PER SBS Faster Pension Withdrawal

On May 20, PER SBS allowed quicker withdrawal of 25% of funds.

  • PER SBS announced faster and safer process for withdrawal of 25% of pension funds.
  • Measures to achieve this included better reporting channels for pension funds so members can submit their request, and measures to facilitate use of electronic money.
  • Deputy Superintendent of pension funds, Elio Sánchez, called for faster application submission schedule and for adherence to Covid-19 emergency measures.
  • Fund Withdrawal
  • For the withdrawal request process of up to 25% of private pension funds, withdrawal must be exclusively for people who have contributed to the Private Pension System.
  • Member must access the specific page to request withdrawal on the day indicated in the schedule and they can select the financial institution of their own choice.
  • Member will decide use to be made of the money withdrawn from their pension fund.
  • May 27, 2020 Update
  • On May 27, 2020, PER SBS issued bulletin on the dilemma of the 25% withdrawal.
  • Emphasized importance of access to necessary/timely guidance to make best decision.
  • Covers retirement pension level factors including: contribution rate; profitability; contribution regularity; length of stay/age of affiliation or contribution; retirement age.
  • Includes standards issued in state of emergency for extraordinary pension withdrawal.
  • Important to understand availability of resources today means a lower future pension.

Regulators PER SBS
Entity Types B/D; Bank; CNSM; IA; Ins; Pension
Reference PR 5/27/2020; PR 5/20/2020; COVID-19
Functions Compliance; Financial; Legal; Operations
Countries Peru
Products Banking; Corporate; Fund Mgt; Insurance; Pensions
Regions Am
Rule Type Guidance
Rule Date 5/20/2020
Effective Date 5/20/2020
Rule Id 78038
Linked to
Reg. Last Update 5/27/2020
Report Section International

Last substantive update on 05/27/2020