Regulatory Alerts2022-12-30 | NSP-58Added · Updated
Technical Standards for the Transfer of Funds Due to Annulment of Affiliation Contracts in the Pension System
The Committee of Norms of the Central Reserve Bank of El Salvador issued Technical Standards (NSP-58) requiring Pension Fund Administrators to transfer funds to Pension Institutes or other Administrators when an affiliation contract is annulled. Administrators must remit the Individual Savings Account balance and applicable commissions no later than the thirteenth business day of the month following the resolution notification. The standards also establish procedures for crediting contributions, calculating deficiencies, and allowing workers fifteen days to pay any resulting contribution shortfalls.
Share