The president of the Peruvian Federation of Municipal Savings Banks (Fepmac), Jorge Solís, questioned that as part of the reform of the Peruvian Pension System (SPP) automatic affiliation to the ONP.
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In accordance with article 29 of the regulation, citizens who turn 18 years of age as of the entry into force of the law must choose between the ONP or the Private Pension System (SPP) within the deadlines that will be established in the regulations. . If they do not decide, they will automatically be enrolled in the National Pension Systems (SNP).
“It’s not fair (automatic affiliation). It doesn’t leave the playing field level for everyone. (…) That has to be modified because it breaks the principle of opening the field so that there are more players in the pension fund management market,” said Solís.
Likewise, he stated that the pay-as-you-go system, like the SNP, does not work anywhere in the world, which is why some countries are changing this modality.
The representative of the savings banks pointed out that it is important, through the regulations of the standard, to specify how the participation of financial entities and insurance companies will be in the new system. “If the savings banks had to intervene in the contributory pillar, we could go into alliance with the insurers,” he highlighted.
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