Resolution SBS No. 2326-2026: Amending Title V of the Compendium of Regulatory Norms of the Private Pension System Regarding Affiliation and Contributions to Facilitate the Use of Digital Wallets

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511) 6309000 Lima, September 21, 2026 Resolution S.B.S No. 02326-2026

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, in Article 16 of Law No. 32123, Law for the Modernization of the Peruvian Pension System, it was established that pension contribution payments within the contributory pillar, both in the National Pension System (NPS) and in the Private Pension System (PPS), are made via mobile application, mobile wallet, banking agents, or other innovative mechanisms as established in the regulatory norms;

That, in order to facilitate the adoption of mobile applications such as digital wallets and the use of intermediary institutions in the contribution payment process, it is necessary to modify the applicable provisions, so that the requirements and minimum content of the agreements to be signed consider the technological infrastructure and functionality of the applications, always subject to the principle of protection and safeguarding of the pension contributions of affiliates to the PPS;

That, for the purpose of collecting opinions from the general public regarding the proposed modifications to the PPS regulations, Resolution SBS No. 1651-2026 was issued to publish the regulatory project on the matter on the Superintendency's electronic portal, in accordance with what is established in the Thirty-Second Final and Complementary Provision of the General Law, as well as in 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 Risk Management Department;

In exercise of the powers conferred by numeral 9 of Article 349 of the General Law of the Financial System and of the Insurance System and Organic Law of the Superintendency of Banking and Insurance, Law No. 26702 and its amendments, and subsection d) of Article 57 of the Single Text of the Law of the PPS and its modifying norms, approved by Supreme Decree No. 054-97-EF;

RESOLVES:

Article First.- Incorporate Articles 89-B.- Payment Modalities of Contributions and 89-C.- Intermediary Institutions into Title V of the Compendium of Superintendence Regulatory Norms of the PPS, approved by Resolution No. 080-98-EF/SAFP and its amendments, referred to Affiliation and Contributions, in accordance with the following texts:

“Article 89-B.- Payment Modalities of Contributions. Employers, dependent or independent workers, as well as third parties including intermediary institutions, may make pension contribution payments via digital wallets, other digital applications, correspondent ATMs, or other mechanisms permitted in current regulations.

Regarding digital wallets or other digital applications, these may be offered by supervised companies authorized by the Superintendency for this purpose, or by payment service entities indicated in Article 89-C.

Pension Fund Administrators (AFPs) are responsible for identifying, evaluating, and managing operational, technological, information security, cybersecurity, operational continuity, and service risks provided by third parties, when they decide to implement initiatives related to the payment of pension contributions via digital wallets, digital applications, intermediary institutions, or other similar mechanisms. In this framework, it is incumbent upon them to define and implement the necessary controls according to the nature, scope, criticality, and risks of the channel or service incorporated.

AFP must know and comprehensively manage the operational flow associated with the payment of pension contributions, identifying its stages, responsible parties, control points, technological and operational dependencies, as well as reconciliation, traceability, reversal, regularization, and incident handling mechanisms, in order to ensure the adequate receipt, validation, transmission, crediting, and registration of contributions, as well as the integrity of the resources and the timeliness of their allocation to the affiliate.

Article 89-C.- Intermediary Institutions. For the purposes of this Title, intermediary institutions are defined as payment service entities that are authorized or registered under the General Regulation of the National Payment System, approved by Circular No. 0022-2025-BCRP or the norm that replaces it, which are under the supervision of the Central Reserve Bank of Peru, as well as financial system companies and complementary and related service companies that can offer payment services, with which AFP sign the corresponding agreements.

Payment service entities that, within the framework of this article, act as intermediary institutions must comply with the provisions established in the aforementioned General Regulation of the National Payments System, and the other norms issued by the Central Reserve Bank of Peru applicable to them.

The AFP must sign the corresponding agreement, sending a copy to the Superintendency within three (3) days following the date of signing.

Such agreements must specify the conditions and deadlines for their execution and must contain, at a minimum, the following clauses:

a) The obligation, on the part of the intermediary institution, to pay by the second business day following collection, the amount collected solely in the accounts referred to in subsection c) of Article 89.

b) Comply with the provisions established in letters a), e), f), g), h), i), j), k), and l) of Article 89, for the adequate payment of pension contributions, as well as the timely and truthful communication of information. In the event that any charge is made to the pension contributions collected through intermediary institutions, the AFP is responsible for compensating said concept, so as to guarantee the full amount paid.

c) Comply with the regulatory provisions on operational risk management, operational continuity, information security, and cybersecurity issued by this Superintendency that are applicable to the services provided by intermediary institutions to AFP.

d) The responsibilities, procedures, deadlines, and communication channels applicable for the identification, reporting, handling, regularization, and follow-up of technological, operational, or business continuity incidents that may affect the payment process of pension contributions.

e) The prohibition of the use of affiliates' personal data without their express authorization, except for the cases provided for in the applicable regulations. If authorization is obtained, it must be carried out solely for the purposes for which it was granted. Likewise, it must guarantee the adequate treatment of personal data in accordance with Law No. 29733, Personal Data Protection Law, its Regulation, and the other applicable provisions on the matter.

The inclusion of intermediary institutions in the pension contribution payment process is considered a significant change, under the provisions of the Regulation for Operational Risk Management, approved by Resolution SBS No. 2116-2009 and its amendments, and the Regulation of Corporate Governance and Integral Risk Management, approved by Resolution SBS No. 272-2017 and its amendments. The corresponding risk report must be sent to the Superintendency in accordance with what is established in Circular No. G-165-2012 and its amendments.

The services provided by intermediary institutions are considered significant, under the provisions of Article 14 of the Regulation for Operational Risk Management and Chapter IV of Title III of the Regulation of Corporate Governance and Integral Risk Management.”

Article Second.- Replace Articles 89, 94, and 108 of Title V of the Compendium of Regulatory Norms of the PPS, approved by Resolution No. 080-98-EF/SAFP and its amendments, referred to Affiliation and Contributions, with the following text:

“Article 89.- Collection Institutions. The collection of pension contributions from affiliates to the PPS must be carried out by the AFP or, on their behalf, by banking, financial, or other companies authorized by the Superintendency that operate in the country, which for the purposes of this Title are called collection institutions.

In the latter case, the AFP must sign the corresponding agreement, sending a copy to the Superintendency within three (3) days following the date of signing.

Such agreements must specify, in addition to the applicable provisions in current regulations on risk management, the conditions and deadlines for their execution and must contain, at a minimum, the following clauses:

a) The services that the collection institution is obligated to provide to the AFP, as well as the remuneration that it must pay for any concept.

b) The obligation, on the part of the collection institution, to pay on the same day of collection, the amount collected solely in the accounts referred to in the following subsection.

c) The obligation, on the part of the collection institution, to open a single current account in the name of the Fund administered by the AFP for the purpose of collecting contributions to the Funds, and a single current account in the name of the AFP where withholdings and remuneration are credited, indicating the number of these in the agreement. The crediting of withholdings and remuneration may be made in the Fund's account, being the responsibility of the AFP to subsequently regularize and internally allocate said concepts, always preserving the intangibility of the affiliate's funds.

d) The obligation on the part of the collection institution that the cash resources collected, in any of the accounts referred to in the previous subsection, will be immediately available to the AFP, regardless of the mechanism by which the payment of contributions was made.

e) The submission of the collection institution to the PPS norms, Superintendency provisions, and, in particular, the norms contained in this Chapter.

f) The obligation on the part of the collection institution, in case of celebrating other agreements, to maintain identical characteristics regarding price, service quality, deadlines, and other specifications with any AFP that is capable of requesting it. The agreement may not include exclusivity clauses that obligate an AFP to sign agreements with a particular collection institution.

g) The obligation to avoid preferential treatment and, in general, any type of discrimination that benefits some affiliates or employers to the detriment of others, in the execution of its collection function.

h) The indication that the cost incurred for the execution of the obligations subject of the agreement will be exclusively charged to the AFP requesting the service, not representing any expense for the affiliate, for the Pension Fund being administered, or for the employer, as applicable.

i) The obligation on the part of the collection institution not to demand any other document or additional payment authorization than those contemplated in this Title or others established by the Superintendency, as proof of the deposit made by an employer, dependent or independent worker, as well as by a third party, in the current accounts of the AFP or the Bridge Fund administered by said AFP.

j) The possibility for the collection institution to accept and process the payment of contributions through electronic data transmission, in accordance with the norms established by the Superintendency.

k) The interconnection between the different attention channels of the collection institution is an indispensable condition for the celebration of the agreement. In case the collection institution opens new attention channels, it must ensure their interconnection availability.

l) The obligation of the collection institution to publish in all its attention channels the documentation that the employer or independent worker must present, as applicable.

m) The responsibilities, procedures, deadlines, and communication channels applicable for the identification, reporting, handling, regularization, and follow-up of technological, operational, or business continuity incidents that may affect the payment, collection, transmission, validation, or registration process of pension contributions.

n) The prohibition of the use of affiliates' personal data without their express authorization, except for the cases provided for in the applicable regulations. If authorization is obtained, it must be carried out solely for the purposes for which it was granted. Likewise, it must guarantee the adequate treatment of personal data in accordance with Law No. 29733, Personal Data Protection Law, its Regulation, and the other applicable provisions on the matter.

The inclusion of collection institutions in the collection process is considered a significant change, under the provisions of the Regulation for Operational Risk Management, approved by Resolution SBS No. 2116-2009 and its amendments, and the Regulation of Corporate Governance and Integral Risk Management, approved by Resolution SBS No. 272-2017 and its amendments. The corresponding risk report must be sent to the Superintendency in accordance with what is established in Circular No. G-165-2012 and its amendments.

Likewise, the services provided by these collection institutions are governed by the provisions applicable to significant subcontracting, of Article 14 of the Regulation for Operational Risk Management and Chapter IV of Title III of the Regulation of Corporate Governance and Integral Risk Management.”

“Article 94.- Acquisition of Quotas. In accordance with what is established in Article 55 of the Regulation, the collected contributions are used to acquire quotas of the Bridge Fund at the current quota value corresponding to the date on which the contribution payment is made, regardless of the collection channel.”

“Article 108.- Payment Timeliness. The declaration of the payroll and the payment of the mandatory contributions referred to in Article 30 of the Law must be made by the employer within the first five (5) business days of the month following the month in which the contributions were accrued, in accordance with Article 34 of the Law.

Those payments made after the deadline mentioned above generate an interest equivalent to the default interest rate provided for tax obligations in Article 33 of the Tax Code, without prejudice to the actions established in subchapter X.

In the case of payments by check or through intermediary institutions, the registration of contributions to the pension fund must be made at the current quota value on the date of payment of the contribution, either by presenting the check to the collecting entity or payment through the intermediary institution.”

Article Third. - This resolution enters into force from the day following its publication in the Official Gazette El Peruano.

Register, communicate, and publish.

SERGIO JAVIER ESPINOSA CHIROQUE
Superintendent of Banking, Insurance and AFP