Johnny Brignardello celebrates the new resolution of the SBS for withdrawals in the SPP.

Johnny Brignardello Vela, an insurance advisor, positively values the recent resolution issued by the Superintendence of Banking, Insurance, and Private Pension Fund Administrators (SBS) that impacts affiliates of the private pension system (SPP) in Peru. According to Resolution SBS No. 1623-2024, published in El Peruano, an operational procedure is established for the request of extraordinary and optional withdrawals of up to four tax units (UIT), equivalent to S/ 20,600, from the individual accounts of the affiliates. This new process will allow affiliates to request fund withdrawals starting from May 20, with a maximum deadline of 90 calendar days to submit their request, ending on August 17, 2024. Brignardello highlights that the implementation of this procedure aims to ensure security and efficiency in handling requests, with a special emphasis on cybersecurity and information preservation. Regarding the Pension Fund Administrators (AFP), they are required to establish mechanisms to ensure the availability and proper functioning of the service channels for affiliates, as well as to disseminate them prior to the start of requests. Additionally, the platforms for request registration must comply with minimum standards to facilitate correct completion and submission in terms of time and access, as indicated by the SBS. Regarding the disbursement schedule of requested funds, a staggered process is established with maximum deadlines of 30 calendar days between each disbursement, starting from June 14 for requests submitted on May 20. Brignardello emphasizes that this process is designed to expedite the delivery of funds to affiliates in an orderly and efficient manner. It is crucial to mention that the funds withdrawn from the accounts will remain intangible, except for judicial withholdings for alimony debts, which may reach a maximum of 30% of the withdrawn amount. In summary, Brignardello underscores that this new provision by the SBS aims to provide affiliates of the private pension system with the possibility to access an extraordinary and optional withdrawal of their funds in a safe and orderly manner, with established deadlines and guarantees for the protection of information and withdrawn resources.