The Dominican Republic's Pensions Superintendency (SIPEN) announced that complementary pension plans are now available through pension fund administrators (AFPs), introducing a new voluntary retirement savings option within the Dominican Pension System. The plans can be opened for an individual or a third party and allow early withdrawals under certain conditions, including for a first home purchase, higher-education expenses, or major medical costs. The update also highlighted access features aimed at independent workers and those living abroad, who can open and manage pension accounts remotely. SIPEN referenced AFP Siembra’s Alcanza.do digital solution, which allows users to create a complementary savings account and make recurring or ad hoc contributions at a chosen pace, without limits and regardless of the AFP where the user is affiliated; the AFP also indicated the tool supports early withdrawals and access by family members if needed. The framework for these plans was approved via Resolutions 476-23, setting general requirements for AFPs to create complementary pension plans, and 475-23, establishing the digital affiliation process.
Pensions Superintendency (SIPEN) 2025-03-13
Dominican Republic's Pensions Superintendency brings complementary pension savings plans into force with digital enrolment
The Dominican Republic's Pensions Superintendency (SIPEN) has introduced complementary pension plans through pension fund administrators (AFPs), offering a new voluntary retirement savings option. These plans allow early withdrawals for specific needs and are accessible to independent workers and those abroad via digital solutions like AFP Siembra’s Alcanza.do. The framework was established under Resolutions 476-23 and 475-23, detailing requirements for AFPs and the digital affiliation process.