The seventh withdrawal from the pension fund raises expectations and concerns among SPP affiliates.

The Economy Commission has approved, with a vote of 17 in favor and 3 against, the seventh withdrawal from the pension fund of up to 4 UIT, generating expectations and doubts among the affiliates to the pension system. This new withdrawal will allow all affiliates to the Private Pension Fund Management System to access a portion of their accumulated funds, without exception. However, in order to make the withdrawal, affiliates must follow a process that will be defined by the Superintendence of Banking, Insurance, and Private Pension Fund Administrators within a maximum period of 15 calendar days. In addition, the law supporting this withdrawal must be debated and voted on in the Congress of the Republic. The process to request the withdrawal implies that affiliates can do so in person or virtually within a period of 90 days following the publication of the regulation. Payments will be made in three installments, with the first two being 1 UIT each and the third being 2 UIT, with 30-day intervals between each disbursement. It is important to note that affiliates can also cancel the withdrawal, by requesting it from the private pension fund administrator 10 days in advance of the corresponding disbursement. Each AFP nationwide has a complete record of all contributions from their affiliates, accessible through their web platforms and mobile applications. To calculate the amounts to withdraw with the new value of the UIT, which is now S/5,150, it will only be necessary to multiply this figure by the number of UITs to be withdrawn. It is important for affiliates to pay attention to the upcoming communications from the Superintendence and closely follow the instructions of their respective AFPs to carry out this fund withdrawal process properly.