Lima, 27 December 2004

S.B.S. Resolution No. 2082-2004

The Superintendent of Banking and Insurance

WHEREAS:

That, by means of Law No. 27988 and Supreme Decree No. 182-2003-EF, the Law and the Regulation of the Private Pension Fund Administration System (SPP) have been amended, in order to make possible the administration of two or more pension funds by the AFP, within a scenario that promotes greater competition in the SPP;

That, said regulations have established a new regulatory framework in the SPP industry and that it will entail modifications in specific aspects referring to the operation of the so-called multiple funds, both as to their characteristics and as to the processes of collection, reconciliation and crediting of the funds in the individual capitalization accounts of the members, as well as in those aspects referring to the treatment of voluntary contributions made by the worker with and without pension purpose;

That, Title V of the Compendium of Regulatory Superintendency Rules of the Private Pension Fund Administration System (SPP), approved by Resolution No. 080-98-EF/SAFP and its amendments, contemplates the regulation of the processes of affiliation and contributions in the Private Pension Fund Administration System (SPP);

That, to said end, it is necessary to establish modifications in the aforementioned Title V of the Compendium of Regulatory Superintendency Rules of the SPP;

In accordance with the opinion of the Deputy Superintendencies of Private Pension Fund Administrators and of Legal Counsel; and,

In use of the powers conferred by numeral 9 of article 349 of the General Law of the Financial System and of the Insurance System and Organic Law of the Superintendency of Banking and Insurance, Law No. 26702 and its amendments, subsection d) of article 57 of the Single Ordered Text of the Law of the Private Pension Fund Administration System, approved by Supreme Decree No. 054-97-EF, as well as by the provisions of the Third Final and Transitory Provision of its Regulation, approved by Supreme Decree No. 004-98-EF;

RESOLVES:

Article 1.- To replace article 83 of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, with the following text:

"Crediting Article 83.-

Once the transfer has been made, the AFP, no later than the day following receipt of the payment of the redemption by the ONP, must deposit the amount of the transaction in the Bridge Fund it administers, recording the number of units that correspond considering the current unit value. The AFP must credit and transfer said amount in the CIC and the corresponding Pension Fund, in accordance with articles 134 and following of this Title, no later than five (5) days from the date on which it received the redemption report of the Recognition Bond from the ONP."

Article 2.- To replace article 89 of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, with the following text:

"Collecting institutions

Article 89.-

The operating procedure for the collection of pension contributions of members of the SPP must be carried out by the agencies of the AFP or, on behalf of these, by banking, financial or other companies authorized by the Superintendency that operate in the country, which for purposes of this Title are called collecting institutions.

In the latter case, the AFP must enter into the corresponding agreement, sending a copy thereof to the Superintendency within three (3) days following the date of execution.

Said agreements must specify the conditions and terms of their execution and must contain, at least, the following clauses:

a) The services that the collecting institution undertakes to provide to the AFP, as well as the remuneration that the latter must pay it for all concepts.

b) The obligation, on the part of the collecting institution, to credit on the same day of collection the amount collected only in the accounts referred to in the following subsection.

c) The obligation, on the part of the collecting institution, to open a single current account in the name of the Fund administered by the AFP for purposes of collection of contributions to the Funds and a single current account in the name of the AFP where the withholdings and remunerations are credited, recording the number of these in the agreement.

d) The obligation on the part of the collecting institution that the cash resources it collects, in any of the accounts referred to in the previous subsection, shall be immediately available to the AFP, regardless of which collecting agency or office it is.

e) The submission of the collecting institution that signs the agreement to the rules of the SPP, provisions of the Superintendency, and, in particular, to the rules contained in this Chapter.

f) The obligation on the part of the collecting institution, to maintain in case of entering into other agreements identical characteristics as to price, quality of service, terms and other specifications with any AFP that is in a position to request it. The agreement may not include exclusivity clauses that oblige an AFP to enter into agreements with a particular collecting institution.

g) The obligation to avoid preferential treatment and, in general, all types of discrimination that benefits some members or employers to the detriment of others, in the execution of its collecting function.

h) The indication that the cost incurred for the execution of the obligations subject of the agreement shall be exclusively borne by the AFP that requests the service, and may not mean any expense for the member, for the Pension Fund being administered or for the employer, as the case may be.

i) The obligation on the part of the collecting institution not to require any other document or additional payment authorization beyond those contemplated in this Title or others established by the Superintendency, as proof of deposit made by an employer, dependent or independent worker, as well as by a third party, in the current accounts of the AFP or the Bridge Fund administered by said AFP.

j) The possibility that the collecting institution accepts and processes the payment of contributions through electronic data transmission, in accordance with the rules established by the Superintendency.

k) The interconnection between the different agencies or offices of the collecting institution shall be an indispensable condition for the execution of the agreement. In the event the collecting institution opens one or more agencies or branches in the territory of the Republic, said agencies or branches must be interconnected with the main office.

l) The obligation of the collecting institution to publish in all its branches or agencies the documentation that the employer or the independent worker, as applicable, must present.”

Article 3.- Incorporate Article 89A of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, with the following text:

“Collection of pension contributions

Article 89A.-

The collection of contributions to the Funds, whether for mandatory contributions, voluntary contributions, complementary contributions, redeemed bonuses, transfers between AFP and arrears, shall be made exclusively through the Type 2 Pension Fund or Mixed Fund, which for the purposes of this Title is called the Bridge Fund.

Article 4.- Replace Article 94 of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, with the following text:

“Acquisition of units

Article 94.-

In accordance with the provisions of Article 55 of the Regulation, the collected contributions shall be used for the acquisition of units of the Bridge Fund at the unit value in effect on the day the contribution is received

Article 5.- Replace Article 97 of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, with the following text:

“Composition of the CIC

Article 97.-

The Individual Capitalization Accounts (CIC) for Mandatory Contribution and Voluntary Contribution are composed of the concepts indicated in Article 19 of the Law. In turn, the Individual Capitalization Accounts make up the Fund administered by the AFPs, regardless of whether the contributions are duly credited or in the process of being so.

Article 6.- Replace Article 98 of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, with the following text:

“Opening of the CIC

Article 98.-

The opening of the Mandatory Contribution CIC occurs:

a) In the case of a worker who is just joining the SPP: on the date the AFP is notified by the Superintendency of the granting of the CUSPP, in accordance with the provisions of Article 13 of this Title.

b) In the case of a worker who decides to transfer the administration of their CIC to another AFP: on the date the monetary transfer is made, in accordance with the provisions of Article 45 of this Title.

c) In the case of re-affiliation of a worker to the SPP: From the date of confirmation of the CUSPP by the Superintendency to the AFP, regardless of whether the affiliate records their CUSPP in the affiliation contract.

The opening of a Voluntary Contribution CIC occurs when:

a) The affiliate informs an AFP that they wish to open a voluntary contribution account, according to the purpose of the voluntary contribution they wish to make, in the Fund type of their preference. In the case of sub-accounts of voluntary contributions without pension purpose, by proving compliance with the provisions of Article 30 of the TUO of the SPP Law.

b) The affiliate transfers the voluntary contributions they hold to another or other AFPs, in the Fund type of their preference.

For the purposes of Voluntary Contribution in the SPP, the affiliate may have a Voluntary Contribution CIC and Voluntary Contribution sub-accounts with pension purpose and without pension purpose.”

Article 7.- Replace Article 99 of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, with the following text:

“Updating of balances

Article 99.-

The opening of the CIC entails that the AFP keeps duly updated, for each of its affiliates, the balances of the individual capitalization account corresponding to the type of fund chosen, in accordance with the provisions of Article 30 of the Law.

Each balance must be both in new soles and in number of units. Likewise, for the determination of each balance, the corresponding returns and default interest, if applicable, shall be credited.

The AFPs, when they carry out verification processes regarding the amounts credited in an individual capitalization account, shall adhere to the guidelines and deadlines established by the Superintendency on the matter.”

Article 8.- Replace Article 101 of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, with the following text:

“Closure of the CIC

Article 101.-

The closure of a Mandatory Contribution CIC occurs when any of the following circumstances occur:

a) When the transfer of the CIC to another AFP occurs, in the fund type of their preference;

b) When a nullity of affiliation in the SPP is declared;

c) When the existence of a pure multi-affiliation is determined, as referred to in Article 57 of this Title;

d) When the affiliate dies as a passive affiliate enjoying the programmed withdrawal benefit and, having no beneficiaries, the balance of the CIC becomes part of the estate or, in the absence of heirs, becomes part of the corresponding pension fund;

e) When the member dies while being an active member and, having no beneficiaries, the balance of their CIC becomes part of the estate, or in the absence of heirs, becomes part of the corresponding pension fund;

f) When the balance of the CIC is transferred to an insurance company or an AFP upon contracting a family or personal life annuity, respectively;

g) When the balance of their account is extinguished under a programmed withdrawal benefit or temporary income;

h) When the Superintendency determines it.

The closure of a Voluntary Contribution CIC occurs when, not registering balances in the sub-account of voluntary contributions without pension purpose, any of the following circumstances occurs:

a) The member meets the conditions provided for the withdrawal of contributions established in article 125 of this Title;

b) The member meets any of the grounds established in the first paragraphs b), e) or h) of this article.

The closure of a Voluntary Contribution CIC occurs when, not registering balances in the sub-account of voluntary contributions with pension purpose, the member withdraws the balance of the sub-account of voluntary contributions without pension purpose from the AFP where their contributions are deposited.”

The transfer of the balance of the mandatory contribution CIC from one type of pension Fund to another does not entail the closure of the member's CIC.”

Article 9.- Replace the third and fourth paragraphs of article 108 of Title V of the Compendium of Norms of Superintendency Regulations of the SPP, with the following text:

“Those payments made after the aforementioned deadlines shall 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 may be carried out under the means of payment indicated in the second paragraph of this article, respecting for the calculation of default interest the means of payment to be used. In the case of payments by check, the recording of contributions to the pension fund shall be made at the unit value of the effective date of its realization, and cannot be more than two (2) days after its delivery.”

The employer that does not comply with the timely payment of contributions to the SPP must file a “Declaration without Payment” at any time, and must adhere to the formalities established in articles 151 and 152 below; however, for the provisions of article 153 of this norm to be applicable, the submission must be made within the first five (5) days of the month following the month in which they were accrued. Declarations without Payment may be received by both collecting institutions and all AFP agencies.”

Article 10.- Replace article 120 of Title V of the Compendium of Norms of Superintendency Regulations of the SPP, with the following text:

“Characteristics

Article 120.-

Depending on the type of voluntary contribution, it presents the following characteristics:

Voluntary contribution with pension purpose

a) It is unseizable;

b) It is credited to a sub-account of the Individual Capitalization Account (CIC) of voluntary contributions;

c) It may be made by dependent workers, independent workers, employers and by third parties in favor of the member;

d) Members may make such contributions in the voluntary contribution CICs in the AFP and fund of their preference, with the only limitations provided in this article and in article 124 of this resolution.

Voluntary contribution without pension purpose

a) It is seizable;

b) It is credited to a sub-account of the Individual Capitalization Account (CIC) of voluntary contributions;

c) It may be made by members who register a minimum of five (5) years of incorporation to the SPP or who, alternatively, are over fifty (50) years of age, in accordance with Article 30 of the Law;

d) Members may make such contributions in the voluntary contribution CICs in any AFP and in the fund of their preference, with the only limitations provided in this article and in article 124 of this resolution.

Depending on their choice, the member may have voluntary contribution CICs in one or more AFPs other than where they have their mandatory contributions, and may choose one or more types of fund for their contributions in the AFP of their preference.”

Article 11.- Replace article 121 of Title V of the Compendium of Norms of Superintendency Regulations of the SPP, with the following text:

“Procedure. Dependent worker

Article 121.- For both voluntary contributions with pension purpose and those without pension purpose, dependent workers or their employers must adhere to the following procedure:

A. If the voluntary contributions are made in a fund of the same AFP where they have their mandatory contributions, they shall use either of the following two means:

I. Pension Contribution Payment Form referred to in article 109 of this Title:

a) In such case, they shall communicate to their employer through the Declaration for the Withholding of Voluntary Contributions, (Annex XXV of this Title), their decision to make voluntary contributions with and/or without pension purpose for an amount or percentage of their insurable remuneration, indicating the start accrual month and the last accrual month in which they will make said voluntary contribution. The indicated period may be revoked by decision of the worker, for which they must communicate to their employer in writing and with acknowledgment of receipt, the new end date. Likewise, they may record, in the aforementioned format, as the end date “indefinite date”, ending the contribution period when the worker so states by means of a letter to the employer, with acknowledgment of receipt. The communication to cancel the withholding of voluntary contributions shall take effect in the month in which it is requested, unless the employer has closed payrolls, in which case it shall take effect in the accrual month following the one in which it is made.

b) Once the communication is received, the employer must proceed to record the amount of the voluntary contribution with and/or without pension purpose in the Payment Form for

Pension Contributions corresponding to the month of the communication and make the payment of said voluntary contributions in accordance with the provisions of this Title.

c) One of the copies of the authorization given to the employer must be delivered to the AFP so that it may verify compliance by the employer and/or carry out collection actions, if applicable.

II. Direct payment at the AFP, as follows:

a) Go to one of the AFP agencies where the voluntary contributions will be made or to a financial institution that has entered into an agreement as a collecting institution.

b) Sign the corresponding form (Annex XXII of this Title), and proceed to make the corresponding payment. The distribution of the voluntary contribution payment form shall be made as follows:

- Original for the AFP.

- First copy for the member or third party making the payment.

- Second copy for the collecting institution, if applicable.

III. Payments by electronic means, in which case they shall be subject to the procedures established in articles 109 and 114 of this Title.

B. If the voluntary contributions are made in a fund of an AFP different from the one where the mandatory contributions are held, and only for the first account, the procedure described in section I of subsection A of this article shall apply. For purposes of declaration and/or payment, employers must declare in the detail of the PPAP or the DSP, for these members, only the item of voluntary contributions with and/or without pension purpose.

C. If the member decides to open more than one individual voluntary contribution account with pension purpose or without pension purpose, the deposits for the second account onward must be made in accordance with the provisions of section II of subsection A of this article.

Article 12.- Replace article 124 of Title V of the Compendium of Regulations of the Superintendency of the SPP with the following text:

"Restrictions. Voluntary contributions with pension purpose Article 124.-

A member who has the status of independent worker may only make voluntary contributions with pension purpose if, in the same month, they have made the payment of mandatory contributions to the pension fund of their preferred type. For this purpose, the member shall be free to choose the proportion between the mandatory contribution paid and the voluntary contribution with pension purpose that they wish to make."

Article 13.- Replace article 127 of Title V of the Compendium of Regulations of the Superintendency of the SPP with the following text:

"Withdrawal of voluntary contributions without pension purpose. Procedure. Article 127.-

In order to make withdrawals of voluntary contributions without pension purpose, the member must follow the following procedure:

a) Send a communication to the AFP stating their decision to make withdrawals of voluntary contributions without pension purpose.

The AFP must keep said communication received under adequate archiving means. b) The Administrator, once the validity of the request has been verified, shall have until the fifth day following the sending of the withdrawal communication to make available to the member the corresponding amount of voluntary contributions without pension purpose. Said amount shall be paid at the unit value in force on the day of payment.

Independent workers may, if they have their voluntary contributions without pension purpose in the same AFP where they have their mandatory contributions, make the withdrawal of contributions to transfer said funds for the payment of mandatory contributions to the SPP. For this purpose, they shall agree in writing on said payment in relation to a reference income and on the basis of a determined number of months."

Article 14.- Replace subsection b.4 of article 132 of Title V of the Compendium of Regulations of the Superintendency of the SPP with the following text:

"b.4) The AFP must carry out the reconciliation, accreditation and transfer process referred to in articles 134A and subsequent of this Title, within thirty (30) days following the date of payment of the contribution."

Article 15.- Replace article 133 of Title V of the Compendium of Regulations of the Superintendency of the SPP with the following text:

"Credits to the CIC

Article 133.-

Once the opening of the CIC referred to in Articles 98 and 120 of this Title has been made, the AFPs are obliged to make the credits corresponding to the mandatory and voluntary contributions made by workers, employers or third parties, as the case may be."

Article 16.- Replace article 134 of Title V of the Compendium of Regulations of the Superintendency of the SPP with the following text:

"Accreditation Process

Article 134.-

The accreditation process consists of the correct allocation by the AFP of the contributions made to the Bridge Fund, in relation to the members who own them, for which purpose validation tasks are carried out to fully identify the owners of said contributions and transfer them to the destination Fund of the AFP that they have chosen."

Article 17.- Replace article 135 of Title V of the Compendium of Regulations of the Superintendency of the SPP with the following text:

"Allocation of identified contributions

Article 135.-

If deposits made in the current account of the Bridge Fund corresponding to a holder fully identified as a member of the AFP are detected, the contributions collected in the respective CIC shall be assigned, in the manner established in articles 137A° et seq. of this Title, in order to constitute the accumulated balances referred to in Article 99° of the same.

Article 18°.- Replace article 136° of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, with the following text:

"Unidentified contributions. Contributions to be classified

Article 136°.-

If deposits made in the current account of the Bridge Fund are detected and whose holder has not been fully identified as a member of the AFP, the contributions remain in the "Contributions to be Classified" account of the Bridge Fund as long as they are not identified.

The sum of the total of the Contributions to be Classified with the total of Credited Contributions must coincide with the total of resources collected by the AFP for each period."

Article 19°.- Incorporate article 136A° of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, with the following text:

"Unidentified contributions. Procedure

Article 136A°.-

It corresponds to the AFP to carry out the procedures to identify the holder of the deposits maintained in the "Contributions to be Classified" account of the Bridge Fund.

In the event that, as a consequence of the procedure referred to in article 139°, the Superintendency determines that the member, who has been informed in the lag process, belongs to the AFP; the latter must cover from its resources the loss in profitability that may have been generated, both in mandatory contributions and in voluntary contributions. This profitability differential must be determined from the end of the reconciliation period referred to in article 132°.

The AFP that receives the transfer for lags will have a maximum of three (03) days to make the transfer to the fund chosen by the member and to make the corresponding credit in the member's CIC."

Article 20°.- Incorporate the following articles 137B° and 137C° to Title V of the Compendium of Regulatory Superintendency Rules of the SPP, according to the following texts:

"Transfer process

Article 137B°.-

The deposits and credits referred to in articles 137° and 137A° shall be made in the Bridge Fund.

If it is verified that the member's choice for the destination of their mandatory or voluntary contributions has been different from the Bridge Fund; the AFP shall proceed to transfer said contributions to the corresponding Pension Fund(s) as follows:

a) The number of units acquired by each identified contribution of the Bridge Fund is settled at the unit value in force on the day of the transfer.

b) With the amount obtained, units of the destination Pension Funds are acquired corresponding to the unit values in force on the day of the transfer.

Internal differences

Article 137C°.-

If there is a difference, whether positive or negative, between the amount transferred referred to in article 137B° of this Title and the amount of the mandatory or voluntary contribution recorded in the corresponding form, this difference shall be recorded in the CICs as an additional movement of charge or credit under the concept of "Bridge Fund Return".

These credits and/or charges are converted into units of the member's Pension Fund using the unit value in force on the day of the transfer."

Article 21°.- Incorporate as the last paragraph of letter b) of article 139° of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, the following text:

"The AFP shall be responsible for the information it sends; in the event that it does not comply with the sending within the indicated period or it is rejected by the Superintendency, due to inconsistencies in the transmission, it shall be obliged to pay default interest for each day that the transfers to the AFP that administers the member's individual account are delayed."

Article 22°.- Replace letter c) of article 139° of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, with the following text:

"c) On the day following the expiration of the period referred to in subsection a) of this article, the Superintendency shall communicate to each AFP through the existing interconnection systems, the following:

i. The detail of the members whose contributions have been paid to another AFP, indicating the name of the corresponding AFP as well as the information referred to in subsection a) of this article.

ii. The Superintendency shall indicate the AFP to which the transfer of the amount received for lag must be made, as well as the information referred to in subsection a) of this article, taking as reference the unit value of the Bridge Fund of the day prior to the transfer."

Article 23°.- Replace the first paragraph of letter e) of article 139° of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, with the following text:

"e) In the case of transfer of contributions from the Pension Funds, the number of units that they represented on the payment day in the Bridge Fund administered by the AFP that collected the contributions shall be calculated, and that number of units must be respected on the day of the transfer, applying the value of the unit in force on that date."

Article 24°.- Replace article 160° of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, with the following text:

"Settlement for Collection

Article 160°.-

The LPC, which as Annex XXXII forms an integral part of this Title, shall include the obligations pending payment for employer contribution, determined according to the provisions of article 159° and in accordance with the provisions of article 37° of the SPP Law, shall be sufficient title to file a judicial demand in the judicial venue.

The “Collection Settlement” must bear the name and signature of the official designated by the AFP, who must be accredited before the Superintendency for such purpose. For numbering purposes, in accordance with the provisions of subsection g) of article 37 of the Law, the LPC shall have thirteen digits distributed as follows:

First two fields: AFP code;
Next four fields: year of issuance;
Next field: letter “c”;
Remaining fields: six consecutive digits.”

Article 25.- The following text is added as the Twenty-third Final and Transitory Provision of Title V of the Compendium of Superintendency Regulatory Rules of the SPP:

“Unit value

Twenty-third.-

The current unit value shall be understood as the unit value for the day, except in those operations that the Superintendency determines”

Article 26.- The following text is added as the Twenty-fourth Final and Transitory Provision of Title V of the Compendium of Superintendency Regulatory Rules of the SPP:

“Transfers of balances within the same AFP

Twenty-fourth.-

The Superintendency shall regulate the procedures and terms associated with the transfer of balances of the CIC of mandatory contribution between funds within the same AFP, as a result of changes in the preferences of the Fund Type made by the members.”

Article 27.- The following text is added as the Twenty-fifth Final and Transitory Provision of Title V of the Compendium of Superintendency Regulatory Rules of the SPP:

“Contribution collection services

Twenty-fifth.-

Pursuant to the provisions of article 13 of the SPP Law, institutions may be established that offer the centralized administration service, for all or some of the AFPs, of the collection of contributions destined for the Pension Funds, as well as of the information from the payment declarations of employers or independent members, as applicable, in accordance with the regulations issued by the Superintendency.”

Article 28.- The following text is added as the Twenty-sixth Final and Transitory Provision of Title V of the Compendium of Superintendency Regulatory Rules of the SPP:

“Default interest

Twenty-sixth.-

The AFPs must publish default interest calculation modules on their websites, and must allow the printing of the corresponding reports. Access to these modules must not be conditioned on any payment or registration.

Employers may attach such reports to the PPAP or DSP with which they will carry out regularizations; financial institutions must accept such reports as certification of a correct calculation.”

Article 29.- The modifications to the conditions that the collection agreements must contain and to the verifications that the collecting institutions must carry out must be sent together with the current agreement to this Superintendency within thirty (30) days of the publication of this Resolution.

Article 30.- Annex XXVI of this Title is repealed.

Article 31.- This resolution shall enter into force sixty days after its publication, except for articles 2, 29 and 30, which shall enter into force the day following their publication in the Official Gazette “El Peruano”. Likewise, from the publication of this resolution, the counting of the terms referred to in the Twenty-second and Thirty-first Final and Transitory Provisions of the Regulation of the SPP Law, approved by Supreme Decree No. 004-98-EF and its amendments, shall begin.

JUAN JOSÉ MARTHANS LEÓN
Superintendent of Banking and Insurance