SBS Resolution No. 2808-2018: Modifies Title VII of the Compendium of Superintendency Regulatory Norms of the Private Pension Fund Administration System

Page 1 of 2 Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511) 6309000 Fax: (511) 6309239 Lima, July 18, 2018 S.B.S. Resolution No. 2808-2018 The Superintendent of Banking, Insurance and Private Pension Fund Administrators CONSIDERING: That, by Supreme Decree No. 054-97-EF, the Consolidated Text of the Law of the Private Pension Fund Administration System was approved; That, by Supreme Decree No. 004-98-EF, the Regulations of the aforementioned Law of the Private Pension Fund Administration System were approved; That, the enactment of Laws No. 30425 and No. 30478 have modified the Law of the Private Pension Fund Administration System, in order to allow the affiliate, from 65 years of age, to choose between receiving the retirement pension corresponding to them in any withdrawal modality, or requesting Private Pension Fund Administrators to deliver up to 95.5% of the total fund available in their Individual Capitalization Account in the installments they deem necessary; a treatment that also extends to affiliates who have accessed or have availed themselves of the early retirement regimes provided for in the legislation of the Private Pension Fund Administration System; That, within the aforementioned context, and in order to promote a better decision-making process by those affiliates and/or beneficiaries who opt to contract a pension modality in the Private Pension Fund Administration System, it has been deemed necessary to simplify the number of options available for provisional products offered by insurance companies or private pension fund administrators, guaranteeing an adequate framework of flexibility and diversity regarding how to approach social protection under a specific provisional product, withdrawing from the offer those products that are not highly demanded and those that do not generate greater value in terms of the benefits provided to potential pensioners; That, it is also necessary to show that each provisional product is the result of a combination of attributes that respond to decisions and the profile of each affiliate regarding ceding or assuming risks when opting for a provisional product for pension purposes, including longevity, profitability, or solvency risks, among others; That, in order to gather public opinions regarding the proposed modifications to the regulations of the Private Pension Fund Administration System, the draft resolution on the matter was pre-published on the Superintendency's electronic portal in accordance with the provisions of Supreme Decree No. 001-2009-JUS;

Page 2 of 2 Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511) 6309000 Fax: (511) 6309239 With the approval of the Assistant Superintendencies of Private Pension Fund Administrators, Insurance, and 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, and subsection d) of Article 57 of the Law of the Private Pension Fund Administration System; RESOLVES: Article First.- Substitute the penultimate paragraph of Article 4 of Title VII of the Compendium of Superintendency Regulatory Norms of the Private Pension Fund Administration System, referring to Benefits, according to the following text: “Article 4.- Pension modalities. [...] The provisional products enabled to be offered regarding retirement, disability, or survivor benefits, by the AFP or Insurance Companies, are listed in Annex 18 of this title. Benefits may be made effective under complementary products or services within the basic modalities offered by Insurance Companies, in accordance with the provisions of Chapter VII of Subtitle III of this Title.” Article Second.- Approve Annex 211 which forms part of Title VII of the Compendium of Superintendency Regulatory Norms of the Private Pension Fund Administration System, which details the provisional products enabled to be offered within the Private Pension Fund Administration System, and which is published on the institutional Portal (www.sbs.gob.pe), in accordance with the provisions of Supreme Decree No. 001-2009-JUS. TRANSITORY COMPLEMENTARY PROVISION Sole.- Any request for pension quotation presented to the AFP by affiliates and/or beneficiaries, for retirement, disability, or survivor procedures, as the case may be, from the entry into force of this resolution, shall be subject to the list of provisional products enabled in said Annex 212. FINAL COMPLEMENTARY PROVISION Sole.- This resolution enters into force on the first business day of October 2018. Register, communicate, and publish. SOCORRO HEYSEN ZEGARRA Superintendent of Banking, Insurance and Private Pension Fund Administrators

1 Annex number rectified via Errata published in the Official Gazette El Peruano on 28.07.2018. 2 Annex number rectified via Errata published in the Official Gazette El Peruano on 28.07.2018.