Lima, 27 March 2013

S.B.S. Resolution No. 2150-2013

The Superintendent of Banking, Insurance and Private Pension Fund Administrators (a.i.)

WHEREAS:

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

That, by Law No. 29903, the Pension System Reform Law was approved, which modified the aforementioned TUO of the SPP Law;

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

That, pursuant to article 24 of the TUO of the SPP Law, in the case of new members, the remuneration of the AFP has been established as a mixed commission composed of two components, a percentage commission applied on the insurable remuneration of the member, plus a commission on the balance of the pension fund administered by the new contributions generated as from the date referred to in the bidding addressed in article 7A of the TUO of the SPP Law, while in the case of existing members, a mixed commission applies with respect to their new contributions, unless they express their decision to remain under a flow commission, in accordance with the terms and means established by the Superintendency;

That, pursuant to the aforementioned article, the Superintendency, with prior opinion of the Ministry of Economy and Finance, established by SBS Resolution No. 8514-2012 the Rules for the Reduction and Election of the Commission on the Flow, where the regulatory framework is established that allows the full application of the decreasing trajectory for the flow commission and the election of the commission charging scheme, in accordance with the provisions of the legislation on the matter, and on the basis of the provisions of the aforementioned Supreme Decree No. 137-2012-EF;

That, with the purpose of promoting an informed decision by the members of the SPP regarding whether or not to opt for the commission charging scheme called on flow or remuneration, it has been provided to extend said term in the event the member opts for this charging modality for the individual capitalization account administration service by the AFP;

That, complementarily, it is necessary to establish the corresponding concordances in the regulations as a result of the extension of the aforementioned term;

That, having obtained the approval of the
Deputy Superintendencies of Private Pension Fund Administrators and Insurance, and of Legal Advisory; and,

In use 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 Superintendency of Banking and Insurance, Law No. 26702 and its amendments, subsection d) of article 57 of the TUO of the SPP Law, as well as by the provisions of the Third Final and Transitory Provision of its Regulation, and on the basis of the exceptional conditions provided in numeral 3.2 of article 14 of Supreme Decree No. 001-2009-JUS and by the provisions of SBS Resolution No. 2023 - 2013 of 26 March 2013;

RESOLVES:

Article One.- To extend the term for election and revocation of the election of the charging scheme of the commission on flow or remuneration, referred to in articles 4 and 13 of the Rules for the Reduction and Election of the Commission on the Flow, approved by SBS Resolution No. 8514-2012 and its amendments, until 31 May and 30 November 2013 respectively, for members who have joined the SPP before 1 February 2013.

Article Two.- To modify articles 4, 7, 12 and 12E of the Rules for the Reduction and Election of the Commission on the Flow, approved by SBS Resolution No. 8514-2012, in accordance with the following texts:

"Article 4.- Term of the schedule for reduction of commission on flow or remuneration

The schedule of the so-called reduction corridor shall begin as follows:

a) For members who join the SPP and whose contributions accrue as from 1 February 2013: As from the accrual of mandatory contributions for the month of February 2013 and shall end in the accrual of mandatory contributions for January 2023, under the conditions set forth in article 7 of this rule.

b) For members who have joined the SPP before 1 February 2013: As from the accrual month of June 2013 and shall end in the accrual of mandatory contributions for January 2023, under the conditions set forth in article 7 of this rule."

"Article 7.- Schedule for reduction of commission on flow or remuneration

The schedule contemplates factors for applying commissions on the flow that make up the mixed commission every two (2) years, with the exception provided in the first tranche, and applies to the base commission of each AFP defined in articles 5 and 6 of this rule. The commission resulting from using the biennial factor of the schedule multiplied by the base commission, truncated to two (2) decimals, shall be the one referred to as the current cap, according to the corresponding period, for accruals from the corresponding month of the year in which the aforementioned reduction is in force until the accrual of the month of January of the year in which the biennial reduction period ends.

Schedule of factors applicable to the commission on the flow
Year	Factor
February* 2013 – January 2015	86,5%
February 2015 – January 2017	68,5%
February 2017 – January 2019	50,0%

Year
Factor
February 2019 – January 2021
31,5%
February 2021 – January 2023
13,5%
February 2023 onwards
0%

*: For members included in subsection b) of article 4, it shall begin in June 2013.

For the case of members who have joined the SPP prior to 1 February 2013, the schedule of application factors will begin in June 2013. Likewise, said schedule will be used during the period established in article 4 of this regulation.”

“Article 12.- Deadlines and methods for making and communicating to the AFP the choice of the commission collection scheme

SPP members may opt for the commission scheme on the flow or remuneration, in accordance with the following deadlines:

i. Start date for exercising their choice option: 02 January 2013.

ii. End date for exercising the choice option: 31 May 2013.

(…).”

“Article 12E.- On the effects of exercising the option

After the deadline ending on 31 May 2013, set forth in literal ii. of article 12, those members who have not opted for the commission scheme on flow shall be subject to the collection of a mixed commission, with transition to a commission on the balance administered by the AFP, for contributions accruing as of June 2013.

For the option scenarios provided in articles 12A and 12B, it is possible to revoke the decision to choose the collection scheme, in accordance with the provisions set forth in article 13 of this regulation.”

Article Three.- This resolution shall enter into force on the day following its publication in the Official Gazette “El Peruano.

Register, communicate and publish

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