The 100% withdrawal from the AFPs it is back on the table, just as it was in the first two years of the COVID-19 pandemic. If the Congress of the Republic approves the bill presented in January by the congressmen of Peru Libre, it is possible that those affiliated with the pension system will again be able to dispose of their funds in 2022,
The Economy Commission will be in charge of jointly evaluating the different proposals on the withdrawal of funds in order to determine which measure would be the most appropriate in an eventual approval.
What does this proposal consist of?
The Peru Libre caucus proposed Bill No. 00929/2021-CR, which proposes the withdrawal of 100% of savings from the AFPs. The proposal proposes that the delivery of the balance of 100% of the funds be made in a single assembly 30 calendar days after the request is submitted to the AFP.
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The term to submit the request for the return of the balance will be 60 days, counted from the publication of the law.
Likewise, the withdrawn money will have intangible status; that is, it cannot be subject to a discount, legal compensation, embargo, retention, or any form of affectation, whether by judicial or administrative order.
However, the intangible nature does not apply to judicial or conventional withholdings derived from child support debts, up to a maximum of 30%.
What are the other projects on the withdrawal of funds?
Another proposal is from Congresswoman Digna Calle de Podemos Peru (PP). She postulates the optional withdrawal of funds from the Individual Capitalization Account (CIC) up to a maximum of 4 tax units (UIT), currently S / 18,400, in three parts in 90 calendar days, which would benefit more than 7 million of affiliates between contributors and former contributors.
The first withdrawal would be 1 UIT (S/ 4,600) within a maximum period of 30 calendar days from the filing of the request; a second disbursement of 1 UIT within a maximum period of 30 days from the first one; and a third withdrawal of 2 UIT (S/ 9,200) in a maximum of 30 days from the second of them.
In addition to this, José Luna (PP) suggested that the withdrawal of 4 UIT be for affiliates who have not contributed at least three months prior to the publication of the standard, and 2 UIT for those who currently work or maintain intermittent work. and contribute regularly.
According to the parliamentarian, the proposal could benefit the 8 million 212,743 members who are in the Private Pension Fund Administration System to date.
What would be the consequences of approving the withdrawal of AFP at 100%?
The Ministry of Economy and Finance (MEF) spoke before the proposal of Peru Libre and made reference to the negative impact that withdrawing 100% of the AFP funds would generate for the Peruvian economy.
The head of the MEF, Oscar Graham, sent an official letter to the Economy, Banking, Finance and Financial Intelligence Commission with the report prepared by the General Directorate of Financial Markets and Private Pensions of the MEF.
In this sense, the report specifies that the withdrawal of the proposed funds would have an impact on the liquidity of the financial system, since it would generate problems for affiliates in the future, affecting the national economy, added to the impact, of this measure, by requiring close positions of the investment portfolio, further decapitalizing the funds, which may generate additional losses for the economy.
In this line, it warns that the norm contravenes the provisions of articles 10, 11 and 12 of the Political Constitution of Peru and would imply the breach of international treaties on human rights ratified by Peru.
The regulatory proposal lacks a mathematical and actuarial study that justifies any benefit for the sustainability of the SPP. In addition, the intangibility of social security funds is affected, since pension funds are intended to ensure and guarantee the payment of a pension, not withdrawals prior to retirement.
