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2022-12-30 | NSP-51

Added 2026-07-11 · Updated 2026-07-25

Technical Standards for the Management of Current Accounts and the Operation of the Collection, Crediting, and Information Transmission Process to Pension System Affiliates

The Committee of Standards of the Central Reserve Bank of El Salvador issued these standards to regulate Pension Fund Administrators and financial entities managing pension fund resources. The rules mandate the use of specific current accounts for exclusive fund management, prohibit overdrafts, and require daily crediting of collected contributions with immediate availability. Additionally, the document establishes strict timelines for reporting, including monthly cash flow projections and the submission of collection service contracts within three business days of signing.

El Salvador

Superintendencia del Sistema Financiero

THE COMMITTEE OF STANDARDS OF THE CENTRAL RESERVE BANK OF EL SALVADOR,

CONSIDERING: I. That by Legislative Decree No. 614, dated December 20, 2022, published in the Official Diary No. 41, Volume No. 437 dated the 21st of the same month and year, the Comprehensive Law of the Pension System was approved. II. That Article 13 of the Comprehensive Law of the Pension System establishes that, during the validity of the labor relationship, mandatory monthly contributions to the System must be made by workers and employers. III. That Article 16 of the Comprehensive Law of the Pension System establishes that employers and workers will contribute to the payment of contributions within the System in the proportions established in the aforementioned Law. IV. That Article 19 of the Comprehensive Law of the Pension System establishes that Administrators, in the fulfillment of their functions, will collect the corresponding contributions and contributions, credit them to the Individual Savings Accounts for Pensions, and to the Solidarity Guarantee Account. V. That Article 21 of the Comprehensive Law of the Pension System establishes that contributions must be declared and paid by the employer, the independent worker, or the entity paying disability subsidies for illness, as applicable in the Administrator where the worker is affiliated. For this purpose, the employer will deduct from the base contribution income of each affiliate, at the time of payment, the amount of the contributions, and transfer these amounts, along with the corresponding contribution, to the respective Administrators. VI. That Article 21 of the Comprehensive Law of the Pension System establishes that the declaration and payment must be made within the first ten business days of the month following that in which the affected incomes were earned, or in that in which the medical license was authorized by the corresponding entity, as applicable. VII. That Article 42 of the Comprehensive Law of the Pension System establishes that Administrators, for the exercise of their functions, may contract services with other companies such as collection, information processing, and others related to their operations, except those referred to the administration of the investment portfolio of the capitalization regime. The quality of the contracted services is the responsibility of the Administrators, who will respond to third parties as if they had carried them out. Likewise, they will be responsible for complying with the information requirements made by the Superintendence of the Financial System regarding the aforementioned services.

VIII. That Article 72 of the Comprehensive Law of the Pension System establishes that the Administrator is obliged to provide the affiliate with a pension account statement, in which it will record, every time the latter requests it, the number of quotas credited in their individual savings account for pensions and their value to date. The Administrator, at least every six months, must communicate in writing to each of its affiliates, all movements recorded in their individual savings account for pensions, indicating the number of quotas registered, their value, and the date. IX. That Article 93 of the Comprehensive Law of the Pension System establishes that each Administrator must operate with current accounts of financial entities that are supervised by the Superintendence, for the exclusive management of the resources of the Pension Fund that it administers. X. That Article 159 of the Comprehensive Law of the Pension System establishes that the Central Reserve Bank of El Salvador will issue the Technical Standards necessary to allow the development of what is established in the aforementioned Law.

THEREFORE, by virtue of the regulatory powers conferred by Article 99 of the Law of Supervision and Regulation of the Financial System,

AGREES to issue the following:

TECHNICAL STANDARDS FOR THE MANAGEMENT OF CURRENT ACCOUNTS AND THE OPERATION OF THE COLLECTION, CREDITING AND TRANSMISSION OF INFORMATION PROCESS TO AFFILIATES OF THE PENSION SYSTEM

TITLE I GENERAL PROVISIONS

CHAPTER I OBJECT, SUBJECTS AND TERMS

Object Art. 1.- These Standards aim to establish the procedures that Pension Fund Administrators must follow for the management of current accounts, collection activities, crediting of contributions, contributions to the Pension System, as well as the transmission of information to the affiliate.

Subjects Art. 2.- The subjects obliged to comply with the provisions established in these Standards are the following: a) Pension Fund Administrators; and b) Financial entities that provide their services to Pension Fund Administrators, regarding the management of current accounts owned by the Pension Fund that they administer.

Terms Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning: a) Crediting: Process by which the Social Security Institution, as applicable, carries out the correct crediting and proportional assignment of the affiliate's contribution in their Individual Savings Account for Pensions and in the record of the corresponding Solidarity Guarantee Account; b) Payroll Administrator: Person designated by the employer to handle information related to this, in the Payroll Preparation System; c) Affiliate: Any person who maintains a relationship with a Pension Fund Administrator, through the signing of an affiliation contract; d) AFP: Pension Fund Administrator; e) Agency: Public service locations opened by the AFP within the national territory where they provide services to affiliates, beneficiaries, pensioners, and the general public, in accordance with what is established in the Comprehensive Law of the Pension System; f) Central Bank: Central Reserve Bank of El Salvador; g) CGS: Solidarity Guarantee Account; in accordance with Article 119 of the Comprehensive Law of the Pension System, it is the mechanism that assumes the financing and payment of the present and future Minimum Pension and the obligations corresponding to the Social Security Institutes of the Public Pension System, with the objective of giving sustainability to the payment of pensions, in a stable and lifelong manner; h) CIAP: Individual Savings Account for Pensions; i) Payment Receipt: Document generated in the Payroll Preparation System as a summary payroll and used by employers to pay social security contributions; j) Contributions: Contributions that dependent and independent workers and employers make as established in the Comprehensive Law of the Pension System. Contributions made by retired affiliates who continue contributing to the Pension System will also be considered as contributions; k) Days: When used for a period, it must be understood that it refers to calendar days; l) Identity Document: It may be the Unique Identity Document, Minor's Card, Passport, or Resident Card, as applicable;

m) DUI: Unique Identity Document; n) Payroll Manager: Person designated by the employer for the maintenance of information about their employees and for the preparation of contribution payrolls, of the work center(s) to which they have been assigned; o) Financial Entities: These are financial entities supervised by the Superintendence of the Financial System and that are authorized by their specific Laws to carry out operations with current accounts, that operate within the country and that are duly registered in the Public Registry of the Superintendence, in accordance with what is established in the Law of Supervision and Regulation of the Financial System; p) Processing Entity: AFP or entity authorized by the Superintendence to process the information contained in social security payment payrolls; q) Account Statement: Individual Savings Account for Pensions Statement or equivalent electronic mechanism, which records the movements made in the affiliate's Individual Savings Account for Pensions; r) Fund: Pension Fund; s) IBC: Contribution Base Income; t) Social Security Institution: Any of the following Institutions: Salvadoran Institute of Social Security, Salvadoran Institute of Pensions, Social Security Institute of the Armed Forces, or AFP; u) ISP: Salvadoran Institute of Pensions; v) IPSFA: Social Security Institute of the Armed Forces; w) ISSS: Salvadoran Institute of Social Security; x) SP Law: Comprehensive Law of the Pension System; y) Month of Accrual: Period in which deductions are made from the worker subject to remuneration, for the payment of mandatory contributions to the Pension System, corresponding to the month prior to the declaration and payment thereof; z) NIT: Tax Identification Number in case the employer is a legal entity; aa) Social Security Payment Payroll: Declaration form of mandatory contributions presented by physical or electronic means, by employers; bb) Repealed; (3) cc) SP: Pension System; dd) SPP: Public Pension System; ee) Superintendence: Superintendence of the Financial System; ff) Dependent Worker: Worker under a labor dependency relationship; and gg) Independent Worker: Worker domiciled in the country, without a labor dependency relationship, and Salvadorans not resident.

TITLE II CURRENT ACCOUNTS

CHAPTER I ON THE MANAGEMENT OF CURRENT ACCOUNTS

For the exclusive management of the Fund's resources Art. 4.- AFPs must operate with current accounts opened in financial entities that are supervised by the Superintendence, in which deposits and withdrawals will be made in accordance with Article 93 of the SP Law. AFPs may operate with bank current accounts opened abroad for the purpose of investing in securities referred to in letter a) of Article 91 of the Pension System Law, which are traded in organized international securities markets, with the entity that provides the AFP with the deposit and custody service in said markets, and the resources maintained in the aforementioned accounts will be those necessary to settle the purchase operations of financial instruments, in accordance with what is established in the applicable Technical Standards. In the current account contracts that AFPs enter into on behalf of the Fund, with national financial entities and the foreign entity that provides the deposit and custody service in international securities markets, the payment of interest, when applicable, must be agreed upon. Art. 5.- Each AFP must operate with current accounts for the exclusive management of the Fund it administers, which can only be opened one of each type per financial entity for the administration of the Fund in question. Art. 6.- Each AFP may dispose of up to 360 days in current accounts and fixed-term deposits, up to a maximum equivalent to ten percent of the assets of the Fund it administers.

On checks in favor of the Fund Art. 7.- Checks issued in favor of the Pension Fund and, as applicable. The AFP must communicate to the financial entities where it manages the Fund's current accounts that it will only accept for crediting to the account, checks that contain the characteristic mentioned in this article. Art. 8.- Any check issued in favor of the Fund, if charged to an account in the same financial entity and deposited in the facilities of the same, will not need

On transactions Art. 9.- Transactions carried out through electronic communication means must be accounted for on the same day they occur, and must be reconfirmed by the corresponding documentation or electronic support. Art. 10.- Any transaction involving the disbursement of funds from the Fund's current accounts must have joint authorizations of at least two persons authorized for this purpose by the Board of Directors of the respective AFP.

On overdrafts Art. 11.- The AFP may not negotiate overdrafts with financial entities for the management of the Fund's current accounts.

On reconciliations Art. 12.- The AFP, for each current account, must prepare the corresponding reconciliations monthly, identifying those responsible for their preparation, review, and authorization.

CHAPTER II ON THE MOVEMENT APPLICABLE TO CURRENT ACCOUNTS

Collection current account Art. 13.- This current account will apply to all cash flow entering the Fund other than investments. Its only exits are to feed the own investment current accounts in the same financial entity. The current account will be credited daily by the issuance of checks or transfers of funds corresponding to cash deposits, which must be of immediate availability. The availability of funds corresponding to certified, management, and cash checks drawn against a financial entity different from the collecting one, must not exceed forty-eight hours.

Investment current account Art. 14.- Funds will enter this account from transfers from the collection current account, income from the redemption and sale of investments, as well as the collected yields generated by investments and interest in current accounts and time deposits that financial institutions apply to all accounts. Its disbursements are for the acquisition of securities, transfers between investment accounts, and transfers to the administrative accounts of the Fund.

Administrative current account Art. 15.- It is fed by transfers received from investment current accounts; its special function is that all disbursements for concepts other than investments, such as pension payments, benefits, refunds for overpayments of contributions, payments for transfers, arrears, among others, are made from it.

CHAPTER III INFORMATION REQUIREMENTS ON THE CURRENT ACCOUNTS OF THE PENSION FUND

Art. 16.- The financial entity that administers at least one current account owned by the Fund must send the AFP monthly, the current account statement reflecting the daily balance and the summary of income and expense movements occurred in each of them. The report must be classified by type and account number. Art. 17.- The Superintendence, if it deems it necessary, may request the information regarding the current accounts that these Standards provide on a date different from the end of the month, with the financial entity being obliged to deliver it to the same, within five business days following the request. Art. 18.- AFPs must present to the Superintendence within the last five business days of each month, the projections of the Fund's cash flow for the following month with weekly detail for its respective supervision.

TITLE III ON THE COLLECTION OF CONTRIBUTIONS IN THE PENSION SYSTEM

CHAPTER I ON THE COLLECTION AND PAYMENT OF CONTRIBUTIONS OF DEPENDENT WORKERS

On contributions Art. 19.- During the validity of the labor relationship, mandatory monthly contributions to the SP must be made by workers and employers in the proportion indicated in Article 16 of the SP Law.

On the collection service Art. 20.- The procedure for collecting contributions of affiliates to the SP will be

Collection service contract Art. 21.- Each AFP may sign a collection service contract with the financial entities referred to in the previous article. Prior to its signing, AFPs must send the draft contract to the Superintendence for this to verify that the clauses established in it are in conformity with the current legal and regulatory framework. Once the contract has been signed, AFPs, within a maximum period of three business days thereafter, must send a copy of it to the Superintendence. These contracts must specify the conditions and deadlines for their execution and must contain, as a minimum and according to the conditions established for the management of current accounts of funds, the following clauses: a) The services to be provided by the financial entity to the AFP, as well as the remuneration that it must pay for them; b) The obligation of the financial entity to open a current account, in the name of the Pension Fund, indicating the number of this in the contract; c) The obligation of the financial entity to credit the same day of collection, the amount collected only in the account indicated in the previous letter; d) The obligation on the part of the financial entity that the resources collected for the Pension Fund will be of immediate availability to the AFP, regardless of the agency or branch of the financial entity where the collection was made; e) The submission of the financial entity signing the contract to the SP norms insofar as applicable and in particular, to those contained in these Standards; f) The obligation of the financial entity to maintain identical characteristics regarding price, service quality, deadlines, and other specifications with all Social Security Institutions to which it provides this service. The contract may not include exclusivity clauses; g) The obligation to avoid preferential treatment, and in general, any type of discrimination that benefits some affiliates or employers, to the detriment of others, in the execution of its collection work; h) The indication that the cost of the service will be paid by the AFP that requests it, not being able to mean an additional expense for the Fund it administers; i) The obligation on the part of the financial entity not to require additional information to the payment payroll and receipt of payment of the social security payroll, referred to in these Standards, as proof of the deposit made by the employer or

CNBCR-11/2022 NSP-51 TECHNICAL STANDARDS FOR THE MANAGEMENT OF CURRENT ACCOUNTS AND THE OPERATION OF THE COLLECTION, CREDITING AND TRANSMISSION OF INFORMATION PROCESS TO AFFILIATES OF THE PENSION SYSTEM Approval: 12/30/2022 Validity: 12/30/2022 Alameda Juan Pablo II, between 15 and 17 Norte Ave, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv Page 8 of 32 independent worker, in the current account of the Pension Fund administered by said AFP; j) The obligation to send daily, to the AFP, a detailed report of the social security payrolls received the previous day; k) The possibility that the financial entity accepts and processes the payment of contributions through electronic platforms, for which it must commit to implementing the necessary security and safeguard mechanisms to guarantee the integrity of the operations carried out with the current accounts referred to in this article; and l) The obligation to sign transfer contracts for the payment of payrolls charged to account, at the request of employers or workers

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