Peru's Superintendency of Banking, Insurance and Private Pension Fund Administrators amends private pension system rules to speed benefit access and require AFP service improvements

Peru's Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) issued amendments to the Private Pension System (SPP) framework, aiming to make it easier and faster for members and beneficiaries to access pensions and related benefits. The changes include measures to accelerate the move to definitive disability and survivors’ pensions and to allow preliminary pension payments while beneficiary status is being validated. The package streamlines liquidation of the insurer-funded additional contribution used to finance disability or survivors’ pensions where employer contributions remain under collection because the employer is untraceable, non-existent or liquidated, shortening timelines when delays are not attributable to claimants. It introduces standards for guidance when family group information needs updating after a pension has started, expands eligibility for beneficiaries over 18 who continue basic or higher education abroad with more flexible verification mechanisms, and sets criteria to determine the pension accrual date in survivors’ pension cases involving more than one family group. Funeral expense reimbursements are also made more flexible by setting minimum content requirements for claims while allowing each pension fund administrator (AFP) to design its own request format; AFPs must additionally adapt their guidance and information processes (channels and content) to user needs and submit an improvement plan based on adaptation and simplicity principles.