Resolution SBS No. 749-2000: Nullifies Grounds for Affiliation Nullity d) and e) of Article 51 of Title V of the SPP Norms Compendium and Suspends Contribution Refund Processes

Lima, October 13, 2000

Resolution S.B.S.
No. 749-2000

The Superintendent of Banking and Insurance

CONSIDERING:

That, by Supreme Decree No. 054-97-EF, the Single Consolidated Text of the Law of the Private System for the Administration of Pension Funds was approved;

That, by Supreme Decree No. 004-98-EF, the Regulation of the aforementioned Consolidated Text was approved;

That, in accordance with the Third Final and Transitional Provision of the Regulation of the Law, the Superintendence is empowered to issue the necessary regulatory norms for the proper functioning of the Private System for the Administration of Pension Funds;

That, through Resolution No. 080-98-EF/SAFP, Title V of the Compendium of Regulatory Supervisory Norms of the Private System for the Administration of Pension Funds, referred to Affiliation and Contributions, was approved, which was modified by Resolutions No. 344-98-EF/SAFP, 470-98-EF/SAFP, 044-99-EF/SAFP, 053-99-EF/SAFP, 055-99-EF/SAFP, 185-99-EF/SAFP and 213-99-EF/SAFP;

That, with the objective of seeking better functioning of the Private Pension System (SPP), this Superintendence considers it necessary to issue complementary regulatory norms regarding the grounds and procedures applicable to the nullity of affiliation to the SPP;

That, through Law No. 27328, the Private Pension Fund Administrators were incorporated under the control and supervision of the Superintendence of Banking and Insurance;

Being in accordance with what is established by the General Law of the Financial System and of the Insurance System and Organic Law of the Superintendence of Banking and Insurance, No. 26702 and its amendments, the Single Consolidated Text of the SPP Law approved by Supreme Decree No. 054-97-EF, Law No. 27328, the Statute of the Superintendence of Private Pension Fund Administrators approved by Supreme Decree No. 220-92-EF, Resolution No. 080-98-EF/SAFP and its respective modifying norms;

RESOLVES:

Article First.- To nullify subsections d) and e) of Article 51 of Title V of the Compendium of Regulatory Supervisory Norms of the Private System for the Administration of Pension Funds.

Article Second.- The refund of mandatory contributions and, where applicable, the balance of the Recognition Bonus, as well as the regularization of contributions before the National Pension Office (ONP), referred to in Articles 53, 54 and 55 of Title V of the Compendium of Regulatory Supervisory Norms of the Private System for the Administration of Pension Funds, shall be carried out directly by the corresponding AFP to the ONP, in accordance with the operational procedures determined by the Superintendence and the ONP. 1

The refund of contributions and, where applicable, the Recognition Bonus shall be made based on their appreciation to the share value of the day prior to the transfer.

FINAL AND TRANSITIONAL PROVISIONS

Adaptation
First.-

The declaration of nullity of affiliation shall be suspended for workers covered by the scope of Article 51 of Title V of the Compendium of Regulatory Supervisory Norms of the Private System for the Administration of Pension Funds, while the Superintendence and the ONP establish a procedure for recognizing the accreditation of the right to obtain any retirement benefit under the regime of Legislative Decree No. 19990, as well as the procedure referred to in Article 2 of this resolution.

Without prejudice to what is stated in the preceding paragraph, the AFPs will continue to admit and evaluate requests for nullity of affiliation in accordance with the norms of Title V of the Compendium of Regulatory Supervisory Norms and what is established in this resolution.

Refund of Contributions
Second.-

The refund of mandatory contributions and, where applicable, the balance of the Recognition Bonus, as well as the regularization referred to in Articles 53, 54 and 55 of Title V of the Compendium of Regulatory Supervisory Norms of the Private System for the Administration of Pension Funds, shall be suspended until the operational procedures referred to in Article 2 of this resolution are determined.

The AFPs must recover judicial consignations made in favor of employers who have refused to receive the contributions refunded due to the nullity of affiliation to the SPP.

Transitionally and in all cases of nullity of affiliation, the AFPs are obliged to deposit and/or maintain the aforementioned contributions in the account plan of the managed portfolio, as follows:

1 Through Circular No. AFP-003-2001 published on 25-01-2001, the procedure for the refund of the redeemed Recognition Bonus in cases of nullity of the SPP was established.

Division 424 Reversibility by payment to the ONP and/or Cancellation of Affiliation Contract Subdivision 4242 Cancellation of Affiliation Contracts Scope and pending requests Third.-

Workers who had incorporated into the SPP prior to the entry into force of this resolution may continue to invoke the ground for nullity referred to in subsections d) and e) of Article 51 of Title V of the Compendium of Regulatory Supervisory Norms of the Private System for the Administration of Pension Funds, within the term established in subsection 4) of Article 2001 of the Civil Code, counted from the granting of the CUSPP, based on the procedures set forth in this resolution.

Likewise, requests for nullity of affiliation that were pending at the date of entry into force of this resolution shall be subject to the procedures established therein regarding the refund of mandatory contributions and the balance of the recognition bonus to the ONP.

Validity
Fourth.-

This resolution shall enter into force from the day following its publication.

Register, communicate and publish.

LUIS CORTAVARRIA CHECKLEY
Superintendent of Banking and Insurance