Resolution SBS No. 355-2005: Replaces Title IV of the Compendium of Norms of the Private Pension Fund Administration System and modifies articles related to Transfers in Title V

Lima, March 02, 2005

Resolution S.B.S.
No. 355 -2005

The Superintendent of Banking and Insurance

CONSIDERING:

That, Title IV of the Compendium of Regulatory Supervision Norms of the Private Pension Fund Administration System (SPP), approved by Resolution No. 319-98-EF/SAFP and its amendments, contemplates regulation regarding Information to the Affiliate and the general public in the SPP;

That, through Law No. 27988, regulated by Supreme Decree No. 182-2003-EF and its amendments, the administration of Multiple Funds has been introduced into the SPP regulation, so that AFPs can administer three types of pension funds regarding mandatory contributions;

That, the aforementioned multiple fund scheme, due to the different composition of portfolios managed by AFPs based on the profitability and risk profiles that support them, entails a decision-making exercise of greater demand and responsibility on the part of affiliates, based on an environment of providing truthful, timely, complete, and sufficient information, so it is necessary to establish modifications in the corresponding regulation;

That, likewise, with the enactment of Law No. 28444, a modification has been introduced in the requirements required to effect a transfer of an affiliate's pension fund from one AFP to another, so it is necessary to establish clarifications to Title V of the aforementioned Compendium of Norms, referred to as Affiliation and Contributions, in order to adapt the SPP regulation to this new competitive scenario, as well as in aspects related to the operational functioning of the industry with regard to the multiple fund scheme, according to the scope of what is provided in SBS Resolution No. 2082-2004;

That, Article Four of the aforementioned Supreme Decree No. 182-2003-EF, establishes that the Superintendency of Banking and Insurance will issue complementary norms of a character that are necessary for the good functioning of the SPP;

Being in what was opined by the Adjunct Superintendencies of Private Administrators of Pension Funds, of Legal Advice and the Economic Studies Management; and,

In exercise of the powers conferred by numeral 9 of article 349º of the General Law of the Financial System and of the Insurance System and Organic of the Superintendency of Banking and Insurance, Law N° 26702 and its amendments, subsection d) of article 57° of the Single Text of the Law of the Private System of Administration of Pension Funds, approved by Supreme Decree N° 054-97-EF, as well as by what is provided in the Third Final and Transitory Provision of its Regulation, approved by Supreme Decree Nº 004-98-EF;

RESOLVES:

Article 1°.- Replace Title IV of the Compendium of Regulatory Supervision Norms of the Private Pension Fund Administration System, referred to as Information to the Affiliate and the General Public, which consists of twenty-one (21) articles and two (2) final and transitory provisions, with the following text:

“TITLE IV
INFORMATION TO THE AFFILIATE AND THE GENERAL PUBLIC

CHAPTER I
DECLARATIVE PRINCIPLES

Definition
Article 1º.-
For the purposes of this Title, the term informational material comprises the advertising announcements of the AFPs disseminated by any means of social communication, as well as the information delivered by sales promoters to affiliates, employers, and the general public. Additionally, it comprises that information that the AFPs make available to affiliates and the general public on their respective websites and on other sites they use for the dissemination of their information. The advertising of the AFPs is governed by this norm, as well as by Legislative Decree No. 691, its complementary and amending norms.

Prohibition
Article 2º.-
The use of terms such as Private Pension Fund Administration System, Private Pension System, SPP, Private Administrator of Pension Funds, AFP or any other analogous term is prohibited for purposes other than those authorized by Law.

Scope
Article 3º.
All information that AFPs must provide to the public and affiliates as a consequence of express obligations of a legal or regulatory nature, shall be governed by the norms that specifically require such information.
In such cases, the norm contained in this Title shall have a supplementary or referential character.

Authorization
Article 4º.-
AFPs may only carry out advertising activities once they have obtained their license to function as such.

Informational Function
Article 5º.-
The informational material indicated in Article 1° of this Title must preferably fulfill an orientation function that allows the public to know the SPP, and to freely and rationally choose among the AFPs that offer it. In any case, the informational and persuasive functions of advertising are lawful as long as they do not induce error or confusion in the affiliate or the general public.

Responsibility
Article 6º.-
AFPs will be responsible for all informational material they disseminate, as well as for the informational material delivered by their sales promoters or personnel under their charge.

Relevant Information
Article 7º.-
AFPs must ensure that the information they provide to their affiliates and the general public is oriented to show the characteristics of the relevant information indicators of the SPP that allow for an adequate decision-making process on the part of the affiliates, and which are mainly those of the profitability of the portfolio managed by type of pension fund, the administration commission charged by the AFP and the cost of the disability, survivorship and burial expense insurance; as well as the quality of service in the management of the funds they administer. Likewise, they must ensure that the information they provide to the general public does not distort the specific character of pension fund administration.

Sponsorship and Prohibitions
Article 8º.-
AFPs, in accordance with what is established in article 17º of the Law, may sponsor activities only in those cases where the objectives do not have a direct or indirect relationship with real or symbolic benefits that could have as their purpose to maintain or capture affiliates under their administration. For these purposes, each AFP must have available to the Superintendency, a register with the list of sponsorships of the activities they carry out. Likewise, AFPs are expressly prohibited from carrying out, directly or indirectly (whether through promoters, personnel under their charge or third parties), promotions such as gifts (regardless of their nature), contests, raffles, exchanges, lotteries or any analogous activity that impacts the maintenance or capture of new affiliates under their administration.

CHAPTER II
OF THE INFORMATION TO BE DISSEMINATED BY THE SUPERINTENDENCY

Official Statistical Information
Article 9º.-
For the purpose of making public the behavior of the SPP, the Superintendency will disseminate official statistical information in printed or virtual publications on its website, in the following forms:
a) Weekly Information Bulletin; b) Monthly Information Bulletin; c) Statistical Bulletin of Private Administrators of Pension Funds and Evolution of the SPP; d) Monthly communications of the main variables of the SPP; e) Annual Report; and, f) Others determined by the Superintendency.
Likewise, the Superintendency will provide information of interest related to the SPP on its website available to the general public.
The Superintendency may disseminate complementary and general interest information in periods different from those indicated; however, for the purpose that AFPs can make comparative advertising, they cannot use information that does not correspond to the aforementioned publications.

Statistical Figures
Article 10º.-
The statistical figures of the SPP that AFPs disseminate through any informational medium, must be those contained in the publications indicated in Article 9º, taking into account their chronological sequence, and making express citation of the respective source.
The statistical figures appearing in any other publication different from those indicated in subsections a) to f) of Article 9º, only have an informational character, and cannot be disseminated by AFPs.

Observations on Informational Material
Article 11º.-
In accordance with what is provided in Article 29º of Legislative Decree No. 691, the Superintendency, ex officio, will proceed to report to INDECOPI the infractions to the provisions on advertising established in the laws of the matter and in this Title, in which AFPs incur and which it knows directly. The Superintendency may, previously and without prejudice to what is provided by Article 21º of this Title, direct a communication to the infringing AFP indicating the reasons why it considers its advertising to be illegal and communicating that it will proceed to make the corresponding report. Likewise, the summary of such reports may be included in the Superintendency's monthly publications. Without prejudice to what is established in the previous paragraph, AFPs will directly report to INDECOPI the infractions to the advertising norms in which, in their opinion, other AFPs incur, in accordance with what is established by Legislative Decree N° 691.

CHAPTER III
OF THE INFORMATION TO BE DISSEMINATED BY THE AFPs

Comparative Advertising
Article 12º.-
In accordance with what is provided in subsection n) of Article 57º of the SPP Law, AFPs that carry out comparative advertising may only use the result indicators disseminated by the Superintendency, through the publications under printed or virtual media referred to in subsections a) to f) of article 9º of this Title.

Mandatory Information in Establishments
Article 13º.-
AFPs are obliged to provide to the general public, in all their customer service establishments, including the Pensional Advisory Offices and Mobile Stalls, the information indicated in Article 98º of the Law's Regulation.
Likewise, they must have available to the general public and their affiliates, in all their establishments, printed information regarding the main aspects of consultation of the SPP, which must comprise, at least, the following topics:

1. Affiliation to an AFP – Individual Capitalization Account
2. Mandatory contributions to the SPP (to the pension fund, administration commissions and insurance premium)
3. Recognition Bonus
4. Voluntary contributions with and without pensional purpose
5. Transfers from one AFP
6. Change of a pension fund to another in the same AFP
7. Pension modalities and pensional products in the SPP
8. Retirement (legal and early age)
9. Minimum pension in the SPP
10. Disability pensions
11. Survivorship pensions and Burial Expenses
12. Special Retirement Regimes in the SPP (Law No. 27617 and Law No. 27252)
13. Multiple Funds in the SPP – Types of Pension Funds
    The information related to said topics must also be available to the public on the administrators' website. Additionally, they may disseminate said information through any other channel.

Indicators to Disseminate
Article 14º.-
The result indicators disseminated by the Superintendency will be modified monthly and will be supported by the accumulated data since the start of operations of the AFPs.
Likewise, under the conditions, specifications, periodicity and means that the Superintendency determines and in order to provide an environment of transparency regarding the relevant variables of the SPP, AFPs will publish information related to the profitability of the portfolio managed by type of pension fund, the administration commissions charged by the AFP and the value of the insurance premium.

Informational Prospectus
Article 15°.-
AFPs must have in their establishments available to their affiliates and the general public, Informational Prospectuses referred to each of the Funds, which contain summarized and relevant information of the Funds for mandatory and/or voluntary contributions that they administer, as referred to in articles 18° and 18º-A of the SPP Law. Such prospectuses must contain, at least, the following information:
I. Regarding the administrator:
a.1 The responsibilities and obligations of the AFP in relation to the administration of the Fund's investments; a.2 Administrative structure (Board of Directors and management); a.3 Main shareholders; a.4 Description of the Investment Process; a.5 Commission structure for the administration of the funds; a.6 Financial information of the AFP; a.7 Customer attention policies (answering queries and claims); a.8 Supervision and internal control policies.
II. Regarding the funds for mandatory and voluntary contributions that they administer:
b.1 Objective and characteristics of the type of Fund in question including the profile of the affiliates to whom it is oriented (considering characteristics such as age, investment horizon and the risk and profitability profiles of the affiliates) b.2 Summary of the Investment Policy and reference indicators of profitability by category of investment instruments; b.3 Financial information; b.4 Historical performance of the fund's profitability; b.5 Rights and duties of the affiliate (affiliation processes, mandatory and voluntary contributions, Fund and Administrator transfers, pensions). The information related to said informational prospectus must also be available to the public on the administrators' website.

Semi-annual Information
Article 16º.-
AFPs must publish twice a year in a newspaper of national circulation, the information corresponding to the portfolio managed by Type of Pension Fund and by type of instrument as of June 30 and December 31, according to the information structure established by the Superintendency.

CHAPTER IV
OF TRANSPARENCY TO THE MARKET

Pension Projection
Article 17º.-
The dissemination of calculations and projections of pension amounts is subject to approval by the Superintendency of the methodology that supports its elaboration, according to the procedure established in Article 45º of Title VII of this Compendium. 1

Profitability
Article 18º.-
The advertising on the profitability of the Managed Portfolio that AFPs carry out must correspond exclusively to the last valid information on the profitability of the Managed Portfolio, according to the type of fund, as well as the average of the SPP that the Superintendency publishes monthly in its official bulletins, taking into account records on profitability for periods of twelve (12) months in a successive and cumulative manner, as many as complete periods of the referred quantity of months there were. Each time facilities and/or comparative means are used for advertising on profitability, the same reference date or comparison period must be used, as well as maintain similar proportions regarding their characteristics. Likewise, it must refer, in the case of comparative means, to the same type of pension fund.

Relative Profitability Position Indicators
Article 19º.-
The AFP may indicate that it has the highest profitability when it registers the highest value for one or more types of mandatory pension funds, the AFP must specify with highlighted characters the type of fund in question and the reference period to which it corresponds, based on what is provided in article 18º of this Title.

Mandatory Phrase
Article 20º.-
For the purposes of the dissemination of profitability by type of pension fund by AFPs, the following phrase must necessarily be included in a prominent manner, in the advertising space or time, as

1 By Circular No. AFP-085-2007, published on 01-11-2007, the methodology for the estimation of pensions was approved.

corresponds: “The profitability of the different types of Pension Funds is variable, its level in the future may change in relation to past profitability.”

Information Requirement
Article 21º.-
The Superintendency may request additional information from AFPs, ex officio or at the request of a party, regarding the informational material they disseminate. AFPs will present such information within the deadline set in the corresponding requirement.

CHAPTER V 2
PENSIONAL ORIENTATION SERVICE

Pensional Orientation
Article 22 º.-
The pensional orientation service is governed by what is provided in the Norm that regulates the services provided by the SBS to citizens and the attention of complaints against supervised companies.

Definitions
Article 23º.-
For the purposes of what is provided in this chapter and related regulatory norms, consider the following definitions and references:
Potential Pensioner 5: Affiliate or beneficiary who is close to accessing withdrawal and/or pension options, as appropriate with the provisions established at the level of the SPP Law and according to any of the following criteria and conditions:
Retirement:
a) Affiliates over sixty (60) years of age who could have access to some type or regime of retirement in the SPP. b) Affiliates who, without being included for age reasons in the previous subsection, voluntarily request information and/or an evaluation of their pensional situation to the AFP for the purpose of accessing a retirement pension soon. Disability: Affiliates who have signed the Request for Evaluation and Qualification of Disability. Survivorship: Beneficiaries who have signed Section I of the Survivorship Pension Request. Without prejudice to this, the condition of beneficiary close to receiving a pension can also be configured previously to the presentation of the aforementioned request, as long as the AFP has formally taken knowledge of the death of the affiliate.
Article 24º.-

2 This Chapter V was incorporated into this title by SBS Resolution No. 9856-2009. Likewise, Annex No. 1 (General topics of information and orientation for potential pensioners regarding benefits) was incorporated. Subsequently, the denomination was modified by SBS Resolution No. 4464-2016, published on 20.08.2016. 3 Article modified by SBS Resolution No. 8513-2014, published on 26.12.2014. Subsequently modified by SBS Resolution No. 4464-2016, published on 20.08.2016. 4 Article modified by SBS Resolution No. 4464-2016, published on 20.08.2016. 5 By Circulars No. AFP-104-2009, 119-2010 and 113-2010, the minimum standard of information in orientation to potential pensioners – Module I: General aspects and retirement in the SPP, Module II: Disability in the SPP, Module III: Survivorship and Burial Expenses in the SPP has been established. Subsequently modified by Circular No. AFP-135-2013 published on 20.12.2013.

Article 25º.-
Article 26º.-
Attention Certificate
Article 27º.-
AFPs must issue an Attention Certificate at the end of each consultation of the potential pensioner, in order to guarantee that this person has obtained the necessary information regarding the requirements, conditions, pensional alternatives, characteristics and procedures linked to the benefits they intend to access or access, putting special emphasis on those elements whose lack of knowledge could cause them detriment at the pensional level or of benefits in general, for which purpose, they must keep a record. The aforementioned certificate must contain, at least, the following:
a) Number or code of attention that allows identifying it; b) Personal data of the consultant as well as of the official or representative of the AFP; c) All topics and subtopics subject of consultation, according to the detail shown in Annex No. 1, that have been attended through the information or orientation provided; d) Date and time of duration of the attention, specifying the start and end time of the attention; and, e) The evaluation of all existing pension alternatives in the SPP, according to Annex No. 2, in terms of the possibility of accessing one or several benefits from them based on the information presented, indicating the considerations taken into account for the evaluation, the requirements that need to be verified, the differences that exist between one and another option, the reasons why it would not proceed, as well as any other relevant information so that affiliates or their beneficiaries can make a correct choice of that pensional benefit that offers them the best conditions in terms of access, coverage and/or pension. The Superintendency may modify by instruction of a general character what is established in Annex No. 2, in accordance with the legal modifications of the different pensional regimes. The issuance of said document will be in charge of the administrator and must additionally provide the potential pensioner with the opportunity to register those observations, events and/or facts that they deem convenient to manifest in the certificate regarding any aspect linked to the attention, information and/or orientation process provided by the AFP. This certificate will be available to the Superintendency. Exceptionally, for cases where there is no possibility of carrying out in-person attention, the Attention Certificate may be virtual only for those affiliates who have a private security key, as a consequence of telephone advice by the AFP, as long as this is accepted by the potential pensioner. The AFP must have a telephone recording system, with the objective of certifying and verifying the advice it provides, this recording must be available to the Superintendency. Through the telephone recording system, the following must be validated, at least:
a) Identification of the potential pensioner (names, surnames, identity documents, address, email or other data that the AFP considers relevant)

Article repealed by SBS Resolution No. 4464-2016, published on 20.08.2016.
Article repealed by SBS Resolution No. 4464-2016, published on 20.08.2016.
Article repealed by SBS Resolution No. 4464-2016, published on 20.08.2016.
9 Article modified by SBS Resolution No. 732-2015, published on 04.02.2015.

b) The acceptance by the potential pensioner of receiving counseling via telephone; c) The recording of inquiries made by the potential pensioner according to the topics indicated in Annex No. 1, as well as the evaluation of the pension alternatives established in Annex No. 2; d) Confirmation by the potential pensioner that they have been counseled regarding pension alternatives, as well as having made the necessary inquiries regarding the AFP; e) Confirmation by the AFP regarding the pension regimes to which the potential pensioner can access, based on the information provided by the potential pensioner.

The Virtual Attention Certificate contains the same topics as the physical certificate. The AFP is obligated to physically send the corresponding Attention Certificate to the potential pensioner within five (5) business days following the inquiry, according to the address provided by the affiliate during the telephone counseling. The AFP must implement the necessary mechanisms so that this Certificate is available to the Superintendency.

Furthermore, the certificate must include an "important notice" stating the following:
"Dear affiliate and/or beneficiary: You must keep this certificate as proof of the attention, guidance, and information service that the AFP has provided to you through its representative, which may be required by the Superintendency."

Without prejudice to the foregoing, the AFPs must keep a copy of the duly signed Attention Certificate in the Individual Affiliate Folder. In the case of a Virtual Attention Certificate, the AFP must additionally keep the receipt of delivery from the potential pensioner resulting from the physical sending of said document referred to in this article.

Article 28th.
CHAPTER VI
INFORMATION TO AFFILIATES AND BENEFICIARIES CLOSE TO PENSIONING IN THE SPP General Characteristics of Guidance and Information

Article 29th.

1. The AFPs must implement and maintain customer service, guidance, and information mechanisms for potential pensioners consistent with their particular profiles. To this end, the AFPs must provide information as stated in paragraph 3 of Article 32° of this Title, and establish access to the pension regime according to the fulfillment of the requirements set forth by each regime, so that the future pensioner can evaluate the most suitable regime for their conditions. Likewise, they must guarantee, objectively, the provision of the information contained in the Information Guides referred to in paragraph 6 of this present article, as support for the guidance provided to affiliates and beneficiaries close to pensioning, regarding the basic conditions and requirements necessary for the processing of previdential benefits that, according to their particular profiles, they could obtain in the SPP.

2. The communication and information strategy under the responsibility of the AFPs shall reach two (2) levels:
   a) Selective and specific information directed to each of the groups of potential pensioners included in Article 23°, subject to the instructions indicated in Articles 31°, 32°, and 33°; b) Information directed to the general public, with a broad and complete explanation of the main aspects related to the granting of previdential benefits in the SPP.

3. The types and means of communication that the AFPs must use, as a standard, in the service of attention, guidance, and information to potential pensioners are the following:
   I. Personalized:
   a) In-person attendance at all their public attention establishments, including Previdential Advisory Offices and Mobile Posts; b) Written communication notified to the domicile of the potential pensioners; c) Email and/or telephone.
   II. Non-Personalized:
   a) Informational brochures; b) Informational talks; c) Audiovisual material for reproduction in public attention establishments; d) AFP website; e) Mass media, such as radio, press, and television.
   The non-personalized communication media referred to in items c) and e) are not mandatory; their use is subject to the policies supporting the Comprehensive Guidance and Information Plan for affiliates and beneficiaries close to pensioning, which each AFP approves, according to the minimum conditions established in this Title.

4. The information provided and disseminated by the AFPs must be transparent, truthful, and objective to guarantee previdential decision-making based on full access and knowledge of operations as well as the products and services that potential pensioners can contract and/or use with the entities comprising the SPP. To comply with this principle, the administrators must observe what is provided by the Consumer Protection Standards, the Single Consolidated Text of the SPP Law and its Regulations, the complementary norms governing the SPP, as well as any other provision issued on the matter by the Superintendency. The relevant general topics regarding which the AFPs must provide information and base their orientation will be, at least, those indicated in Annex I of this Title. Likewise, the AFPs must guarantee homogeneous orientation regardless of the personnel providing it.

5. The dissemination of information and orientation to potential pensioners by the AFPs must be timely, clear, and easy to understand, so as not to induce confusion or error that causes harm to them. To this effect, the administrators must strive to optimize the quality of information, both in content and in the manner of dissemination, attending to the profile and requirements of the potential pensioners.

6. By means of general provisions, the Superintendency will establish the minimum content standards of information that the administrators must provide to potential pensioners. These standards will be made available to the AFPs and the general public through the publication of Information Guides on the most relevant topics of the SPP, which will serve as the basis for the orientation and information that the AFPs provide through any of the communication channels. The Superintendency will monitor the additional information beyond that mentioned above provided by the administrators, in order to establish management indicators that will be made public to compare the levels of information and orientation provided in the SPP.

7. Potential pensioners may choose the type of personalized communication medium through which they wish to request and receive the information or orientation requested from the administrator. However, when the interested party does not indicate their preferred communication medium to receive attention, the AFP may choose the medium it considers most convenient, except as provided in Article 32°. In any case, the AFP must comply with the principle established in Article 30°.

8. The AFPs must keep a record of each of the inquiries made by potential pensioners through the different types of personalized communication media, leaving at least a record of the information detailed in paragraph 5 of Article 31°.
   The annotated information may be requested by the Superintendency at any time for statistical purposes or others it deems pertinent.

Mechanism for Proving Information
Article 30°.-
The AFPs will be responsible for implementing objective verification and accreditation mechanisms that allow them to demonstrate compliance with what is established in this Chapter. In this sense, they must guarantee, objectively, that potential pensioners obtain all necessary information regarding the requirements, conditions, characteristics, and procedures linked to the benefits they intend to access or do access, placing special emphasis on those elements whose ignorance could cause them harm at the pension level or in benefits in general. Regardless of the supervision actions the Superintendency disposes of, upon the presentation of a complaint by a potential pensioner, it will require the AFP to immediately demonstrate the service of attention, guidance, and information provided, based on the aforementioned criterion.

Attributes of Quality of In-Person Attention Services
Article 31°.-

1. The AFPs must implement the minimum conditions of in-person attention services for potential pensioners, as indicated below:
   a) Availability:

• The physical facilities must be comfortable and spacious, and must have adequate equipment.
• Potential pensioners will receive information and orientation free of charge, without prejudice to the communication medium used.
  b) Full Identification:
  The staff must be properly identified, guaranteeing the right of potential pensioners to know who is attending to them. Likewise, the stationery or any other written means of information used to provide orientation must fully identify the AFP providing it. c) Continuity:
  Contingency plans must be available, as well as a disaster recovery plan that allows restoring, in the shortest possible time, the quality of the service. Both plans must be documented and tested, and must be updated with a minimum frequency of one (1) year. d) Equal Treatment:
  Potential pensioners included in the same profile must be treated under similar parameters, ensuring that equality and equity are the premises for access and provision of each service. e) Competence:
  The suitability, aptitudes, knowledge, and skills of the personnel in the tasks performed must be guaranteed in order to satisfy information and advisory demands. To this effect, permanent training and updating plans must be developed, which must be sent annually to the Superintendency for evaluation. The latter may adopt the necessary actions to evaluate the performance and knowledge of the AFP representatives, in order to guarantee the suitability of the service. f) Response Capacity:
  Speed in initiating attention and agility in response times must be sought in order to achieve the satisfaction of potential pensioners. To this effect, sufficient personnel dedicated to attention must be available, avoiding excessive waiting times, as provided in this present article. g) Reliability and Predictability:
  Services must be provided securely, reliably, and respectfully of current norms and procedures. h) Communication:
  A language that is clear, understandable, and appropriate for each profile or type of potential pensioner must be used. i) Comprehension:
  It is the duty of the AFPs to know the potential pensioners who are recipients of their services and to concern themselves with the problems they raise and their needs. j) Confidentiality:
  Confidentiality must be guaranteed in proceedings that require it and in personal attention to potential pensioners.

2. The AFPs must maintain, in a visible and easily accessible place, in all their establishments open to the public, an informational signboard with the updated list of agencies and branches nationwide, their respective addresses, toll-free and direct phone numbers, website address, and email addresses for handling inquiries and information requests, as well as the opening hours of the establishment itself. This information must include an indication warning that it is not necessary to have the intervention of third parties unrelated to the AFP to make inquiries, complaints, and/or procedures. Orientation labor, in person, to potential and current pensioners, must be guaranteed in all establishments open to the public.

3. Each AFP must define its own standards regarding the maximum waiting time for the attention of potential pensioners, according to the service quality policies it establishes in accordance with what is provided in this Chapter. These standards must be informed by the administrator to the Superintendency within the first month of each year. Similarly, the reformulation of these standards must be informed within five (5) business days following the change.

4. During in-person attention, the AFPs must provide information and/or documentation that satisfies the inquiries of potential pensioners, without prejudice to any other information they deliver or make available in connection with the processing of a previdential benefit or annex to pension applications, as provided by the SPP regulations.

5. The AFPs must keep a record of the inquiries of potential pensioners, formulated and attended to in person, delivering an Attention Certificate at the end of each service in order to comply with what is established in Article 30° of this chapter. The referenced certificate must contain, at least, the following:
   a) number or code of the attention allowing its identification; b) personal data of the inquirer as well as that of the AFP official or representative; c) all topics and subtopics corresponding to the information or orientation provided, according to the detail of Annex No. 1 of this title; d) date and duration of the attention, specifying the start and end time of the attention. The issuance of this document is the responsibility of the Administrator and must additionally give the potential pensionist the opportunity to register all those observations, events, and/or facts they deem convenient to manifest in the certificate regarding any aspect linked to the service of attention, information, and/or orientation process provided by the AFP.

6. Furthermore, the certificate must include an "important notice" stating the following: "Dear affiliate and/or beneficiary: You must keep this certificate as proof of the service of attention, guidance, and information that the AFP has provided to you through its representative, which may be required by the Superintendency for the handling of any inquiry that, complementarily, you might need to formulate."

Without prejudice to the foregoing, the AFPs must keep a copy of the duly signed Attention Certificate in the Individual Affiliate Folder in order to comply with what is established in Article 30° of this Chapter.

Conditions of the Orientation and Information Provided to the Affiliate
Article 32°.-

1. Inquiries or information requests made via written communication, including those made via electronic correspondence, must be attended to by trained personnel, within the deadlines established in their inquiry handling manuals, which shall not exceed thirty (30) business days. Responses to inquiries or information requests of potential pensioners or orientation provided are notified by the same means by the AFP, unless the affiliate has requested notification by another means. For this purpose, the AFP establishes procedures and policies that guarantee the due and timely notification of responses, keeping in their files the respective receipts of delivery of the communications sent, which must prove, at least, the names and surnames of the person receiving the communication, the type and number of their identity document, signature, date, and time when the notification is made, if applicable.

2. The AFP must notify the potential pensionists referred to in Article 23°, a written communication sent to the affiliate's domicile, or via electronic correspondence to those affiliates who have requested to receive information by electronic means, which includes the general topics of information and orientation for potential pensioners regarding benefits regulated in Annex No. 1, as it pertains to retirement, disability, or survivorship, and regarding which it must include the information of paragraphs 3 or 4 below, where applicable. The notification must be made seven (7) months before the configuration or identification of the condition indicated in literal a) of Article 23°, or during the course of the month following the affiliate's request referred to in literal b) of Article 23°.
   In the case of potential pensioners over 60 years old, referred to in literal a) of the aforementioned Article 23°, the sending of the notification referred to in the first paragraph of this paragraph shall be subject to the following:
   i. Affiliates over 60 years old: annual identification of the universe of affiliates meeting this condition, issuing a written communication informing them that, as a potential pensioner of the SPP, they could access the retirement benefits provided by the SPP and that their funds will be transferred to Type Fund 1, having the possibility to choose or remain, as the case may be, in Type Funds 0 or 2, according to what is provided in Article 37-J of Title V. The maximum deadline to comply with the notification is seven (7) months before the date on which they turn sixty (60) years old.
   ii. Affiliates over 64 years old: monthly identification of the universe of affiliates meeting this condition, issuing a written communication informing them of what is detailed in Article 41° of Title VII. The deadline to comply with the notification is seven (7) months before the affiliate reaches the legal age as established in the aforementioned Article 41°.

3. In the case of affiliates who have signed the Request for Evaluation and Qualification of Disability, the AFP will provide the following to affiliates close to pensioning:
   a) Information on disability, evaluation and qualification of disability, pension modalities and previdential products, Recognition Bonus and return of contributions to permanently disabled affiliates in the SPP, according to the content of Annex No. 1. b) Information on Type Funds 0, 1, and 2, which they could choose if they opted for the programmed withdrawal modality as an individual modality or as a component of mixed or combined income, or for temporary income modalities with deferred life annuity in the temporary tranch. c) Explanation on the importance of declaring all beneficiaries and updating this information in case of change of condition, as well as the effects that the absence of declaration originates in the SPP. d) Information on the conditions and requirements for non-disabled children who reach majority age to maintain their status as beneficiaries, after turning eighteen (18) years old, as long as they pursue basic or higher education satisfactorily. e) Explanation on the possibility and importance of appealing within the deadlines established in the norm in cases of disagreement with the disability qualification by the COMAFP, especially regarding the date of occurrence and its implication in insurance coverage. f) Explanation on the importance of continuity in making previdential contributions for access to insurance coverage and its effect on the financing of pensions. g) Explanation on the factors that can affect the level of disability pension and its behavior. h) Explanation on the irrevocability of the choice of currency and previdential product. Scenarios and examples.

i) Explanation on the conditions and requirements for withdrawing from procedures in the SPP.
Examples. j) Explanation on the compatibility between receiving a pension and developing remunerated activities. k) Updated information, at the close of the month prior to the month of notification of the communication, regarding their mandatory and voluntary contributions, as well as the start or evolution of processes for recovering or collecting mandatory contributions, if applicable. l) Updated Account Statement at the close of the month prior to the month of notification of the communication. m) Examples of estimated pension calculations in New Soles and US Dollars, with and without coverage, based on all possible combinations of disability qualification by degree and nature, and considering the latest valid information at the moment of notification of the communication, referred to sales rates, exchange rate, as well as typical family group, provided by the Superintendency. n) Any other information that, in the opinion of the AFP, proves necessary or that the Superintendency establishes through a general instruction.

4. In the case of potential survivors, that is, those who have signed Section I of the Survivor Pension Application, the AFP shall provide the following:

a) Information on survivorship, burial expenses, Recognition Bonus, pension modalities, and pension products, in accordance with the content of Annex No. 1.

b) Information on Fund Types 0, 1, and 2, which could be chosen if opting for the programmed withdrawal modality as an individual modality or as a component of mixed income or combined income, or for the temporary income with deferred life annuity modalities, in the temporary income segment.

c) Explanation on the importance of presenting oneself within the ninety (90) calendar days following the death or judicial declaration of presumed death of the affiliate, as well as its effect on the amount of pensions.

d) Information on the conditions and requirements for non-invalid children who reach the age of majority to maintain their beneficiary status after turning eighteen (18) years old, provided they pursue basic or higher level studies uninterruptedly and satisfactorily.

e) Explanation on the importance of requesting the evaluation and qualification of disability in those particular cases established in the regulations where a condition of total and permanent disability of the beneficiary is presumed.

f) Explanation on access to insurance coverage and its effect on the financing of pensions.

g) Explanation on all factors that can affect the level of the survivor pension and its behavior.

h) Explanation on the irrevocability of the choice of currency and pension product.

Scenarios and examples or applied cases.

i) Updated information, as of the close of the month prior to the month of notification of the communication, regarding the mandatory and voluntary contributions of the deceased affiliate as well as the start or evolution of recovery or collection processes for mandatory contributions, if applicable.

j) Account Statement updated as of the close of the month prior to the month of notification of the communication.

k) Cases or practical examples of calculations of estimated survivor pensions in New Soles and US Dollars according to the corresponding adjustment mechanism, with and without coverage, considering the last valid information at the time of notification of the communication, referred to sales rates, exchange rate, as well as typical family group, provided by the Superintendency.

l) Any other information that, in the opinion of the AFP, is necessary or established by the Superintendency through a general instruction.

5. In all cases of information provision, the AFP must add information about the network of establishments for public attention, information and orientation channels available to it.

Conditions of the orientation and information provided via telephone and email

Article 33°.-

1. Each AFP shall enable at least one 0801 telephone line for calls from the provinces, guaranteeing the attention of inquiries. Without prejudice to this, the AFP may have other regular direct attention telephone lines for orientation purposes.

2. The telephone attention system must allow for the automatic distribution of calls in an orderly manner to available operators, registering incoming calls in order to comply with what is established in Article 30° of this Title. The AFP must monitor the service and adopt the necessary measures to optimize telephone attention times and avoid call losses.

3. The attention and orientation service for potential pensioners via email must include the automatic generation and sending of a receipt confirmation message sent by the service user, in which a number or code must be recorded that allows both the AFP and the inquirer to adequately control the requirement, as well as an indication of the maximum attention deadline. This service must also be available on the AFP's website, where the option to print the content of the requirement made by the requester with the respective self-generated number or code must be enabled.

4. Inquiries or information requests made via email must be attended by trained personnel, within the deadlines established in the AFP inquiry attention manuals, subject to the same attention requirements provided for written communications, referred to in the first paragraph of numeral 1 of the preceding Article 32°.

All responses to inquiries or information requests from potential pensioners or orientation provided via email must be preserved by the AFP, in order to comply with what is established in Article 30° of this Title.

Conditions of the orientation and information provided via brochures

Article 34°.-

1. AFPs must guarantee the availability of brochures and printed information in all their establishments nationwide. The amount of printed material distributed must be consistent with the demand of the target population and the dissemination strategy.

2. In accordance with what is provided by Article 13° of this Title, AFPs must have in their establishments, available to potential pensioners, printed information regarding the topics indicated in said Article, according to the detail contained in Annex No. 1, insofar as applicable. Likewise, AFPs may print information stored in digital format, related to a specific inquiry that is made.

3. When informative brochures are used to disseminate the benefits of the SPP, they must contain updated information and explanatory examples regarding the specific characteristics of the pension products offered in said pension system.

4. The Superintendency may require, for its review, the presentation of the informative brochures that AFPs prepare and use regarding benefits to provide orientation to potential pensioners. In order to guarantee the suitability of their content, it may also order the modification of said brochures, taking as reference the information contained in the Information Guides published by the Superintendency.

Conditions of the orientation and information provided via other non-personalized communication media

Article 35°.-

1. The orientation and information provided by AFPs through other non-personalized communication media, such as informative talks, audiovisual material, AFP website, radio, press, and television, must be subject to the general principles established in Article 29° of this Title, with the exception of what is provided in numeral 8 of said Article.

2. The Superintendency may establish, through a general instruction, minimum and/or specific parameters for the development of the orientation and information service for potential pensioners through the communication media indicated in the preceding numeral, subject to what is established in the last paragraph of section II of numeral 3 of Article 29° of this Title.

FINAL AND TRANSITORY PROVISIONS

First.-

The Superintendency, based on the temporality and degree of advancement of the implementation process of Multiple Funds in the SPP, will determine the reference periods for the information on the profitability of the different Type Pension Funds.

Likewise, through general instructions, it may dispose that AFPs provide, both to their affiliates and to the Superintendency, minimum information regarding the behavior of affiliates in the process of selecting the type of fund for mandatory contributions.

Second.-

AFPs, before the date scheduled in clause a) of the Twenty-Second Final and Transitory Provision of the Regulations of the SPP Law, approved by Supreme Decree No. 004-98-EF and its amendments, must have in their establishments and available to their affiliates, the information referred to in Article 13° as well as the informative prospectuses referred to in Article 15° of this Title. Similar requirement will be extended to the inclusion of such information in the websites of the administrators.”

Article 2°.- Replace Article 27° of Title V of the Compendium of Norms of the Regulatory Superintendency of the SPP, with the following text:

“Admission Requirements

Article 27°.-

For the purposes of the transfer of funds from one AFP to another, it will be sufficient for the affiliate to present a request to a destination AFP, under the means provided in Article 28° of this Title.

The affiliate may present a new request starting from the first day of the third month following the presentation of a previous transfer request. In case the affiliate fails to observe this deadline, the transfer request will be considered to fall under the cause of inappropriateness provided in clause a) of Article 29° of this Title.”

Article 3°.- Replace clause c) of Article 28° of Title V of the Compendium of Norms of the Regulatory Superintendency of the SPP, with the following text:

“c) Attach to the aforementioned request the following:

• In the case of performing work as an employee, a copy of their identity document and a copy of the last pay stub prior to the date of presentation of the request. In the absence of the pay stub, the affiliate may present a sworn declaration from the employer or another document that evidences the labor dependency relationship.

• In the case of performing work as an independent worker, only a copy of their identity document.”

Article 4°.- Replace the third paragraph of Article 108° of Title V of the Compendium of Norms of the Regulatory Superintendency of the SPP, with the following text:

“Those payments made after the deadlines mentioned above will be subject to the default interest established by the Superintendency, in accordance with Article 34° of the Law, without prejudice to the legal actions established in subchapter X of this Title; regularization can be carried out under the payment means indicated in the second paragraph of this Article, with similar means to those indicated in the previous paragraph, respecting, for the calculation of default interest, the payment method to be used. In the case of payments by check, these can be made at any time during the month, and the registration of contributions to the pension fund must be made at the quota value of the date of its presentation to the financial institution.”

Article 5°.- The entry into force of the modifications to Articles 99°, 101°, 124°, and 127° of Title V of the Compendium of Norms of the Regulatory Superintendency of the SPP, established by Resolution SBS No. 2082-2004, in that which does not specifically refer to the treatment of multiple funds, is the date established in Article Thirty-First of Resolution SBS No. 2082-2004.

Article 6°.- The entry into force of what is established in Articles 98°, 120°, 121°, 134°, 135°, 136°, 136A°, 137B°, 137C°, clause c), and the first paragraph of clause e) of Article 139° of Title V of the Compendium of Norms of the Regulatory Superintendency of the SPP, is the date scheduled for the start of operations of the multiple funds, referred to in the Thirty-First Final and Transitory Provision of the Regulations of the SPP Law, with the exception of what is stated in the last paragraph of Article 120° of said Title.

What is disposed in the last paragraph of Article 120° of Title V of the Compendium of Norms of the Regulatory Superintendency of the SPP, will enter into force from the first business day of the sixth month following the date scheduled for the start of operations of the multiple funds, referred to in the Thirty-First Final and Transitory Provision of the Regulations of the SPP Law.

Article 7°.- Clarify that AFPs may continue to use the format of Annex No. 2 of the Transfer Application established in Resolution SBS No. 1582-2004, modifying Title V of the Compendium. For this effect, in numeral 4.1. of the Annex, the box referred to as “Payment of last required contribution (for the independent)” must be left blank, as it is not applicable.

Article 8°.- This Resolution will enter into force the day after its publication in the Official Journal “El Peruano”.

Register, communicate, and publish

JUAN JOSÉ MARTHANS LEÓN
Superintendent of Banking and Insurance