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- Member will decide use to be made of the money withdrawn from their pension fund.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.
||B/D; Bank; CNSM; IA; Ins; Pension
||PR 5/27/2020; PR 5/20/2020; COVID-19
||Compliance; Financial; Legal; Operations
||Banking; Corporate; Fund Mgt; Insurance; Pensions
|Reg. Last Update
Last substantive update on 05/27/2020