Affiliates of the Private Pension System (SPP) will pay 1.37% for the pension insurance rate starting in 2025. This was announced today by the AFP Association at the closing of the eighth tender for disability, survival and funeral insurance under a collective policy. (SISCO VIII).
“The current rate of 1.70% will drop to 1.37%. This significant reduction (close to 20%) reflects our commitment to always work in search of the greatest benefit for members,” said Giovanna Prialé, president of the AFP Association.
The 6 insurance companies that participated in the tender submitted their offers to obtain at least one of the seven fractions that represent SPP affiliates.
In total, 4 insurers covered the seven fractions tendered. Interseguro managed to cover 1 fraction with a rate of 1.34%, La Positiva was awarded 2 fractions with 1.39%, Rimac Seguros 2 fractions with 1.37% and Vivir Seguros 2 fractions with 1.38%.
Finally, as a result of SISCO VIII, a premium of 1.37% was established, which will be applied from January 1, 2025 to December 31, 2026. In this way, for the second consecutive year, the pension insurance rate is reduced (in 2023 it was 1.84% and for 2024 it was set at 1.70%). The fee is collected monthly by the AFPs and transferred directly to the insurers.
pension insurance
In the SPP, disability, survival and funeral expenses insurance protects the member and their beneficiaries against the risk of disability (reduced ability to work due to illness or accident) or death.
By having active insurance coverage, you are guaranteed to have the necessary funds to pay the disability and survivor pensions to which you are entitled, as well as the payment of funeral expenses.
As of August 2024, it is recorded that more than 15 thousand people have the support of a disability pension and more than 118 thousand beneficiaries of the affiliates have a survivor pension in the SPP. Furthermore, on average the disability pension amounts to S/1,856 and the survivor pension amounts to S/732.
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