SBS Resolution No. 02471-2026: Modifies articles 64-A, 249, 250, 260, and 262 of Title VII of the Compendium of Regulatory Norms of the Private Pension System (SPP) related to Benefits

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 Lima, October 09, 2026 SBS RESOLUTION No. 02471-2026 The Superintendent of Banking, Insurance and Private Pension Fund Administrators (a.i.)
WHEREAS:
That, by Supreme Decree No. 054-97-EF and its amendments, the Consolidated Text (TUO) of the Law of the Private Pension Fund Administration System (SPP), hereinafter the SPP Law, was approved; That, by Supreme Decree No. 004-98-EF and its amendments, the Regulations of the SPP Law were approved; That, by Law No. 32123 and its amendments, the Law for the Modernization of the Peruvian Pension System was approved; That, in numeral 14.2 of article 14 of the Law for the Modernization of the Peruvian Pension System, it has been established that the Private Pension System is an individual capitalization regime administered by Fund Managing Companies (EAF), constituted by Private Pension Fund Administrators (AFP) and by financial system companies (ESF) established in literals A, C and D of article 16 of Law No. 26702, General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance, hereinafter General Law, under equal conditions of competition and under the provisions and safeguards established in the SPP Law and its complementary norms, and that they adhere to all obligations, responsibilities and rights established by the SPP Law; That, by Supreme Decree No. 189-2025-EF and its amendments, the Regulations of the Law for the Modernization of the Peruvian Pension System were approved; That, in numeral 3.2 of article 3 of the Regulations of the Law for the Modernization of the Peruvian Pension System, it is established that the Superintendency determines the conditions that EAFs must observe for governance, composition and risk management, for the operation and participation in the bidding and execution of the collective disability and survival insurance, in order to guarantee suitability, efficiency and quality in the service under the best conditions and benefits for the affiliate or their beneficiaries; That, numeral 3.4 of article 3 of the Regulations of the Law for the Modernization of the Peruvian Pension System indicates that, for the purposes of the pension insurance bidding process, insurance companies operating as EAFs that choose to participate as bidders in the aforementioned process must refrain from participating in the organization of the corresponding process; with the Superintendency issuing the regulatory provisions to determine the scope of their participation; That, to this end, it is necessary to modify Title VII of the Compendium of Regulatory Norms of the SPP, referred to as Benefits, approved by Resolution No. 232-98-EF/SAFP and its amendments, hereinafter Title VII, in order to mitigate the risks associated with the pension insurance bidding process (SISCO) and guarantee suitability, efficiency and quality in the service under the best conditions and benefits for the affiliate or their beneficiaries; That, it is also required to modify and extend the maximum period for granting preliminary pensions for the case regulated in article 64-A of Title VII, which is not
consistent with the processing times of judicial proceedings in labor and pension matters, leading insurance companies that administer SISCO to liquidate the additional contribution even when the dispute is pending a definitive judicial resolution; That, in order to gather public opinions, the draft resolution on the matter was published by SBS Resolution No. 02312-2026 in the official gazette El Peruano and on the digital headquarters of the Superintendency, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law and Supreme Decree No. 009-2024-JUS; With the approval of the Assistant Superintendencies of Pensions, Insurance, and Regulation and Legal Affairs; and, In use of the powers conferred in numerals 7 and 9 of article 349 of the General Law, as well as in literal d) of article 57 of the SPP Law and the Third Final and Transitory Provision of the Regulations of the SPP Law; RESOLVES:
Article One.- Modify articles 64-A, 249, 250, 260 and 262 of Title VII of the Compendium of Regulatory Norms of the SPP, approved by Resolution No. 232-98-EF/SAFP and its amendments, referred to as Benefits, in the following terms:

1. Modify the penultimate paragraph of article 64-A, according to the following text:
   “Article 64-A.- Evaluation of insurance coverage for the regularization of contributions subsequent to the date of occurrence of the claim.
   (...)
   The period during which a preliminary pension is granted concludes if any of the following scenarios occur, whichever comes first:
2. With the notification to the EAF by the insurance companies or the centralizing entity, of the consented and/or executed judicial ruling regarding the affiliate and their employment relationship with an employer subject to evaluation under this article;
3. Upon expiration of the seventy-two (72) month period, counted from the month following the issuance of the response established in literal c) of article 69 or the first paragraph of article 95, as the case may be; or,
4. If, after twelve (12) months, counted from the month following the issuance of the response established in literal c) of article 69 or the first paragraph of article 95, as the case may be, the insurance companies or the centralizing entity do not prove to the EAF that they have initiated the corresponding legal actions.
   (...)"
5. Incorporate the following text as the second paragraph of article 249:
   “Article 249.- Scope of coverage.
   (...)
   The abstention from participating in the organization of the bidding process established in numeral 3.4 of article 3 of the Regulations of Law No. 32123 refers to not being part of the Award Committee nor participating in the preparation of the Bidding Terms.”
6. Modify subsection a.4) and incorporate subsection a.8) in literal a) of article 250, according to the following texts:
   “Article 250.- Principles and call for tenders. The public bidding process referred to in article 249 of this Title, as well as the operation and functionality of the disability, survival, and funeral expense insurance, must comply with the following:
   (...) a.4) The bidding process, as well as its execution, must align with the criterion of greater protection for the SPP affiliate, so every decision or action of the Award Committee and the entities that administer the pension insurance must be substantiated and prioritize the pension interests of affiliates and beneficiaries, as well as guarantee suitability, efficiency and quality in the service. The justification for the decisions and actions of the Award Committee and the entities that administer the pension insurance must be available to the Superintendency. (...) a.8) EAFs and the Award Committee must maintain sufficient documentation to prove the identification, evaluation, and management of conflicts of interest that arise during the bidding process. This information must be available to the Superintendency.”
7. Incorporate the following text as the second paragraph of article 260:
   “Article 260.- Contract signing.
   (...)
   The signing of contracts by EAFs applies to each of the EAFs even if one does not participate in the organization of the process or in the Award Committee.”
8. Incorporate literal r) into article 262, according to the following text:
   “Article 262.- Characteristics and minimum content.
   (...) r) The obligation of EAFs and awarded insurance companies to implement functional and information segregation mechanisms, access controls, traceability records, and confidentiality measures to ensure that information obtained within the framework of managing risks covered by pension insurance is used solely for the purposes of executing the contract regarding pension insurance.”
   Article Two.- This resolution enters into force the day after its publication in the Official Gazette El Peruano.
   JORGE DAMASO MOGROVEJO GONZALEZ
   SUPERINTENDENT OF BANKING, INSURANCE AND AFPS (A.I.)