Peru's Superintendency of Banking, Insurance and Pension Fund Administrators approved an operational regulation setting principles and guidelines for Pension Fund Administrators to assess fishery workers’ access to retirement under the Private Pension System, in line with changes to the social security regime for the sector. The framework is intended to improve access to pension and non-pension benefits through a more efficient evaluation process tailored to the specific risks and conditions of fishery work. The rules, adopted through SBS Resolution No. 1120-2026, establish two routes for accessing retirement. One allows retirement as a fishery worker within the Private Pension System using existing alternatives, including withdrawal of accumulated funds and retirement pensions through life annuity or programmed withdrawal. The second route provides access to the Complementary Rescue Pension, under which the State guarantees lifelong financing of the retirement pension for affiliates of the former Fisherman Benefits and Social Security Fund when their Private Pension System pension would be lower than what they would have received under that entity. Eligibility applies to workers who reach age 55 and also evidence at least 25 years in fishery activity and at least 375 contribution weeks across the Private Pension System and the former fund, as set out in Supreme Decree No. 024-2025-EF amending the regulation of Law No. 30003. The regulation also requires AFPs to provide clear, ongoing information and guidance throughout the process, ensure pension payments start from the moment of retirement with interim supplementation through the Complementary Rescue Pension while the Pension Normalization Office confirms access, and improve efficiency in dossier assessment through more effective interaction between AFPs and the Pension Normalization Office, including provisions supporting access to retirement and survivor pensions. Compliance, including service quality and information and guidance standards, will be subject to SBS supervision.
Superintendencia de Banca, Seguros y AFP del Peru 2026-04-17
Peru's Superintendency of Banking, Insurance and Pension Fund Administrators sets operational rules for AFPs on fishery workers’ retirement and Complementary Rescue Pension
Peru’s Superintendency of Banking, Insurance and Pension Fund Administrators has approved an operational regulation setting principles and guidelines for Pension Fund Administrators to assess fishery workers’ retirement under the Private Pension System, aligned with recent changes to the sector’s social security regime. SBS Resolution No. 1120-2026 defines two retirement routes, including a State‑guaranteed Complementary Rescue Pension subject to age, years of fishery activity and contribution requirements, and imposes obligations on Pension Fund Administrators regarding information provision, timely pension payments and coordination with the Pension Normalization Office.