Resolution SBS No. 9856-2009: Creates the Center for Orientation to Potential Pensioners (COP), incorporating it into Title IV of the Compendium of Norms of the Private Pension System

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Lima, August 3, 2009
Resolution S.B.S Resolution S.B.S
No. 9856-2009
The Superintendent of Banking, Insurance and
Private Pension Fund Administrators:
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 replaced by SBS Resolution No. 355-2005, contemplates regulation regarding information to affiliates and the general public in the SPP; That, with the aim of improving the information mechanisms made available to affiliates, this Superintendence considers it necessary that, complementarily to the guidance and information that AFPs provide to future pensioners, prior to the start of their benefit procedures with their administrator, there be a Center for Orientation to Potential Pensioners (COP) under the responsibility of this supervisory and control body, which provides specialized guidance to potential pensioners, thereby allowing them to have a comprehensive evaluation of their pension situation and a comparative analysis of the existing alternatives in the pension market, thereby improving the decision-making process regarding the choice of pensions and benefits within the SPP; That, for the purpose of collecting opinions from the general public regarding the proposal to modify the SPP regulations, the draft resolution on the matter was pre-published on the electronic portal of the Superintendence, under the provisions of Supreme Decree No. 001-2009-JUS; Having heard the opinion of the Assistant Superintendent of Private Pension Fund Administrators and Legal Advisory; 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 Banking and Insurance, Law No. 26702 and its amendments, subsection d) of article 57 of the Unified Text of Ordained Law of the Private Pension Fund Administration System, approved by Supreme Decree No. 054-97-EF, as well as by what is established in the Third Final and Transitory Provision of its Regulation, approved by Supreme Decree No. 004-98-EF; RESOLVES:
Article First.- Incorporate Chapter V into Title IV of the Compendium of Regulatory Supervision Norms of the SPP, referred to as Information to the Affiliate and General Public, under the following text:

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"CHAPTER V
CENTER FOR ORIENTATION TO POTENTIAL PENSIONERS Purpose
Article 22.- The Center for Orientation to Potential Pensioners (COP) of the Superintendence of Banking, Insurance and Private Pension Fund Administrators is a coordination instance belonging to the Assistant Superintendent of AFPs whose purpose is to provide specialized guidance to affiliates and beneficiaries as future pensioners of the SPP, hereinafter potential pensioners, of a nature complementary to that received from the AFPs, and which allows them to have both a comprehensive evaluation of their pension situation and a comparative analysis of the existing alternatives in the market, thereby allowing them to improve the decision-making process regarding the choice of pensions and benefits within the SPP.
Definitions
Article 23.- For the purposes of what is established in this chapter and related regulatory norms, the following definitions and references are considered:

Potential Pensioner: Affiliate or beneficiary who is close to retiring, 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, not being included for age reasons in the previous item, voluntarily request information and/or an evaluation of their pension situation from the AFP for the purpose of accessing a retirement pension soon. Disability: Affiliates who have signed the Application for Evaluation and Qualification of Disability. Survivorship: Beneficiaries who have signed Section I of the Survivorship Pension Application. Without prejudice to the foregoing, the condition of beneficiary close to retiring may also be configured prior to the submission of the aforementioned application, provided that the AFP has formally taken notice of the death of the affiliate. Functions
Article 24.- The COP has the following functions:

1. Guide potential pensioners in matters within its competence.
2. Provide complementary information of interest regarding the characteristics and better understanding of the pension products offered in the SPP.
3. Propose information dissemination programs related to the aspects subject to consultation.
4. Prepare statistics of the attended consultations, maintaining an internal and classified record according to areas of interest.
5. Participate in coordination meetings with AFPs, according to the casuistry they are aware of.
6. Other functions assigned by the Superintendence.
   Nature of COP Guidance
   Article 25.- The specialized guidance provided by the COP to affiliates and beneficiaries is of a nature complementary to that performed by the AFPs themselves through the administration of the affiliates' pension funds; therefore, under no circumstances do the opinions reached by the COP have a binding character regarding the decisions that potential pensioners may freely assume at the time of making a decision to choose a specific pension and/or benefit in the SPP.
   Likewise, the guidance provided by the COP does not in any case imply an obligation for the potential pensioner to resort to this coordination instance of the Superintendence. Affiliates or beneficiaries are free to go or not to the COP for the purpose of continuing the decision-making process for pensions or benefits in the SPP. Prior Management with the AFP
   Article 26.- For the attention of consultations from potential pensioners at the COP, it must be accredited, previously, that the potential pensioner has resorted to the AFP to which the affiliate belongs and obtained the Attention Certificate, referred to in article 27 of this resolution.
   The attendances carried out at the COP will be in-person and will take place at its public attention premises.
   Attention Certificate
   Article 27.- AFPs must issue an Attention Certificate at the end of each consultation of the potential pensioner, with the purpose of guaranteeing that this person has obtained all the necessary information regarding the requirements, conditions, characteristics, and procedures linked to the benefits they intend to access or access, placing special emphasis on those elements whose lack of knowledge could cause them detriment at the pension level or in benefits in general, and must, for this purpose, 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 that of the official or representative of the AFP; c) All topics and subtopics subject to consultation, according to the detail shown in Annex No. 1, that have been attended through the information or guidance provided; and, d) Date and duration of the attention, specifying the start and end time of the attention. The issuance of said document is the responsibility 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 state in the certificate regarding any aspect linked to the service of attention, information, and/or guidance process provided by the AFP. On the other hand, 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 could be required by the Superintendence for the attention of any consultation that, complementarily, you might need to formulate." Without prejudice to the foregoing, AFPs must keep, in the Individual Affiliate Folder, a copy of the Attention Certificate duly signed by the potential pensioner for the purpose of complying with what is established in article 26 of this chapter. Procedure for Obtaining the Appointment
   Article 28.- The attention of consultations from potential pensioners at the COP is subject to the following procedure:

4 a) The potential pensioner may request an attention appointment through the telephone line of the User Attention Platform (PAU) of the Superintendence, or by going to the COP premises, following the procedure established in this article. b) To obtain the appointment, the potential pensioner must obligatorily provide the following information: their first and last names, AFP, age or date of birth, type of benefit, type of consultation that will be formulated to the COP, and the code of the Attention Certificate issued by the AFP. c) Upon receiving this information, the COP will provide the date and time of the appointment to the potential pensioner, guiding them on the additional documentation they may present. c.1) Once the appointment is set, the potential pensioner will go to the COP on the indicated date and time, carrying their identity document. c.2) In case the potential pensioner arrives at the COP after the fixed time, they will be attended until the previously indicated end time of the appointment, in order not to delay the appointments that had been scheduled by other users. c.3) In case the potential pensioner cannot attend the appointment on the indicated date, they must request a new appointment through the telephone line of the PAU so that another date and time are reassigned. c.4) The additional documents to the attention certificate that can be presented at the appointment are: recent statement, in detailed version, of their Capitalization Individual Account (CIC), reference information of their family group, value of the Recognition Bonus, among the most important, or others that contribute to better guidance regarding the resolution of the consultation. d) In case it is verified that the potential pensioner has not received from the AFP the prior information referred to in the Attention Certificate, the appointment will be cancelled, informing the potential pensioner of this."
Article Second.- Incorporate Annex No. 1 into Title IV of the SPP Norms Compendium attached to this resolution, and which is published on the electronic portal of this Superintendence (www.sbs.gob.pe), in accordance with what is established by Supreme Decree No. 001-2009-JUS.
Article Third.- This resolution will enter into force thirty (30) calendar days after its publication in the Official Newspaper "El Peruano".
FINAL PROVISION
Sole.- For the purposes of the processes of identification of potential pensioners that AFPs must carry out periodically, the definitions noted in article 23 of Title VII of the SPP Norms Compendium will be subject to the general nature instructions set by the Superintendence, taking for the case of retirees, only age criteria.

Register, communicate, and publish.
FELIPE TAM FOX
Superintendent of Banking, Insurance and Private Pension Fund Administrators