Regulatory Alerts2022-12-30 | NSP-67Added · Updated
Technical Standards for the Transfer of Voluntary Contributions from Pension Fund Administrators to an Institution Administering Voluntary Previsional Savings Funds
The Norms Committee of the Central Reserve Bank of El Salvador establishes procedures for Pension Fund Administrators to transfer voluntary contributions and accumulated profitability to Voluntary Previsional Savings Fund administrators. The rules mandate that transfers be executed via electronic payment on the third business day following the request, with no taxes or commissions applied. Affiliates are permitted to initiate total or partial transfers and may cancel the request within two business days, while administrators must adhere to specific notification and accounting timelines.