Peru's Superintendency of Banking, Insurance and Private Pension Funds issues operational procedure for optional pension withdrawals up to four UIT

Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) published the operational procedure for an extraordinary, optional withdrawal from the Private Pension System (Sistema Privado de Pensiones, SPP) of up to four tax units (Unidad Impositiva Tributaria, UIT), as provided under Law No. 32445. Affiliates who choose to withdraw must submit a request stating the amount within a maximum of 90 calendar days from the rule’s entry into force on 21 October. Pension fund administrators (Administradoras de Fondos de Pensiones, AFPs) must develop, execute and communicate to affiliates the timetable, processes, registration steps and channels for disbursements, including ensuring adequate service channels, minimum platform standards for completing and submitting requests, and applicable cybersecurity and record-retention measures. The procedure sets a disbursement schedule of up to four instalments of up to 1 UIT each, with the first payment due within 30 calendar days of the request and each subsequent payment due within 30 calendar days of the prior disbursement; the fourth payment is up to 1 UIT or the remaining requested balance. Withdrawn funds retain their protected (intangible) status except for court-ordered withholding for child support debts, capped at 30% of the amount withdrawn; affiliates may also withdraw their request once, up to 10 calendar days before any scheduled disbursement.