El Comercio Answers: Withdrawal 100% from AFP: What would the withdrawal of 100% pension funds look like?

The Consumer Defense Commission of Congress approved this week the replacement text of the project that would allow the withdrawal of 100% of funds from the Pension Fund Administrators (AFP). Here we tell you who will be the beneficiaries and what the process will be like.

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It should be remembered that the bill is pending to be ratified or rejected in a future session of the full Congress.

Who will be the beneficiaries?

The opinion of the draft Law 5674/2020-CR indicates that those who could make the total withdrawal are the affiliates who do not register contributions or withholding for more than 12 consecutive months.

While people who have stopped making contributions since the beginning of the state of emergency may withdraw hasta S / 4,300 (1 OFF).

This measure would be complementary manner to Law N ° 31017 that allowed the disbursement of 25% of AFP funds.

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What would the withdrawal be like?

The delivery of the funds would be carried out as follows:

• 34% within a maximum period of 10 calendar days after submitting the application to the private pension fund administrator to which the affiliate belongs.
• 33% at 90 calendar days computed from the first disbursement, referred to in the previous literal.
• 33% at 90 calendar days computed from the second disbursement, referred to in the previous literal.

Also, for the former affiliates who have not made contributions for more than 12 months and whose fund is equal to or less than S / 10,000, the delivery of the funds would be made as follows:

• 50% within a maximum period of 10 calendar days after the application is submitted to the private pension fund administrator to which the affiliate belongs.
• 50% after 60 calendar days computed from the first disbursement, referred to in the previous literal.

GIVEN: In the case of contributors who can only withdraw 1 UIT delivery would be made after 10 days having submitted the application.

How will the procedure be?

The request For the withdrawal of funds, it will be presented remotely, virtual or in person, before the AFP to which the affiliate belongs.

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