SBS Resolution No. 3763-2025: Renaming and Modifying the Operating Procedure to Disburse up to 25% of the Pension Fund for Affiliates of the Private Pension System for the Purchase of a First Home, Approved by SBS Resolution No. 3663-2016

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511)6309000 Lima, October 16, 2025 SBS Resolution No. 3763-2025

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:
That, by Supreme Decree No. 054-97-EF, the Unified Text of the Law (TUO) of the Private Pension Fund Administration System (SPP), hereinafter the SPP Law, was approved; That, the last paragraph of Article 40 of the TUO of the SPP Law, as amended by Law No. 30478, provided that affiliates of the Private Pension System may withdraw up to 25% of the accumulated fund in their Individual Capitalization Account (CIC) from mandatory contributions to pay the down payment for the purchase of a first home, provided it concerns a mortgage loan, or to amortize a mortgage loan that was used for the purchase of a first home, in both cases granted by an entity of the financial system; That, pursuant to this, the Superintendency issued Resolution SBS No. 3663-2016, through which the operating procedure to withdraw up to 25% of the pension fund of affiliates of the Private Pension System for the purchase of a first home was approved; That, Article 6 of Law No. 30822, which amends Law No. 26702, the General Law of the Financial and Insurance System and Organic Law of the Superintendency of Banking and Securities, and other concordant regulations, modified the last paragraph of said Article 40 of the TUO of the SPP Law to include as participating entities savings and credit cooperatives that operate exclusively with their members and are not authorized to collect funds from the public or operate with third parties of levels 2 or 3 registered in the National Registry of Savings and Credit Cooperatives not authorized to collect funds from the public; That, subsequently, through Law No. 32123, the Law for the Modernization of the Peruvian Pension System was approved, in whose First Complementary Modifying Provision Article 40 of the TUO of the SPP Law was modified, among others, providing that affiliates to the SPP may withdraw up to 25% of the accumulated fund in their Individual Capitalization Account (CIC) from mandatory contributions for: a) Paying the down payment for the purchase of a single urban property, whose purpose is as a residence, or b) Amortizing a mortgage loan that was used for the purchase of a single urban property, whose purpose is as a residence; maintaining in both cases the reference that it concerns a mortgage loan granted by an entity of the financial system or a savings and credit cooperative that operates exclusively with its members and is not authorized to collect funds from the public or operate with third parties of levels 2 or 3 registered in the National Registry of Savings and Credit Cooperatives Not Authorized to Collect Funds from the Public; That, complementarily, through Supreme Decree No. 189-2025-EF, the Regulation of said Law was approved, which provides in its Fourteenth Final Complementary Provision that, for the purposes of Article 40 of the TUO of the SPP Law, an urban property is understood as a real estate asset intended exclusively for housing, dwelling, or residence located in an urban area. This provision further
states that the Superintendency will adjust the corresponding operating regulations; That, pursuant to this, it is necessary for the Superintendency to establish modifications to the operating procedure approved by Resolution SBS No. 3663-2016; Having obtained the approval of the Adjunct Superintendencies for Pensions, Banking and Microfinance, Cooperatives, and Regulation and Legal Affairs; and, In exercise of the powers conferred by numeral 9 of Article 349° of the General Law of the Financial and Insurance System and Organic Law of the Superintendency of Banking and Securities, Law No. 26702 and its amendments, and subsection d) of Article 57° of the Unified Text of the SPP Law and its amending regulations, approved by Supreme Decree No. 054-97-EF and based on the provisions of the Thirty-second Final and Complementary Provision of the General Law;

RESOLVES:
Article One.- Rename and modify the “Operating Procedure to Withdraw up to 25% of the Pension Fund of Affiliates of the Private Pension System for the Purchase of a First Home”, approved by Resolution SBS No. 3663-2016, according to the following text:

1. Modify subsection f) and incorporate subsections m) and n) in Article 1° of the Operating Procedure, according to the following text:
   “OPERATING PROCEDURE TO WITHDRAW UP TO 25% OF THE PENSION FUND OF AFFILIATES OF THE PRIVATE PENSION SYSTEM FOR THE PURCHASE OF A SINGLE URBAN PROPERTY”
   Article 1°.- Definitions
   (…) f) Urban Property: is that asset covered by Article 885° of the Civil Code, registered or registrable in the SUNARP Land Registry, classified as an urban plot and always intended for residential use.
   (…) m) Law No. 32123: Law for the Modernization of the Peruvian Pension System. n) Regulation of Law No. 32123: Approved by Supreme Decree No. 189-2025-EF. (…).”

Los Laureles Nº 214 – Lima 27 – Peru Tel.: (511) 6309000 2/4
2. Substitute Article 2° of the Operating Procedure, according to the following text:
“Article 2°.- Scope of affiliates subject to this benefit of withdrawal of a percentage of their CIC This operating procedure applies to SPP affiliates, at any time during their affiliation.
It does not apply to those SPP affiliates who have used this benefit under the scope of Law No. 30478, unless the withdrawal percentage has been less than 25% of their pension fund, in which case it is governed by the provisions contained in the third paragraph of Article 4 of this operating procedure.”
3. Substitute subsection e) of numeral I of Article 3° of the Operating Procedure, according to the following text:
“Article 3º.- Eligible affiliates to request this benefit of withdrawal of a percentage of their CIC (…) e) Are not registered in the registry referred to in Article 6° of this operating procedure, unless they have used the benefit of withdrawal of 25% of the pension fund for a single property partially. (…).”
4. Modify the fourth paragraph of Article 4° of the Operating Procedure, according to the following text:
“Article 4°.- Use of the benefit of withdrawal of a percentage of their CIC (…) If a fund withdrawal has been requested under the scope of Urgency Decree No. 034-2020 and 038-2020 or Laws No. 31017, 31068, 31192, 31478, 32002, 32445 and others of a similar nature, while a withdrawal procedure is underway due to the purchase of a single urban property intended for residential use, the amount to be disbursed affects the fund value considered for applying the withdrawal of up to 25% in the mortgage loan, when the withdrawal request has been submitted by the affiliate prior to the procedural approval issued by the AFP.”

Article Two.- Any reference to the term “first home” contained in Resolution SBS No. 3663-2016 and its amendments, from the effective date of this Resolution, shall be understood as “single urban property, whose purpose is as a residence”, as provided by Article 40 of the TUO of the SPP Law, amended by Law No. 32123.

Article Three.- This Resolution takes effect the day following its publication in the Official Gazette El Peruano.

Register, communicate and publish.

Los Laureles Nº 214 – Lima 27 – Peru Tel.: (511) 6309000 4/4 SERGIO JAVIER ESPINOSA CHIROQUE Superintendent of Banking, Insurance and AFP