The people affiliated with Private Pension System they often wonder what happens to the money accumulated in their fund if they die. To learn more about this topic, Michelle Paulk, manager of digital solutions and marketing at Profuturo AFP, explains what the survivor’s pension and shares some recommendations that may be useful for members and their families.
The purpose of the survivorship pension is to safeguard the economic support for the dependent relatives of the member who dies, who are called “beneficiaries”. This type of pension will be received by the beneficiaries of active affiliates, those who at the time of retirement opted for a programmed withdrawal and those who receive a disability pension.
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According to the Private Pension System Law, family members who meet the following conditions qualify as beneficiaries:
- Spouse or common-law
- Children under 18 years of age
- disabled children
- Children from the age of 18 who continue studies uninterruptedly until the age of 28
- Fathers over 60 years of age and mothers over 55 years of age who are financially dependent on the member
- invalid parents
“In recent years we have detected that around 50% of survivorship pension requests are observed because the documents that the beneficiaries present are not complete or the data does not match those of the deceased member,” said the digital solutions manager. and marketing of Profuturo AFP.
It is important that members verify that all their documents and those of their beneficiaries have the correct information, such as: birth and marriage certificates, DNI, among others. Correcting them after the death of the member implies carrying out long and complex procedures that can delay access to the pension for abobrevivencia.
As part of this process, we detail step by step what the beneficiaries of a Profuturo AFP affiliate must do to access the Survivorship Pension:
- Report the death of the member to the AFP.
- Ask the AFP for reimbursement of burial expenses. This is a benefit of the Private Pension System (SPP) and has a limit amount, which is updated every six months based on the consumer price index.
- Identify which people in the affiliate’s family environment meet the conditions to be beneficiaries.
- Consolidate the documentation required to start the application. The following link details the necessary documents, according to the type of beneficiary. SEE HERE.
- Start the survivorship pension application.
Processing a survivorship pension application is a process that comes at a time and in a space of great pain; For this reason, Profuturo AFP is concerned with providing accessibility to all beneficiaries who are anywhere in the country or the world, so that they can make their requests 100% digitally. Through the Virtual Agency, beneficiaries can enter documents and access the benefits that by law correspond to them quickly and safely.
