The Executive published the Regulation of the Law of Modernization of the Peruvian pension system (No. 32123) with which the long -awaited pension reform is already a reality. Through this rule the Minimum pension For all Peruvians and prohibits extraordinary retreats of funds from affiliates to the private pension system (SPP).
Among the most convenient aspects for workers is that, for the first time, all Peruvians will be able to access the state guarantee to have a pension when they retire, which takes the first step towards universal coverage in pensions.
This minimum pension will be granted both to the affiliates of the public and private system. Before, only the contributors of the Office of Pension Standardization (ONP) could access state economic aid, despite the fact that by constitutional mandate the right to social security must be guaranteed by the State to all Peruvians.
It should be noted that currently in the Private Pension System (SPP) there are more than 8 million members with balances in their individual accounts, which will allow them to continue building their funds to access these pensions with state guarantee, according to figures from the Superintendence of Banking, Insurance and AFP (SBS).
How to access the minimum pension?
To access the minimum S/600 pension, workers must complete 240 contributions (20 years), regardless of the balance they have in their background. In the case of the affiliate to the SPP that reaches the retirement age, to be able to enjoy the benefit, it does not have to do any “extraordinary” withdrawal and must have insufficient balance. With these requirements, the State completes the money that you lack and may enjoy the monthly benefit until your death.
In this way, a person who starts working at 25 and retires at age 65, has a 40 -year -old working life and the reform only demands half of that time (20 years) to access the minimum pension.
“According to estimates who have disseminated technical entities, with s/120 thousand accumulated, a person already has enough balance to obtain a minimal pension of S/600 alone, without the State’s help. With the reform, to access the minimum pension it is no longer required to have that amount of money saved because the State guarantees that benefit to the worker. The important thing is to have the contribution years. The pension of 600 sole If a citizen contributes more during his working life, he will have a greater pension, ”specialists argue.
Proportional pensions work in the same way. To access a S/400 pension, it is necessary to have contribution record from 180 to less than 240 months (from 15 to less than 20 years) and for a 300 soles pension, 120 are needed from less than 180 months of contribution (from 10 to less than 15 years).
“This is very important for all workers because now, if they do not do any retirement and continue to contribute, you can know how much they have in their funds, how many contributions are doing and how much they are missing to have a pension that exceeds 600 soles or if they will require the economic support of the State,” experts said.
Once the worker meets the requirements that are required, and is in the private system, to access the minimum or proportional pension, it will pass with the entire fund to the ONP, which will be responsible for paying the pension.
Based on this spirit of the law, which seeks that all Peruvians can build their funds to access a pension, the pension reform prohibits the “extraordinary” withdrawals and conditions state aid not to make more withdrawals. Consequently, if the Congress approves an eighth retreat, the affiliate who makes it effective, will lose the state guarantee and run out of pension.
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