withdrawal of 95.5% of their CIC balance, and if they have a spouse or common-law partner, children under 18 years of age or disabled, or dependent parents at the date of their death, these will not be entitled to a survivor's pension;

f) Informs the member that if they exercise any option to withdraw a percentage of the balance of their CIC, they will not be entitled to a state guarantee;

g) Informs them about the treatment of the withdrawal of the CIC balance in installments, based on the valuation of the pension fund;

h) Informs them of the status of the processing of their recognition bonus as of the date, if applicable.

i) Informs the member about the implications of the withdrawal in relation to the coverage of the pension insurance and the granting of the disability and survivor's pension under the insurance coverage.13

j) Informs the member about the consequences that could arise regarding access to a retirement, disability or survivor's benefit under a Social Security Agreement. 14

k) Informs the member about the restitution of all pension funds in the CIC, including the number of installments that were subject to withdrawal, in the event that, having accessed the withdrawal options provided by Laws No. 30425 and 30478, they later decide to opt for Informed Free Disaffiliation. 15

[12] Subsection replaced by SBS Resolution No. 5785-2016, published on 07.11.2016.

[13] Subsection incorporated by SBS Resolution No. 3963-2019 published on 16-08-2019.

[14] Subsection incorporated by SBS Resolution No. 3963-2019 published on 16-08-2019.

[15] Subsection incorporated by SBS Resolution No. 3963-2019 published on 16-08-2019.

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l) Informs them about the surplus with respect to the Minimum Retirement Balance (SMJ) and its availability when they opt for the Target Minimum Pension (PMO), at the time of retiring by legal age, in accordance with the provisions of Law No. 31670 and its regulations.16

The member has a period of no less than seven (7) business days counted from the date of receipt of the document referred to in subsection c), to make the decision of their preference regarding how to protect the old-age contingency.

In the "Certificate of Estimates of Withdrawal and/or Pension Options", for the purposes of duly complying with the provisions of subsections d), e), f), g), h), i), j) and k) of this article, the AFP must inform in writing the potential member applicants for fund withdrawal of the following: 17

Text corresponding to subsection d): "Dear member: Please note that, in accordance with current legal provisions, if you arrange the withdrawal of 95.5% of the balance of your CIC, your potential pension beneficiaries - spouse or common-law partner, children under 18 years of age, children over 18 years of age who are disabled, or parents in a condition of economic dependency or in a condition of disability - upon your death, would NOT be entitled to coverage for the health benefits provided by EsSALUD." 18

Text corresponding to heading e): "Dear member: If you request the delivery of 95.5% of the balance of your CIC, you must take into account that, since you do not have the status of a pensioner under the SPP, if you have potential pension beneficiaries – spouse or common-law partner, children under 18 years of age, children over 18 years of age with a disability, or parents in a condition of dependency – upon your death, they will NOT be entitled to any survivor's pension.

Likewise, if you choose to withdraw a percentage of the balance of your CIC, you must know that if you have potential pension beneficiaries – spouse or common-law partner, children under 18 years of age, children over 18 years of age with a disability, or parents in a condition of dependency – upon your death, they will receive a reduced survivor's pension as a consequence of the percentage of the CIC balance that you have withdrawn."

Text corresponding to heading f): "Dear member: If you request a percentage of the balance of your CIC under the scope of Law No. 30425, you will NOT be entitled to any state guarantee benefit. Likewise, said loss of the state guarantee benefit extends to those members who, having reached the legal retirement age (65 years) and being pensioners, have not accessed the monetary benefits of the state guarantee provided in the laws and regulations of the SPP." 19

Text corresponding to subsection g): "Dear member: If you request the delivery of your CIC balance in installments, you must take into account that the funds that remain temporarily under the administration of the AFP are subject to the treatment, remuneration, recording and valuation of the units in which the pension funds are administered."

[16] Subsection incorporated by SBS Resolution No. 1485-2023 published on 25-04-2023.

[17] Paragraph replaced by SBS Resolution No. 3963-2019 published on 16-08-2019.

[18] Paragraph replaced by SBS Resolution No. 5785-2016, published on 07.11.2016.

[19] Paragraph replaced by SBS Resolution No. 3663-2016, published on 02.07.2016.

SUPERINTENDENCY OF BANKING, INSURANCE AND AFP Republic of Peru

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After the period of seven (7) business days provided in this article has elapsed, the member must go to the AFP in order to state the option of withdrawal and/or pension of their preference, as provided in article 8.

In the special case of the provisions of heading f), the AFPs must take special care with the aforementioned guidance work, providing the member in writing with estimated information, of a quantitative nature, regarding the impact of the decision not to use or to lose the state guarantee benefit, in accordance with the instructions given by the Superintendency. 20

If you request the delivery of a percentage less than or equal to 95.5% of the balance of your CIC of mandatory contributions under the scope of Law No. 30425, you are informed that this will affect the amount of the disability and survivor pensions that could be generated in the SPP upon the occurrence of a disability and survivor event under the coverage of the pension insurance. 21

Likewise, you must be informed about the effects of using the aforementioned percentages, if you have accessed or later decide to access a pension benefit within the framework of the Social Security Agreements that the Republic of Peru has signed with other countries. 22

In the case of the provisions of heading j), the Superintendency, by means of a general instruction, may establish the guidelines regarding the consequences for the application of each Agreement, in accordance with the provisions of the Liaison Bodies or Competent Authorities of the country with which a Social Security Agreement has been signed. 23

Article 6.- Channels available to the member for adequate information and advice at the time of requesting the exercise of the option provided in Law No. 30425. To carry out this procedure, the AFP must adhere to the following:

a) The AFP must make available to members who wish to exercise their right of option provided in Law No. 30425 the appropriate service channels provided, both in person and remotely. For this purpose, the means provided in subsections a), b.1) and b.2) of article 12 of the Regulation approved by SBS Resolution No. 8514-2012 shall apply. Additionally, the AFPs must provide service channels via telephone platforms, with in-person service appointments and/or referral to guidance via virtual means, if applicable.

b) For both in-person means (going to the agencies or service establishments of the AFP) and remote means (virtually such as by telephone or mail), the AFPs inform members of the requirements regarding the identification data provided in articles 12A and 12B of the Regulation approved by SBS Resolution No. 8514-2012, to the extent applicable, for an adequate exercise of the withdrawal and/or pension option by the member.

c) In the case of services by telephone, the AFPs must comply with the requirements of telephone recording systems provided in article 12D of the

[20] Text incorporated by SBS Resolution No. 3663-2016, published on 02.07.2016.

[21] Paragraph incorporated by SBS Resolution No. 3963-2019 published on 16-08-2019.

[22] Paragraph incorporated by SBS Resolution No. 3963-2019 published on 16-08-2019.

[23] Paragraph incorporated by SBS Resolution No. 3963-2019 published on 16-08-2019.

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Regulation approved by SBS Resolution No. 8514-2012, in order to certify the authenticity of the decision to choose the withdrawal and/or pension option made by the member.

Once the member contacts the AFP regarding their request to exercise their withdrawal option, they may access the advisory procedure provided for in the following article.

Article 7.- Withdrawal and/or pension options. In order for the member close to exercising their withdrawal and/or pension option to have a menu of the main options that help them make decisions responsibly, the following must be observed:

a) The AFP provides the member with a document called “Certificate of Estimates of Withdrawal and/or Pension Options”, as reference information and in which, based on the CIC balance the member has and the sworn declaration of the composition of their family group, an estimated value of a set of pension products in adjusted soles and the delivery amount that would correspond to them, if applicable, is shown as follows:

a.1) Family life annuity;

a.2) Temporary annuity with a life annuity deferred by 1 year;

a.3) Programmed withdrawal;

a.4) Delivery of 25% of the CIC balance + a family life annuity;

a.5) Delivery of 25% of the CIC balance + a temporary annuity with a life annuity deferred by 1 year;

a.6) Delivery of 25% of the CIC balance + a programmed withdrawal;

a.7) Delivery of 50% of the CIC balance + a family life annuity;

a.8) Delivery of 50% of the CIC balance + a temporary annuity with a life annuity deferred by 1 year

a.9) Delivery of 50% of the CIC balance + a programmed withdrawal;

a.10) Delivery of 75% of the CIC balance + a family life annuity;

a.11) Delivery of 75% of the CIC balance + a temporary annuity with a life annuity deferred by 1 year;

a.12) Delivery of 75% of the CIC balance + a programmed withdrawal

a.13) Delivery of 95.5% of the CIC balance.

a.14) Minimum Objective Pension (PMO) and the surplus over the SMJ, available only to those who retire at the legal age.24

For the purposes of estimating the guidance scenarios shown, the technical interest rate for the programmed withdrawal is the one corresponding to each AFP. In the case of the life annuity, it is calculated taking into account the moving weighted average of the pension contracts registered in the last three (3) available months and published by the Superintendency.

b) During the period provided for in article 5, the AFPs as well as the insurance companies participating in the SPP life annuity market may provide complementary information and guidance about the pension products that could be of interest to the member. In the case of advice by an insurance company, the insurance promoter must have a “Advisory Certificate – Insurance Company”, a document whose original must be kept in the company's files and a copy given to the member. Said certificate must contain, at least, the following minimum information:

[24] Subparagraph incorporated by SBS Resolution No. 1485-2023 published on 25-04-2023.

b.1) Promoter data (identity document, first and last names; insurance company to which they belong and position); b.2) Member data (identity document; first and last names; AFP to which they belong); b.3) CIC data and products presented (CIC balance; estimates of the pension products presented); b.4) Advisory data (date and time; place; channel used).

c) In the case of the pension estimates included in the Certificate of Estimates of Withdrawal and/or Pension Options, the AFPs must consider the definitive value of the Recognition Bonus (BdR) appearing in the Verification Resolution issued by ONP when it recognizes one hundred percent (100%) of what the member declared, or the value accepted by the member through a Letter of Conformity or the value of the BdR Title. 25

Article 8.- Step 3: Once the period provided for in article 5 has elapsed, the member communicates their decision to the AFP by signing the document “Withdrawal and/or Pension Option Decision Form”, in terms of the exercise of the option for the pension benefit of their preference. For this purpose, the following must be observed:

a) If they choose to sign the “Withdrawal and/or Pension Option Decision Form” for the withdrawal of 95.5% of their CIC balance, they receive their funds within the following three (3) business days of signing the corresponding decision form; under the payment methods commonly accepted for the payment of benefits in the SPP;

b) If they arrange the withdrawal in installments, they must communicate it to the AFP, subject to the provisions of subparagraph b) of article 1. The withdrawal is subject to the valuation of the units of the corresponding pension fund, as of the date of each delivery; this will also be applicable if the member has arranged the withdrawal of a percentage or nominal value of the fund on one or more occasions; 26

c) If they choose to sign the “Withdrawal and/or Pension Option Decision Form” for the quotation of the total balance of their CIC under a pension product, it is subject to the pension quotation request procedures provided for in Chapter III of Subtitle I of Title VII of the SPP Compendium of Regulations and the corresponding Annex No. 1, as well as the requirement of the documentation and information supporting their family group, for the calculation and quotation of the respective pensions;

d) If they choose to sign the “Withdrawal and/or Pension Option Decision Form” for any combination or mix of a percentage as a withdrawal option from their CIC balance and a remaining percentage that would be quoted under a pension product, the provisions of subparagraphs a), b) and c) of this article apply, as the case may be;

e) Based on the decisions made by the member, they may sign the “Withdrawal and/or Pension Option Decision Form” on one or more occasions; 27

f) In the event that the decision chosen by the member assumes any combination or mixture with the participation of a pension product and the member has a recognition bonus, for such purposes, the redemption value of the bonus shall be subject to the decision rule chosen by the member, granting the member the amount equivalent to the delivery percentage on the date on which said security is redeemed, if applicable. The same treatment is applicable to other resources credited to the CIC after the member's decision.

[25] Paragraph amended by SBS Resolution No. 2740-2016, published on 14.05.2016.

[26] Paragraph replaced by SBS Resolution No. 5785-2016, published on 07.11.2016.

[27] Paragraph replaced by SBS Resolution No. 5785-2016, published on 07.11.2016.

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g) In the event of opting for the payment of the PMO, from the age of retirement by legal age, the AFP confirms the amount of the SMJ for the payment of the respective surplus within the same term provided in subsection a) and of the pension under the programmed withdrawal modality.28

For these purposes, the AFP must prepare the “Withdrawal and/or Pension Option Decision Form”, at least, with the following minimum content:

i. Type and number of the member's identity document;

ii. Names and surnames;

iii. Address, telephone number and email address;

iv. Withdrawal and/or pension option chosen;

v. In the event of opting for a combination or mixture of withdrawal with a pension product, indicate the percentages of the CIC balance corresponding in each case;

vi. In the event of opting for the withdrawal of the CIC balance in installments, the accumulated sum or percentage of the member's CIC balance must be recorded. 29

vii. In the event of opting for the payment of the PMO, from the age of retirement by legal age, the amount and availability of the surplus with respect to the SMJ must be recorded in accordance with the provisions of Law No. 31670.30

For the purposes of the provisions of subsections v. and vi., the withdrawal percentages are applied to the number of installments of the pension fund balance.

Said decision form must be subscribed and signed by the member, indicating its place, date and time. Alternatively, in the event of expressing their decision through a remote means, the AFP, under its responsibility, must provide itself with the corresponding safeguard mechanisms, which allow guaranteeing the preservation of the member's expression of will, under the requirements provided in article 12D of the Regulation approved by SBS Resolution No. 8514-2012, to the extent applicable.

In the event that the member has opted to subscribe the “Withdrawal and/or Pension Option Decision Form” under the provisions of subsection b), on a subsequent occasion they must adhere to the provisions of Step 3 of this operating procedure. 31

Article 9.- Of the members who access or avail themselves of the Special Early Retirement Regime for Unemployed Persons (REJA). In the case of these members, in accordance with Law No. 30425 and its amendments, the following applies:

a) In the case of those members who access the REJA, that is, whose estimated pension is equal to or greater than one (1) minimum living wage (RMV), they are assimilated to the scheme of withdrawal and/or pension options provided in article 1 of this operating procedure. It should be noted that, when the member, after subscribing the withdrawal and/or pension option decision form, opts for the withdrawal of up to 95.5% of their CIC, and is entitled to the Recognition Bonus, the AFP must carry out the Bonus redemption process, according to the provisions set forth in subsection d) of article 9 of the TUO of the SPP Law.

[28] Paragraph incorporated by SBS Resolution No. 1485-2023 published on 25-04-2023.

[29] Paragraph replaced by SBS Resolution No. 5785-2016, published on 07.11.2016.

[30] Paragraph incorporated by SBS Resolution No. 1485-2023 published on 25-04-2023.

[31] Paragraph incorporated by SBS Resolution No. 5785-2016, published on 07.11.2016.

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In the case of those members whose estimated pension is less than one (1) minimum living wage, to the extent that they do not access the REJA provided in Law No. 29426 and its amendments but avail themselves of this special regime, they may opt for the withdrawal of up to 95.5% of their CIC. 32

b) 33

Article Second.- Amend the first paragraph and incorporate subsections ñ), o), p) and q) of article 41 of Title VII of the Compendium of SPP Regulations, in accordance with the following text:

“Article 41.- At the end of each month, the AFP must identify those members who reach retirement age in the following fourteen (14) months and, with respect to this subset of members, must carry out a review of the contributions actually made to the member's CIC during their permanence in the SPP. Without prejudice to the collection process, once the aforementioned review of the member's CIC has been carried out and no later than twelve (12) months before the member reaches legal age to attain retirement, the AFP notifies the member of the following: (…)”

“ñ) the right to be an applicant for the withdrawal of funds and to access the delivery of the balance of their CIC, under the conditions provided in article 1 of the “Operating Procedure for the exercise of member options when they reach retirement age or access the REJA”, approved by SBS Resolution No. 2370-2016.

o) the right to have information about the withdrawal options available in the SPP as a result of Law No. 30425, which range from disposing of 95.5% of the CIC balance, contributing to a pension product for the entire CIC balance, or opting for a mixture of withdrawal of a percentage of the CIC and with the remainder contributing to a pension product of their preference.

p) the right to be adequately informed and guided during the advisory stage by the AFP, once the member exercises their right to the withdrawal and/or pension options provided for in Law No. 30425.

q) the right to have a diversity of channels, both in-person and remote, in order to exercise their right to the withdrawal and/or pension options provided for in Law No. 30425.”

Article Three.- Replace subsection b) of section II of article 51 of Title VII of the SPP Compendium of Regulations, with the following text:

b) The member may request up to two (2) additional pension products for retirement with the characteristics of their preference, which shall be requested from all insurance companies that have registered such products in the Superintendency's Registry.”

Article Four.- When a member is in the scenario established in subsection d) of article 1 of the Operating Procedure, the AFP must identify the accounting record of 4.5% of their CIC balance, expressed in quota values, continuing under its administration in the corresponding CIC.

[32] Subsection replaced by SBS Resolution No. 3663-2016, published on 02.07.2016.

[33] Subsection rendered ineffective by SBS Resolution No. 3663-2016, published on 02.07.2016.

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)6309000 Fax: (511)6309239

For all purposes, in the case of affectations of the CIC resulting from the existence of available funds, the principle of proportionality applies with respect to the composition of the funds.

Article Five.- Let the provisions set forth in subsections iv) and v) of section II of article 51, as well as article 52 of Title VII of the SPP Compendium of Regulations, be rendered ineffective.

Article Six.- The AFPs, as a result of the information provided to the members incorporated into the SPP provided for in article 41 of Title VII of the SPP Compendium of Regulations, shall provide the information from the corresponding records, simultaneously, to the insurance companies participating in the annuity market in the SPP, under the terms and mechanisms established by the Superintendency through a general instruction.

Article Seven.- In the case of members whose reaching the age of 65 occurs before the next twelve (12) months from the entry into force of Law No. 30425, they must receive summarized information on the provisions of said law, on the occasion of their approach to the AFP in Step 1 provided for in article 4 of the operating procedure for the exercise of member options when they reach retirement age or access the REJA.

Additionally, the information on the universe of members included in the preceding paragraph must be provided by the AFP to the insurance companies participating in the annuity market in the SPP, under the terms and mechanisms established by the Superintendency in Article Six of this resolution.

Members who opt for a total or partial withdrawal of the fund are subject, for purposes of the coverage of the pension insurance, to the provisions of article 12 of the Operating Regulations of Law No. 29426, which creates the Special Early Retirement Regime for Unemployed Persons in the Private Pension System, approved by Resolution No. 1661-2010-SBS.

Article Eight.- This resolution shall enter into force as of 16 May 2016.

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JAVIER MARTIN POGGI CAMPODÓNICO
Superintendent of Banking, Insurance and
Private Pension Fund Administrators (e)