After having authorized an eighth Retirement of AFP fundsCongress already looks like the entire reform of the pension system approved by the legislative itself last year.
Thus, in Parliament there are already at least 26 bills that raise the repeal of the norm and/or its regulations, most of which come from leftist benches.
These proposals are even given when, when testing the eighth retirement, some changes to the reform were accepted, among which are the return of 95.5% and the elimination of the mandatory contribution of independents.
In this regard, the former Chief of the Superintendence of Banking, Insurance and AFP (SBS), Juan José Marthans, said that repealing the norm would mean that the access of new competitors is not allowed.
“It seems that congressmen are in favor of AFPs because the possibility of more competition in the system is knocked down. Lowering the entire scheme would be the worst thing that could happen,” he added.
Similarly, he said that the cast system, which currently uses the ONP, is a failure, so he pointed out that legislators should not bet on that option, as some parliamentarians have indicated.
Eighth Retirement Impact
On the other hand, Scotiabank estimated that about 60% of what would be withdrawn after the approval of the eighth access, would remain in bank accounts and just over 20% would be used for consumption.
Meanwhile, 7.6% would allocate the money to amortization of bank debts. We estimate that the eighth withdrawal will generate an exit of S/27,000 million of the funds and the administrated assets would fall to S/95,000 million, “he said.
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