The Superintendence of Banking, Insurance and AFP (SBS) reported that an internal work technical team will be formed that will have the objective of developing a comprehensive study of pension systems and the pension social protection model in Peru.
This was announced by Sergio Espinosa, Superintendent of Banking, Insurance and AFP in his presentation in the Congress Economy Commission.
“I think it is necessary to do a comprehensive study to evaluate what should be improved, what should be changed and what should be thought – in another way – so that the pension system is sustainable and broad (provides coverage to most Peruvians). It must also be legitimate; that is, citizens understand and accept the benefits of a pension system,” he explained.
The approved technical report will be delivered to the Central Reserve Bank of Peru (BCRP), the Congress of the Republic, as well as to the Ministry of Economy and Finance (MEF), in order to become an input for a broader discussion, considering that it is a topic of interest for all Peruvians and that involves all stakeholders of the pension ecosystem.
On the evolution of the pension system, he stressed that it has been presenting sustained growth in the number of new affiliates; Between January and August of this year, 511 thousand new affiliates have been incorporated.
However, as a consequence of the seven (7) withdrawals approved in the last five years, the contribution of the PBI pension fund has been reduced from almost 25% in 2019 to 10.3% in 2025, which, although it has an impact on the financing of investment projects, has it – especially – in the retirement and future of workers.
Open finance
On the other hand, the Superintendent announced that an internal multidisciplinary committee has been created that will execute the necessary actions to implement open finances (Open Finance) in our country. This team has the technical assistance of the World Bank.
He stressed that this scheme will contribute to promoting financial competition and inclusion in our country. “With open finances, a user authorizes his financial entity to share his personal information with another financial entity to offer new financial products and services,” he explained.
The committee’s work agenda contemplates the organization of work tables with companies of the financial system, Fintech and other regulators, to collect opinions and perspectives. He added that a pilot is expected to present next year.
Financial Education
The Superintendent greeted the approval of a bill that creates the Financial Education Week in our country, by the Congress Economy Commission, being pending its debate in the Plenary.
He stressed that although entities such as savings and credit cooperatives (COOPAC) and the use of digital wallets is promoting financial inclusion, the Peruvian gap that does not access financial products and services is still very wide, and, therefore, it is necessary to promote financial education, an issue that even reaches pension education.
He also said that financial education is a key tool for those who – product of the aforementioned inclusion – already access these products and services, so that they can make informed decisions; For example, when doing an operation through an application or when making a purchase with a credit card in installments or directly.
Presence in regions
The Superintendent announced that the SBS is close to opening three new decentralized offices in Tarapoto, Trujillo and Cusco in the coming months; which will be added to their offices in Piura, Arequipa and Huancayo. And, in the second semester of 2026, three more offices are planned to open.
“The SBS, as a state representative, has to be present where citizens, carrying information,” he said.
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