Last updated: 17:00 / Tuesday, 6 August 2013
Pension reforms

Peruvian AFPs May Directly Register Their Investments in Foreign Mutual Funds

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Peruvian AFPs May Directly Register Their Investments in Foreign Mutual Funds

A few days before it became mandatory for Peruvian citizens to choose between the Private Pension System (SPP) and the National Pension System (SNP) to provide for their retirement, the Superintendence of Banking and Insurance (SBS) and the Peruvian President Ollanta Humala Tasso announced that they will seek to streamline investment in the stock market by private managers.

In his speech commemorating the 192 nd Anniversary of National Independence last week, the president said “This reform complements the one carried out  to our Private Pension System, in order to expand pension coverage, increase the profitability of our funds, and benefit members; to date  having achieved the reduction of commissions to a third of the average charged .”

Through a draft resolution, which shall receive input from the public until August 26th, the SBS proposes the “elimination of registration of instruments and fund operations,” thereby seeking to shorten the timeframes for the authorizations issued by the regulatory authority when transferring the registration of “instruments which are considered simple” such as local and foreign fixed income investments, foreign and local equities (stocks), and foreign mutual funds, to the AFPs.

For your information...

Debido a que según la Asociación de AFP, hay cinco millones de independientes en Perú sin cobertura previsional,  desde el primero de agosto, los trabajadores independientes deben elegir entre afiliarse al SPP (por medio de AFP HABITAT) o al SNP para aportar para su jubilación, norma establecida con la reforma de las AFP, que el Ministerio de Economía considera podría abarcar en una primera etapa a unos 700.000 trabajadores.

La aportación deberá de ser del 5% del ingreso mensual, para los que perciban entre 750 y 1.125 soles (entre 265 y 397 dólares) y del 10% del ingreso mensual para los que perciban ingresos superiores a 1.125 soles.

 

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