Resolution SBS No. 1767-2022: Operational Procedure for the Extraordinary and Voluntary Withdrawal of Funds in the Private Pension System, Established by Law No. 31478

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Lima, May 31, 2022 Resolution SBS No. 1767-2022

The Superintendent of Banks, Insurance, and Private Pension Fund Administrators

CONSIDERING:

That, by Law No. 31478, published in the Official Gazette “El Peruano” on May 21, 2022, the extraordinary withdrawal of accumulated funds in their individual capitalization accounts (CIC) is authorized for affiliates of the Private System for the Administration of Pension Funds in the context of the Covid-19 pandemic, in the year 2022;

That, Article 2 of the aforementioned Law No. 31478 authorizes, in an extraordinary manner, all affiliates of the Private System for the Administration of Pension Funds to voluntarily withdraw up to four (4) Tax Units (UIT) from the total of their accumulated funds in their Individual Capitalization Account (CIC);

That, Article 3 of Law No. 31478 establishes that affiliates may present their withdrawal request, only once, within ninety (90) calendar days following the entry into force of the regulation of the aforementioned Law;

That, for its part, the Sole Final Complementary Provision of the aforementioned Law establishes that the Superintendent of Banks, Insurance, and Private Pension Fund Administrators, through regulation, determines the operational procedure, within a period not exceeding fifteen (15) calendar days from the publication of the aforementioned Law, under the responsibility of its head;

That, consequently, it is necessary to establish the corresponding operational procedure, with the purpose that affiliates can present their voluntary withdrawal requests within the timeframes established in Law No. 31478, to which end, and taking into account the sanitary context the country is going through and the objective of the given Law, the AFPs must establish, after their own evaluation or that of the guild representing them, the most suitable and appropriate channels and formats for this special and force majeure situation, for the receipt of the aforementioned withdrawal requests, within a context that provides adequate protection of the object of the SPP, as referred to in Article 1 of the SPP Law;

That, additionally, it is necessary to modify the Accounting Manual for Managed Portfolios approved by Resolution SBS No. 435-2005 and its modifying norms, with the purpose of adapting it to the aforementioned provisions;

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Having the approval of the Adjunct Superintendencies of Private Pension Fund Administrators, Market Conduct and Financial Inclusion, and Legal Advice; and,

In exercise of the powers conferred by numeral 9 of Article 349 of the General Law of the Financial System and the Insurance System and the Organic Law of the Superintendency of Banks and Securities, Law No. 26702 and its amendments, and subsection d) of Article 57 of the SPP Law, and viewing the exceptional conditions established in Article 14 of Supreme Decree No. 001-2009-JUS and its amendments;

RESOLVES:

Article First. - Approve the Operational Procedure for the Extraordinary and Voluntary Withdrawal of Funds in the Private Pension System, established by Law No. 31478, according to the following text:

“OPERATIONAL PROCEDURE FOR THE EXTRAORDINARY AND VOLUNTARY WITHDRAWAL OF FUNDS IN THE PRIVATE PENSION SYSTEM ESTABLISHED BY LAW NO. 31478

Article 1. - Scope The operational procedure (OP) applies to Private Pension Fund Administrators (AFPs) and establishes the corresponding norms to comply with what is established in Law No. 31478, which establishes the extraordinary and voluntary withdrawal by affiliates of the Private System for the Administration of Pension Funds, of the funds accumulated in their individual capitalization accounts, up to four (4) tax units.

Article 2.- Definitions For the purposes of this Operational Procedure, the following definitions are used: a) Affiliate: worker, dependent or independent, who is incorporated into the SPP and has the status of active. b) AFP: Private Pension Fund Administrator. c) CIC: Individual Capitalization Account of Mandatory Contributions. d) Cut-off Date: Date used by the AFP to determine access for the extraordinary and voluntary withdrawal. e) Law: Law No. 31478. f) OP: Operational Procedure. g) SISCO: Collective disability and survivorship insurance, provided by insurance companies awarded the bid for the administration of disability, survivorship, and burial expense risks in the SPP. h) SPP: Private System for the Administration of Pension Funds. i) Superintendency: Superintendency of Banks, Insurance, and Private Pension Fund Administrators. j) UIT: Tax Unit. k) Quota Value: Unit of measurement in which the value of pension funds is expressed.

Article 3.- Extraordinary and voluntary withdrawals in accordance with Article 2 of Law No. 31478

Timeframe to request withdrawals and withdrawal of the withdrawal request for funds

3.1 The affiliate who decides to withdraw their funds under the scope of Law No. 31478, must present their request for extraordinary and voluntary withdrawal of mandatory contributions only once and indicating the amount to be withdrawn, which must be within the limit allowed by Article 2 of the aforementioned law and within the maximum timeframe of ninety (90) calendar days, whose start is calculated from the day of entry into force of the resolution approving the OP.

3.2 In case an affiliate wishes to withdraw their request for withdrawal of funds from their CIC, only once, they can communicate this to the AFP, up to ten (10) calendar days before the date on which any of the three disbursements has been scheduled, revoking the payment of future disbursements that may have been scheduled. For this purpose, the affiliate must submit their request in accordance with the channels and formats established by the AFP in compliance with numeral 3.3 of this OP. The AFP must respond to the request through the means that allows preserving a record thereof.

Channels of attention and information

3.3 The AFP establishes mechanisms to guarantee the availability and proper functioning of the channels for attention to withdrawal requests and/or withdrawals of its affiliates in accordance with the Law, and must disseminate them prior to the presentation of the requests. The platforms that support the registration of requests must facilitate, in terms of time and access, minimum standards that allow their correct completion and sending; they must have cybersecurity and information conservation mechanisms that mitigate the risks of identity theft of affiliates, as provided for in the applicable regulations.

3.4 The AFP establishes information mechanisms for the affiliate that it deems appropriate, striving to ensure their timeliness and access so that the withdrawal procedure is carried out within the established timeframes, as well as the possible withdrawal of the request by the affiliate. The AFP must provide general guidance, as well as regarding the affiliate's procedure regarding the voluntary withdrawal and/or withdrawal thereof, on its website and/or on that of the guild representing it.

Timeframes for disbursements

3.5 The AFP provides for the delivery of funds according to the following schedule:

3.5.1 First disbursement of up to 1 UIT: Within a maximum of 30 calendar days, calculated from the date the request was presented to the AFP.

3.5.2 Second disbursement of up to 1 UIT: Within a maximum of 30 calendar days, calculated from the date the first disbursement was made by the AFP.

3.5.3 Third disbursement for the remainder of the requested amount: Within a maximum of 30 calendar days, calculated from the date the second disbursement was made by the AFP.

Amount of withdrawals and their payment method

3.6 The affiliate may request the extraordinary withdrawal of funds up to an amount equivalent to four (4) UIT, with respect to the total registered in their CIC of mandatory contributions, at the date of presentation of the request, whose disbursements are made in accordance with what is indicated in numeral 3.5 of this operational procedure.

3.7 The value of the UIT to be taken into account for the extraordinary withdrawal is that which is in effect on the date of presentation of the request by the affiliate to the AFP.

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3.8 The AFP is responsible for providing the appropriate means to make the payment effective, oriented to maximizing the coverage of attention to affiliates who requested the extraordinary and voluntary withdrawal, being able to sign agreements with companies in the financial system or others that facilitate payment; it must guarantee that the payment corresponds to the amount requested by the affiliate.

Judicial or conventional retention

3.9 The AFP is responsible for carrying out the judicial or conventional retention, only with respect to those pronouncements derived from alimony debts, up to a maximum of thirty percent (30%) of the amount withdrawn in each disbursement, as provided by Law.

Article 4.- Affiliates who are abroad or physically unable Affiliates who are abroad or physically unable may submit their request for withdrawal of funds or withdrawal through the channels and formats enabled for this purpose, with the AFP being responsible for establishing communication protocols that allow them to identify the requesting holder. These protocols must be disseminated by the AFP, prior to the start date of the presentation of requests, on its website and in other dissemination media that it deems necessary, in accordance with what is stated in paragraphs 3.3 and 3.4 of Article 3 of the present OP.

Article 5.- Coverage of the pension insurance against disability or survivorship accidents In the event that, after the extraordinary and voluntary withdrawal of the pension fund, a disability or survivorship accident occurs that is covered by the pension insurance, under the scope of SISCO, the provisions of the second paragraph of Article 12 of the Operational Regulation of Law No. 29426 that creates the Special Regime for Early Retirement for Unemployed in the Private Pension System, approved by Resolution SBS No. 1661-2010, shall apply.

Article 6.- Treatment of impacts on the CIC due to the extraordinary and voluntary withdrawal of pension funds The impacts on the CIC due to the collection of commissions on the managed balance are subject to the principle of proportionality on the composition of the funds, accounted for on the date of making the respective charge in the affiliate's CIC.

Article 7.- Extraordinary and voluntary withdrawal when a request for transfer of the balance of the CIC of mandatory contributions is pending In case an extraordinary withdrawal has been requested under the scope of Law No. 31478, while a request for transfer of the balance of the CIC of mandatory contributions is pending, the AFP must continue the processing of both procedures without interruption, to which effect it must be subject to the treatment established in the Fifty-Eighth Final and Transitory Provision of Title V of the Compendium of Norms of the Regulatory Superintendency of the SPP, approved by Resolution No. 080-98-EF/SAFP.

Article 8.- Extraordinary and voluntary withdrawal in cases of pure multi-affiliation In the case of affiliates with pure multi-affiliation, the AFP that has the CUSPP deactivated, because its affiliation to said AFP does not correspond, must transfer the contributions within a period of three (3) business days in accordance with what is established by current regulations. Likewise, the AFPs involved in pure multi-affiliation must establish procedures for the exchange of information on this group of affiliates, in order to guarantee compliance with the maximum timeframes and amounts for the payment of extraordinary and voluntary withdrawals.”

Article Second. - Modify Circular No. AFP-109-2010, referred to Operational Codes, under the following terms:

“In order to comply with what is established in Law No. 31478 and this circular, Circular No. AFP-109-2010 is modified in order to use the following Operational Code for the registration of charges to the CICs of Mandatory Contributions resulting from this type of request, in the group “Deliveries (8_)”:

• 25 Disposition of up to 4 UIT – Law No. 31478.”

Article Third. – Modify Chapters III “Account Catalogs” and IV “Description and Dynamics of Accounts” of the Accounting Manual for Managed Portfolios, approved by Resolution SBS No. 435-2005 and its amendments, incorporating sub-account 2004239 “Affiliate disposition in accordance with Law No. 31478”, within account 200423 “Returns and deliveries to be paid”, with its entry into force from the information corresponding to the month of June of the year 2022.

Article Fourth. – This resolution enters into force on June 13, 2022.

Register, communicate, and publish.

SOCORRO HEYSEN ZEGARRA Superintendent of Banks, Insurance, and Private Pension Fund Administrators