Peru's Superintendency of Banking, Insurance and Private Pension Funds publishes draft rules requiring fund administrators to notify heirs about unclaimed pension balances of deceased members

Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) published a draft regulation to strengthen communication between fund administrators and the relatives of deceased affiliates whose accumulated pension savings remain unclaimed in their pension accounts. The proposal sets a general framework for AFPs and other fund administrators in the financial system to run information strategies and campaigns aimed at informing beneficiaries or heirs about these resources. Administrators would be required to periodically identify deceased affiliates in the Private Pension System with balances in individual capitalization accounts where families have not initiated survivor pension or inheritance procedures. The draft sets four minimum elements for the campaign: verifying deaths by cross-checking against death-information sources, sending direct communications to the last contact details on file, publishing a list of deceased affiliates semiannually in a national newspaper and maintaining an updated list on administrators’ institutional websites, and keeping auditable records for supervisory purposes and to assess the campaign’s effectiveness using indicators. The SBS linked the initiative to Law No. 32123, which provides that balances unclaimed for ten years will be transferred to the National Pension System. The draft is open for comments from industry and the public until 20 March via the SBS pre-publication portal.