Resolution SBS No. 02398-2026: Approves Rules for the Choice and Migration from Flow-Based Commission to Balance-Based Commission under Law No. 32123

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Lima, September 29, 2026

Resolution S.B.S.
No. 02398-2026

The Superintendent of Banks, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, by Law No. 32123 and its amendments, the Law for the Modernization of the Peruvian Pension System was approved, hereinafter referred to as Law No. 32123, which aims to reform the pension system so that its beneficiaries progressively access a fair pension, in accordance with what is provided in Article 10 of the Political Constitution of Peru, recognizing the progressive application of the right to social security in pensions, promoting efficiency and competition, facilitating free choice and guaranteeing the sustainability of the system; and that, likewise, it ensures greater competition in the offer of pension managers, provides a minimum pension, offers performance-based commissions and the consumption pension as a mechanism for complementary contributions;

That, pursuant to the Fifth Final Complementary Provision of Law No. 32123, it has been established that persons affiliated with the Private Pension System (PPS) who chose to remain under the flow-based commission scheme under Law No. 29903 may decide whether they wish to remain under said commission scheme, established in letter a) of Article 24 of the Single Text of Ordained Law (TUO) of the Law on the Private System for the Administration of Pension Funds, approved by Supreme Decree No. 054-97-EF and its amendments, hereinafter referred to as the PPS Law, or migrate to any other scheme of the aforementioned Article 24 of the PPS Law;

That, through Supreme Decree No. 189-2025-EF and its amendments, the Regulation of Law No. 32123 was approved, in whose Article 6 specific provisions were issued for the application of what is established in the Fifth Final Complementary Provision of Law No. 32123, specifically regarding the process of choice and migration of commissions for those affiliates under flow-based commission, establishing that the Superintendence determines the means, deadlines and procedures and that, in no case, can they return to a flow-based commission;

That, to this end, it is necessary to establish the regulatory framework that allows the full application of a gradual transition towards the commission charging scheme chosen by the affiliate, taking into consideration that this mechanism will allow the affiliate to exercise their freedom of choice, based on information provided by the Fund Administrator Company (FAC), in order to opt for the charging scheme that best suits their needs and expectations;

That, additionally, by Law No. 32123 it has been established that the PPS is a regime of individual capitalization, administered by the FACs, constituted by the Private Pension Fund Administrators (PFAs) and by companies in the financial and insurance systems established in letters A, C and D of Article 16 of Law No. 26702, General Law of the Financial System and of the Insurance System and Organic Law of the Superintendence of Banks and Insurance, hereinafter referred to as the General Law, participating on equal terms of competition and subject to the provisions and safeguards established in the PPS Law, as well as its complementary regulations; consequently assuming all the obligations, responsibilities and rights established by said PPS Law;

That, since the migration process established by Law No. 32123 would impact the economic-financial projections of the FACs and, consequently, the price formation of potential participants in the next bidding process, it is necessary to extend the maximum date for said companies to communicate to this Superintendence their decision to participate in the Eighth Bidding for the Service of Administration of the Individual Capitalization Accounts of affiliates.

That, on the other hand, pursuant to Article 18-A of the PPS Law, regarding mandatory contributions, the FACs administer the Pension Fund Type 0 or Capital Protection Fund, which is mandatory for the administration of the mandatory resources of all affiliates upon reaching sixty-five (65) years of age and until they opt for a retirement pension in the PPS, unless the affiliate expresses in writing their willingness to assign their Fund to Type 1 or Type 2;

That, additionally, in the aforementioned Article 18-A it is established that the Type 1 Pension Fund will be mandatory for the administration of the resources of all affiliates over sixty (60) years of age and under sixty-five (65) years of age, unless the affiliate expresses in writing their willingness to assign their Fund to Type 0 or Type 2;

That, with the aim of guaranteeing the essential nature, as provided by the PPS Law, of the immunization fund that is the Type 0 Fund or Capital Protection Fund, in its capacity as a pension fund that preserves the value of the affiliates' assets, as long as they have reached 60 years of age or are undergoing their retirement process in the PPS, it was established that this age condition was also applicable to voluntary contributions without pension purpose;

That, within the framework of the modifications incorporated by Law No. 32123, and with the aim of expanding investment alternatives in the PPS, it is convenient to expand the scope of application of Voluntary Contributions without Pension Purpose, allowing said resources to be directed to the Type 0 Pension Fund or Capital Protection Fund, according to the preferences and risk profile of each affiliate;

That, with the aim of collecting public opinions on what is proposed, the publication of the draft regulation was ordered on the digital headquarters of this Superintendence through SBS Resolution No. 1870-2026, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law, as well as Supreme Decree No. 009-2024-JUS;

With the approval of the Adjunct Superintendencies of Pensions and of Regulation and Legal Affairs, as well as the Economic Studies Department; and,

In exercise of the powers conferred by numeral 9 of Article 349 of the General Law, subsection d) of Article 57 of the PPS Law, as well as by what is established in the Third Final and Transitional Provision of the Regulation of the PPS Law approved by Supreme Decree No. 004-98-EF and its amendments;

RESOLVES:

Article First.- Approve the Rules for the choice and migration from flow-based commission to balance-based commission under Law No. 32123, according to the following text:

"RULES FOR THE CHOICE AND MIGRATION FROM FLOW-BASED COMMISSION TO BALANCE-BASED COMMISSION UNDER LAW NO. 32123

CHAPTER I
GENERALITIES

Article 1.- Scope
The provisions of this regulation are applicable to Fund Administrator Companies (FACs), which include private pension fund administrators (PFAs) and financial system companies (FSCs) established in letters A, C and D of Article 16 of Law 26702 and its amendments, General Law of the Financial System and of the Insurance System and Organic Law of the Superintendence of Banks and Insurance.

Article 2.- Definitions
a) Base commission: Flow-based commission that serves as the starting point for the application of the reduction corridor factors. b) Mixed commission: Commission integrated by two components: a flow-based commission component plus another component of percentage commission applied to the affected balance of the pension fund. c) Flow-based commission: Percentage commission applied to the affiliates' remuneration, which is part of the remuneration received by the FACs referred to in letter a) of Article 24 of the TUO of the PPS Law. d) Balance-based commission: Commission that is applied to the balance accumulated by contributions in the Individual Capitalization Account (ICA) accrued from the migration along with the return these generate. e) Reduction corridor: Schedule of decreasing trajectory of the flow-based commission applicable to existing and forming FACs, which starts from the base commission and ends once the schedule period is exhausted. Once this occurs, the mixed commission charging period ends and only a balance-based commission is charged. f) Factor: Percentage applied to the base commission according to the reduction corridor established in this Regulation. g) Law: Law No. 32123 and its amendments, Law for the Modernization of the Peruvian Pension System. h) PPS Law: TUO of the Law on the Private System for the Administration of Pension Funds (PPS) approved by Supreme Decree No. 054-97-EF and its amendments.

i) Regulation: Regulation of Law No. 32123, approved by Supreme Decree No. 189-2025-EF and its amendments. j) Affected balance: The balance formed by new contributions to the ICA accrued from the migration and the return these generate, on which the balance-based commission is applied. k) Non-affected balance: The balance formed by contributions to the ICA accrued prior to the migration and the return these generate, on which the balance-based commission is not applied.

CHAPTER II
RIGHT TO CHOOSE CHANGE OF COMMISSION

Article 3.- Right to choose the commission charging scheme
In compliance with what is provided by the Fifth Final Complementary Provision of the Law and Article 6 of the Regulation, affiliates of the PPS under flow-based commission may opt to remain in said commission charging scheme or to migrate to the balance-based commission scheme.
The exercise of the right to migrate to the balance-based commission scheme is carried out progressively, through the transitional application of a mixed commission, in accordance with the provisions established in this Regulation.

CHAPTER III
OF THE REDUCTION CORRIDOR OF THE FLOW-BASED COMMISSION COMPONENT

Article 4.- Base commission to which the schedule applies
For FACs, the reduction corridor is applied taking as the base commission the flow-based commission in effect in May 2026 for the administration of mandatory contributions.
In the case of a new FAC entering the PPS, the base commission for the calculation of the decreasing trajectory of the flow-based commission is 1.47%.

Article 5.- Schedule of the reduction corridor of the flow-based or remuneration commission
The reduction corridor has a duration of seven (7) years, starting from the contributions accrued from June 2027. The schedule contemplates the application factors to the flow-based commissions that integrate the mixed commission, and is applied to the base commission of each FAC defined in Article 4 of this Regulation for accruals according to the schedule. The result of multiplying the schedule factor by the base commission, truncated to two (2) decimals, is the cap or maximum value of the flow-based commission component that the FAC can charge for the accruals of each stage. The FAC can only charge flow-based commission, in percentage terms, less than or equal to the result according to each stage.

Schedule of application factors to the base flow-based commission
Accruals Factor
June 2027 to May 2028 87.5%
June 2028 to May 2029 75.0%
June 2029 to May 2030 62.5%
June 2030 to May 2031 50.0%
June 2031 to May 2032 37.5%
June 2032 to May 2033 25.0%
June 2033 to May 2034 12.5%
June 2034 and onwards 0.0%

CHAPTER IV
OF AFFILIATE INFORMATION, ORIENTATION AND CHOICE

Article 6.- Communication and orientation strategy for the choice of a commission charging scheme
The FAC must implement a contact, communication and orientation strategy directed at affiliates who have chosen the flow-based commission, in order for the decision to remain in said commission or migrate to a balance-based commission charging scheme to be made based on sufficient, clear, timely, neutral and verifiable information. To this end, the FAC must prepare a communications plan detailing the channels, mechanisms, means and deadlines through which this strategy will be implemented. The channels and mechanisms used for this effect must observe criteria of simplicity, accessibility and service focus. The strategy must include the use of mass communication media, as well as the sending of individual communications that allow proof of delivery to be left. The information provided to the affiliate must contain, at minimum:
a) The characteristics of the available commission schemes; b) The mechanism to access the comparative information referred to in Article 7 of this Regulation; c) The reduction corridor schedule; d) The means, mechanisms and deadlines to exercise the choice, as well as the month from which said change will be reflected, in accordance with what is provided in Article 8 of this Regulation; e) The consequences of not expressing their will within the deadline established in Article 8 of this Regulation; and f) The non-affected balance of mandatory contributions accrued prior to the migration. The deployment of the aforementioned strategy must begin no later than October 19, 2026 and lasts during the choice process. The FAC must send said strategy and its communications plan to the Superintendence prior to its deployment.

Article 7.- Comparative information for the choice of commission charging scheme
The FAC must make available to its affiliates referred to in Article 6, through an online simulator, personalized information on the following:
i. The amount of commissions that would be paid under the flow-based commission scheme and under the mixed commission scheme with transition to balance-based commission.
ii. The accumulated balance obtained under both commission schemes.
iii. The sum of contributions and commissions deducted from remuneration under both commission schemes.
To this end, the FAC must use the historical information of its affiliate observing the following:
a) The figures must be simulated from the accrual of June 2027 until the month in which the affiliate reaches the legal retirement age. b) The information must be available from December 14, 2026. c) It must incorporate at minimum the following fixed parameters: affiliate's age, current balance in ICA, administration commission charged by the PFA - which corresponds to the flow-based and balance commissions in effect, and the flow-based component of the mixed commission applicable according to the reduction corridor as indicated in Article 4- and the affiliate's monthly contribution rate; and as variable parameters: remuneration, return by fund type, and contribution density. d) For the variable parameters, a value must be shown by default based on long-term historical information of the funds or of the affiliate themselves, as appropriate to the type of parameter. The default return value must be estimated based on the nominal return registered during the last ten (10) years. During the simulation, the explanation of the origin and support of the values used by default must be shown. e) The affiliate may modify the variable parameters considering that they were duly informed regarding the long-term historical values of each parameter. To this effect, the FAC must establish reasonable variation ranges. f) The result must be presented in a neutral, transparent and non-inductive manner. The FACs must send to the Superintendence by December 7, 2026 the methodology, simulator employed, including the variation ranges enabled for affiliates, which allows verifying and validating its application, calculations, as well as reproducing the results obtained from the parameters, assumptions and criteria employed. The FAC must maintain a record of each simulation performed, in which the information of the parameters and results is preserved. The FAC must periodically send to the Superintendence the information of said results, as well as that related to statistics of access, use and incidents associated with the online simulator, according to the deadlines and conditions established by instruction.

Article 8.- Deadlines and mechanisms to communicate to the FAC the choice of commission charging scheme
The choice period to migrate to the balance-based commission scheme begins on December 14, 2026 and ends on May 14, 2027. During this period, the FAC must send to this Superintendence daily a report with information on the requests received, through the channels established by instruction.
If this period expires without the affiliate having expressed a decision, they will remain in the flow-based commission scheme.

In case they opt to migrate to the balance-based commission scheme, the new commission charging scheme will take effect from the contributions accrued from June 2027, in accordance with what is provided in Article 5 of this Regulation.
The FAC must establish mechanisms to guarantee the availability and proper functioning of the channels for handling requests for choice of commission scheme. These must meet minimum standards that ensure identity validation, correct filling and sending, in terms of time and access. In the case of mechanisms via digital media, the FAC must comply with the current regulatory provisions on cybersecurity and conservation of the affiliate's choice. Likewise, the FAC sends the affiliate confirmation of their choice."

Article Second.- Exceptionally, for the purposes of the Eighth Bidding for the individual account administration service referred to in Law No. 29903, the companies indicated in letters A, C and D of Article 16 of the General Law of the Financial System and of the Insurance System and Organic Law of the Superintendence of Banks and Insurance, Law No. 26702, that wish to participate in said bidding process are authorized to present the request indicated in Article 35 of Title II of the Compendium of Regulatory Superintendence Norms of the PPS, approved by Resolution No. 054-98-EF/SAFP and its amendments, no later than November 18, 2026.

Article Third.- Repeal the second paragraph of the Fifty-Fifth Final and Transitional Provision of Title V of the Compendium of Regulatory Superintendence Norms of the Private System for the Administration of Pension Funds, approved by Resolution No. 080-98-EF/SAFP and its amendments.

Article Fourth.- This resolution enters into force from the day following its publication in the Official Newspaper "El Peruano".

Register, communicate and publish

SERGIO JAVIER ESPINOSA CHIROQUE
SUPERINTENDENT OF BANKS, INSURANCE AND PFAS