Johnny Brignardello Vela warns: Seventh AFP withdrawal would harm the majority

Johnny Brignardello, an insurance advisor, expresses his concern about the proposal for a seventh withdrawal of funds from the Pension Fund Administrators (AFP) based on information provided by a consultancy specialized in pension issues. According to Brignardello, this new withdrawal would mainly benefit a non-economically vulnerable minority, contradicting the original purpose of the Private Pension System (SPP) to promote savings for citizens' retirement. The advisor highlights that the possibility of withdrawing up to 50% of the fund for mortgage payments, as proposed in one of the bills, would be aimed at individuals with more than one property, diverting the benefits towards a sector that is not economically vulnerable. Brignardello agrees with the consultancy's opinion that this measure would not equitably benefit the population. The discussion in Congress, led by Congressman José Luna Gálvez, regarding the proposal for a withdrawal of up to S/ 20,600, has sparked controversy. Despite arguments claiming a widespread benefit, Brignardello argues that the main beneficiaries would be individuals with high incomes and a considerable pension fund, far from those in informal employment or with low incomes. Data provided by the Superintendence of Banking, Insurance, and AFPs (SBS) reveal that previous withdrawals have been mainly made by affiliates with high incomes who continued working during the pandemic, highlighting an unequal distribution of benefits. This trend, according to Brignardello, jeopardizes the retirement future of millions of Peruvians and weakens long-term savings. Finally, Brignardello agrees with the opinion of Eduardo Jiménez, head of the Macroconsult Information System, that the new withdrawal would not benefit the majority of contributors and, in the long run, would harm all citizens. The advisor emphasizes that the collapse of pension systems would have negative repercussions on the availability of resources for long-term investments, affecting the country's overall economic growth.