Regulatory Alerts2022-12-30 | NSP-47Added · Updated
Technical Norms for the Return of the Balance of the Individual Pension Savings Account to Foreigners
The Committee of Norms of the Central Reserve Bank of El Salvador issued these norms to regulate the procedure for Pension Fund Administrators to return Individual Pension Savings Account balances to foreign affiliates. The rules mandate that requests be processed within thirty days, or ninety days if components from the Public Pension System are involved, and require the issuance of a resolution upon verification of eligibility. Upon payment, the affiliate's contract is terminated and they are assigned code DVX, while re-entry into the system requires meeting standard retirement age requirements.
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