Resolution SBS No. 6202-2013: Amend Title V of the Compendium of Regulatory Supervision Norms of the Private System of Pension Fund Administrators to Establish the Affiliation Process Using the Electronic Payroll

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 Lima, October 16, 2013

Resolution S.B.S. No. 6202-2013

The Superintendent of Banks, Insurance and Private Pension Fund Administrators

CONSIDERING:

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

That, by Supreme Decree No. 004-98-EF, the Regulation of the TUO of the Law of the SPP was approved;

That, Title V of the Compendium of Regulatory Supervision Norms of the Private System of Pension Fund Administration, approved by Resolution No. 080-98-EF/SAFP and its amendments, referred to Affiliation and Contributions, regulates the process of incorporation of workers into the Private Pension System;

That, by Supreme Decree No. 137-2012-EF, the provisions for the application of Law No. 29903 were issued, specifically regarding the assignment and the first bidding and awarding of the service of administration of individual accounts;

That, by SBS Resolution No. 8517-2012, the affiliation bidding process for Law No. 29903 was established, in order to delimit the regulatory framework that allows the full application of the bidding for the service of administration of capitalization individual accounts of workers who incorporate into the SPP, to the AFP with the lowest administration commission, in accordance with the provisions of the legislation on the matter;

That, since the mechanism for entry of new dependent and independent workers into the SPP, in the latter case in accordance with the provisions of SBS Resolution No. 4476-2013, occurs only to a single AFP, it is necessary to facilitate the electronic affiliation process of dependent workers, so that scenarios of greater efficiency and lower costs can be generated within the SPP, as well as providing the means that promote in employers the due compliance of their responsibilities linked to the process of declaration, withholding and payment of social security contributions of their workers who have chosen to incorporate into the SPP, measures that will benefit workers who have freely opted to belong to the aforementioned pension system;

That, complementarily, procedures for the transmission of information from electronic payrolls to the AFPs will be carried out, pursuant to the Agreement entered into between the Ministry of Labor and Employment Promotion and the Superintendence, so that an adequate standard can be had regarding the follow-up and identification of the pension status of workers who have opted to incorporate into the SPP, as well as establishing the interconnection mechanisms that facilitate a decision-making process for workers who incorporate into a pension system, in accordance with the law;

That, likewise, it is necessary to facilitate the procedures for the delivery of the Electronic Affiliation Contract of dependent workers who incorporate into the SPP as well as to delimit their clauses, so that the exercise of their rights and obligations as participants of said pension system is fully guaranteed;

Having the approval of the Adjunct Superintendencies of Private Pension Fund Administrators and Insurance, and of 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 Organic Law of the Superintendence of Banks and Insurance, Law No. 26702 and its amendments, subsection d) of article 57 of the TUO of the Law of the SPP, as well as by what is provided in the Third Final and Transitional Provision of its Regulation, and based on the exceptional conditions provided in numeral 3.2 of article 14 of Supreme Decree No. 001-2009-JUS;

RESOLVES:

Article First.- Substitute the text of article 2 of Title V of the Compendium of Regulatory Supervision Norms of the Private System of Pension Fund Administration, approved by Resolution No. 080-98-EF/SAFP and its amendments, under the following text:

“Article 2°.- Incorporation into the SPP. When a worker enters a workplace, the employer must obligatorily require him/her to inform him/her in writing, from the moment of his/her registration in the Electronic Payroll (PE), about the pension system to which he/she is incorporated, indicating the AFP to which he/she is affiliated, if applicable.

In the event that the worker does not belong to any pension system, the employer must deliver the Information Bulletin referred to in article 16 of Law No. 28991, and must require him/her to inform the pension regime to which he/she wishes to be incorporated by signing the “Format for Choice of Pension System”, approved by R.M. No. 112-2013-TR. The worker will have a period of ten (10) calendar days, counted from the receipt of the Information Bulletin, to deliver the aforementioned choice format, having ten (10) additional days to ratify or change his/her decision. The maximum choice period is the date on which he/she receives his/her insurable remuneration.

Without prejudice to the worker ratifying or changing his/her decision in accordance with the provisions of the previous paragraph, the employer must, once the maximum choice period has elapsed or the first ten (10) calendar days counted from the delivery of the Information Bulletin have passed and in case no pension system has been chosen, inform the worker of his/her automatic incorporation into the SPP, for which purpose the AFP, based on the information supplied under the PE transmission standards, will carry out the corresponding contact actions.

The Ministry of Labor and Employment Promotion (MTPE), based on the agreement entered into with the Superintendence, will periodically and regularly provide, through the Electronic Payroll (PE) consultation system, the corresponding supporting information so that the Superintendence transfers said information to the AFPs.

The AFPs, through the AFPnet Collection Portal, will use previous internal procedures, through the contrast with the online information provided by the National Registry of Identity and Civil Status (RENIEC), in order to be able to have the identity document (DNI) verifications of the workers who incorporate into the SPP, which facilitate their access to said pension system, as well as the registration, declaration and payment of social security contributions by employers.

In these cases, the confirmation of the DNI by the AFP will promote the sending to the worker of the “SPP Registration Document” (DRSPP) referred to in article 2A of this Title, by email, website, and/or other electronic channels and/or in-person means, within three (3) business days following the receipt of the information of the workers incorporated into the SPP. The “SPP Registration Document” constitutes the Electronic Affiliation Contract for the worker by the AFP, which may also be downloaded from the private zone on the AFP website and/or other electronic channels and/or in-person means under the particularities of the regulation on Electronic Affiliation dealt with in Title V of the SPP Compendium. For all purposes, the worker will have a period of three (3) business days to review and validate the data entered in the DRSPP, so that his/her non-objection gives rise to a tacit agreement regarding the commitments, rights and obligations that apply to him/her in his/her capacity as a worker affiliated with an AFP, with the exception provided for in the second paragraph of article 16 of Law No. 28991. Complementarily, in the event that a worker had chosen to belong to the National Pension System and, subsequently, decides to change to the SPP, he/she must communicate this decision in writing to the employer, so that this notes a change of status in the “Pension Regime” of the PE, and complying with what is established in the fourth paragraph of this article, the procedures and deadlines referred to the issuance of the aforementioned DRSPP will proceed as stated in the preceding paragraph. In accordance with what is established in article 22 of Title V, the DRSPP will be part of the Affiliate Individual Folder, and said document must be archived digitally. The processing of the personal data of affiliates related to their incorporation into the SPP is carried out within the framework of the regulation on the matter and within the exceptions established in article 14 of the Law of Protection of Personal Data, Law No. 29733.”

Article Second.- Incorporate Article 2A into Title V of the Compendium of Regulatory Supervision Norms of the Private System of Pension Fund Administration, approved by Resolution No. 080-98-EF/SAFP and its amendments, under the following text:

“Article 2A°.- SPP Registration Document. The “SPP Registration Document” will consign the following information regarding each worker: a) Surname and names; b) Date of start of the labor relationship; c) Identity document (national identity document, military/police identification card, authorization card from the Ministry of Labor and Employment Promotion; foreigner card or passport); d) Gender (male / female); e) Date of birth; f) Address; g) Personal email; and, h) Personal phone number (optional) Additionally, the “SPP Registration Document” must incorporate the text of the clauses established in Annex XXXV of this Title.”

Article Third.- Approve Annex XXXV of Title V of the Compendium of Regulatory Supervision Norms of the Private System of Pension Fund Administration, approved by Resolution No. 080-98-EF/SAFP and its amendments, which will be published on the Superintendence’s institutional Portal, in accordance with what is provided in Supreme Decree No. 001-2009-JUS.

Article Fourth.- Incorporate as the last paragraph of article 3 of Title V of the Compendium of Regulatory Supervision Norms of the Private System of Pension Fund Administration, approved by Resolution No. 080-98-EF/SAFP and its amendments, under the following text:

“Article 3°.- Affiliation Modalities. (…) “The incorporation of a worker into the SPP includes both the worker who has no antecedents or pension history (new worker) and chooses the SPP, as well as the one who, having already entered a pension system, decides freely to incorporate into the SPP, affiliating with an AFP.”

Article Fifth.- Modify Article 17BB of Title V of the Compendium of Regulatory Supervision Norms of the Private System of Pension Fund Administration, approved by Resolution No. 080-98-EF/SAFP and its amendments, under the following text:

“Article 17BB°.- Obtaining the CUSPP. For the obtaining of the CUSPP, the awarded AFP will send to the Superintendence through the Network, the list of workers to whom it sent the “SPP Registration Document” referred to in article 2 of this Title, within three (3) business days of receiving the information of the workers incorporated into the SPP. The CUSPP will be assigned by the Superintendence on the same day of receipt of the information. The awarded AFP, within a period not greater than three (3) business days subsequent to the obtaining of the CUSPP, must send an email to the affiliate attaching the CUSPP and the file of an informational booklet that will contain the relevant aspects of the multi-funds and of the choice or change of the type of pension fund of his/her preference, the content of which will be determined by the Superintendence. The awarded AFP must send to the employer, via the AFPnet Collection Portal and when applicable, the list of workers incorporated into the SPP along with their respective CUSPP, within three (3) business days of obtaining said code. In the event that the employer determines the absence of a labor link with the affiliate, he/she must communicate this to the AFP, within a period not greater than three (3) business days via the AFPnet Collection Portal. The AFP will notify the affiliate of this fact, communicating to him/her as well the consequent modification of his/her status from worker to independent, detailing as well the responsibilities, benefits and consequences of the continuity in the payment of contributions. In case of disagreement of the affiliate, he/she must present to the AFP the proofs that support the existence of the labor link previously declared.”

Article Sixth.- Repeal Article 17CC of Title V of the Compendium of Regulatory Supervision Norms of the Private System of Pension Fund Administration, approved by Resolution No. 080-98-EF/SAFP and its amendments.

Article Seventh.- Repeal Article Seventeenth and substitute Article Nineteenth of SBS Resolution No. 4830-2013, by the following text:

“Article Nineteenth.- This resolution will enter into force from the day following its publication in the Official Newspaper “El Peruano”, with the exception of Articles Seventh, Eighth and Ninth, as well as article 35 modified of the Norms for the Reduction and Choice of the Commission on the Flow and of the Equivalent Commission within the Mixed Scheme, approved by SBS Resolution No. 8514-2012, which will enter into force from September 1, 2013.”

Article Eighth.- In those cases in which, on the date of publication of this norm, the awarded AFP does not have the physical affiliation contract duly delivered by the employer, it may opt to deliver to the affiliates of the SPP, the “SPP Registration Document” through email, website and other virtual channels and/or in-person (physical delivery). Additionally, it will attach in said communication the informational booklet referred to in article 17BB of this Title. For all purposes, affiliates will have the same periods provided in article 2 of Title V of the SPP Compendium for the review and validation of the data entered in the DRSPP, as well as the same archiving means provided in the Affiliate Individual Folder.

Article Ninth.- This resolution will enter into force from the day following its publication in the Official Newspaper “El Peruano”.

Register, communicate and publish

JAVIER POGGI CAMPODÓNICO Superintendent of Banks, Insurance and Private Pension Fund Administrators (a.i.)

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Fax: (511) 6309239 6/ 7

ANNEX No. XXXV GENERAL CLAUSES OF THE SPP REGISTRATION DOCUMENT (DRSPP)

First.- The worker, upon incorporating into the Private System of Pension Fund Administration - SPP, commits to make, in his/her capacity as dependent, independent or optional affiliate, periodic contributions to the pension fund administered by the AFP, obligating himself/herself to the payment of an economic remuneration in accordance with what is provided by article 24 of the aforementioned Single Text of the Law of the Private System of Pension Fund Administration and its amendments, as consideration for the administration service provided by the AFP, with the purpose of accessing the benefits of retirement, disability, survivorship and funeral expenses, once he/she has met the requirements established by law, in each case.

Second.- The AFPs administer the pension funds by investing their resources in the manner determined in this Law, its regulations and the general provisions issued for this effect by the Superintendence, which must promote an efficient, flexible and timely management of the portfolio that it administers, which incentivizes the diversification of financial risk and which is based on the prudential rules of portfolio management, in order to comply with the object of the benefits and services that the SPP provides to its affiliates.

Third.- The mandatory and voluntary contributions that the affiliate makes are subject to what is provided in article 30 of the Single Text of the Law of the Private System of Pension Fund Administration and its amendments.

Fourth.- Affiliates who have made voluntary contributions without pension purpose may convert, partially or totally, said contributions into voluntary contributions with pension purpose. The mandatory and voluntary contributions with pension purpose of the affiliate referred to in the third clause, are unattachable.

Fifth.- The mandatory contributions that are withheld by the employer must be paid in full by the latter to the respective AFP, within five (5) business days of the month following that in which the affected remunerations accrued. The delay in payment will give rise to the payment of moratory interest established by the Superintendence, without prejudice to the criminal actions that may arise.

Sixth.- Workers upon incorporating into the SPP will have the right to retirement, disability, survivorship and funeral expenses benefits, within the scope established by the Single Text of the Law of the Private System of Pension Fund Administration and amendments, regulatory and complementary norms, excluding health benefits nor coverage for work accident and occupational disease risks.

Seventh.- The AFPs will be responsible for designing and implementing the framework orientation schemes for workers affiliated with the AFPs, based on the different stages of the labor life cycle in which they find themselves, as well as on the permanence and obtaining of future pension benefits, based on an adequate standard of orientation and information in accordance with the provision of the service provided. The requirements provided in this clause will also be extended to insurance companies participating in the SPP, insofar as applicable by virtue of the regulations issued by the Superintendence.

Eighth.- The affiliate commits to inform the AFP about any modification of the information consigned in this contract, using for this purpose the formats authorized for this effect by the Superintendence. The information thus registered and subscribed replaces that consigned in this contract.

Ninth.- The affiliate recognizes that to effectuate the execution of the SPP Registration Document (DRSPP) within the framework of the incorporation process into the SPP, the processing of his/her personal data is required and that said processing is within the exception of request for consent for this end, as indicated in subsection 5) of article 14 of Law No. 29733, Law of Protection of Personal Data.

Tenth.- The contracting parties expressly agree that in the event that the affiliate is not in agreement with certain aspects derived from the administration of his/her pension fund by the AFP, he/she must present his/her complaint to the AFP. If within a period of fifteen (15) business days of presenting the complaint, the parties do not solve the controversy directly, they may submit it to the knowledge of the Superintendence, which will issue a definitive ruling in accordance with what is established in the current norms.

Eleventh.- This registration document is governed by its own terms and norms that regulate the Private System of Pension Fund Administration, by its own terms and by the norms that are subsequently issued on the matter.