New resolution from Peru regulator SBS

Thursday, November 30, 2017

Announcement by SBS

Lima, November 27, 2017

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(Machine translation)


That, in article 37 of the Consolidated Text of the Law of the Private System for the Administration of Pension Funds, approved by Supreme Decree No. 054-97-EF and amendments to the TUO of the Law, it is established that the AFP is responsible of filing the demand for judicial collection of social security debts, in which case, for purposes of determining the amount of the contributions owed by the employer, the AFP will issue a Collection for Collection (LPC), which constitutes an enforceable title;

That, likewise, in the aforementioned article it is provided that this Superintendency is empowered to regulate, by means of resolution, other special forms of settlement for pension collection, and its content, in order to make possible the recovery of pension contributions not foreseen in the TUO of the Law; said special formats also constitute an executive title;

That, in Subchapter II of Chapter IV of Legislative Decree No. 1275, which approves the "Fiscal Responsibility and Transparency Framework of Regional Governments and Local Governments," the Scheme for the Reprogramming of Pension Contributions to the Fund has been established. of Pensions (REPRO-AFP), which were not canceled in due time by the Regional Governments and Local Governments as of December 31, 2015;

That, by Supreme Decree No. 168-2017-EF, the provisions that regulate the implementation and operation of the Reprogramming Scheme for the payment of Pension Contributions to the Pension Fund (REPRO-AFP) were approved, so that the Regional Governments and Local Governments they can avail themselves of this and regularize their debts for social security contributions, for the benefit of the members of the Private Pension System;

That, in the First Final Complementary Provision of the aforementioned supreme decree, it is provided that the Superintendency may issue complementary regulations, which may refer to the guidelines on the information that the AFPnet application must contain, the measures for generating the electronic format for the reception of REPRO-AFP, among others;

That, for this purpose, the SBS Resolution No. 2678-2017 was issued approving the "Complementary Norms and Operating Procedures applicable to the Reprogramming System of Contributions to the Pension Fund (REPRO-AFP) - DL 1275" for the effective application of the provisions of Legislative Decree No. 1275;

That, under this context, it is necessary to establish complementary standards related to the accreditation process and order of priority, in accordance with the provisions of Article 11 of the provisions that regulate the implementation and operation of REPRO-AFP;

That, subsequently, by Law N ° 30614, Law that grants an additional term of reception to the Reprogramming Regime of payment of pension contributions to the Pension Fund of the Private Pension System (REPRO-AFP) and Regime of Honesty by the Governments Regional and Local Governments established in Legislative Decree 1275, the term was extended so that the Regional Governments and Local Governments can request the reprogramming of their debt to the AFPs until November 30, 2017;

That, for this purpose, it is necessary to modify the terms established in SBS Resolution No. 2678-2017, regarding the maximum term for Regional Governments and Local Governments to benefit from the REPRO-AFP, and the update factor for profitability -published by the Superintendency- until November 2017 in order for AFPnet to update the reconciled debt;

That, in Chapter IV of the aforementioned provisions that regulate the implementation and operation of REPRO-AFP, the conditions that lead to the loss of REPRO-AFP benefits are established, in which case the AFPs are authorized to initiate the judicial collection of the due and / or pending payments, for this purpose, the AFPnet issues a report of the unpaid debt for the initiation of legal actions;

That, in order to file the demand for judicial collection of pension debts, it is necessary to establish the characteristics and content that must be included in the Collection for Collection (LPC) applicable to REPRO-AFP;

That, in order to record the movements in the CIC of the affiliate associated with the interests and profitability obtained by the REPRO-AFP, it is necessary to include new fields in the operation codes that the AFPs must consider for the registry of the operations that involve movements CIC of affiliates, which is covered by Circular N ° AFP-109-2010;

That, in order to gather the opinions of the general public regarding the proposals to modify the regulations of the Private Pension Fund Administration System and based on the provisions of Law No. 30614, the project was pre-published resolution on the matter in the electronic portal of the Superintendence, for a period of seven (7) calendar days under the provisions of Supreme Decree No. 001-2009-JUS and its amendments;

Having the approval of the Adjunct Superintendencies of Private Administrators of Pension Funds, of Economic Studies and of Legal Advice; Y,

Using the powers conferred by numeral 9 of article 349 of the General Law of the Financial System and the Insurance and Organic System of the Superintendency of Banking and Insurance, Law No. 26702 and its amendments, paragraph d) of Article 57 ° of the Single Order Text of the Law of the Private System of Administration of Pension Funds, approved by Supreme Decree N ° 054-97-EF;


Article One.- Incorporate Article 15 and Chapter IV "Judicial Collection" to the Complementary Norms and Operating Procedures applicable to the Regime of Reprogramming of Contributions to the Pension Fund (REPRO-AFP) - DL 1275, approved by means of SBS Resolution No. 2678 -2017, according to the following text:

"Article 15.- Accreditation:

The payments of the sub-funds made by the Entity must be applied to the affiliates of each AFP considering the following priorities in the order they appear:

  1. Contributions owed that enable the coverage of pension insurance, of those affiliates whose claims for disability or survivorship pensions as of November 30, 2017, are in a situation of postponed and / or suspended coverage.
  2. Contributions owed, not included in numeral 1, of affiliates that count, whether with a retirement pension or disability or survivorship procedure; or that they perceive or have received one of these benefits; or that have made the withdrawal of contributions under the provisions of the twenty-fourth final and transitory provision of the TUO of the SPP Law, as of November 30, 2017. To that end, in the case of retirement or retirement until the 95.5% of the CIC, must be considered the subscription of step 3 of the format established in Article 8 of SBS Resolution No. 2370-2016, the subscription of Section I in the process of survival pension and the date of issuance of the definitive opinion for cases of disability.
  3. Contributions owed by affiliates that as of November 30, 2017 have at least 60 years of age.
  4. Contributions owed by affiliates as of November 30, 2017, not included in the above numerals.

Within each group, priority must be given to the contributions owed for the accrual periods ordered from the oldest to the most recent; In the case of equal income, priority must be given to the contributions owed by affiliates with the oldest date of birth, registered as of November 30, 2017. In the case of contributions due from two affiliates with the same conditions (accrual and date of birth registered at November 30, 2017) is ordered by numbering the CUSPP in ascending order.

The amortization of each sub-fund must be applied considering the first contribution pending payment until the amortization amount of said sub-sum is completed, for which a partial contribution may be considered, with the exception of the last sub-item.

The fractionation interest corresponding to the contribution to the fund, the insurance premium and the administration fee on the remuneration, must be calculated by applying the following formulas rounded to the second decimal place:


ApRent: Contribution to the affiliate fund updated by profitability

SegRent: Insurance premium updated by profitability

ComRent: Administration commission updated by profitability

A n: Amortization of the "n" quota to be applied to the debt updated by profitability, referred to in article 13.

I n: Interest in fractioning the "n" quota, referred to in article 13.

Partial payments are credited as default contributions, considering in the first place the part corresponding to the pension fund, then the insurance premium and finally the AFP commission, leaving the AFP exempt from carrying out the collection actions associated with said contributions, unless the Entity loses the benefit of REPRO-AFP for which the provisions of Chapter IV shall apply. "



Article 16.- Suspension of collection of the debt received by REPRO-AFP:

The AFP must evaluate the judicial collection situation of the debt received by REPRO-AFP by the Entity, being responsible for presenting to the respective court a copy of the proof of receipt of the REPRO-AFP issued by AFPnet, in order to request the suspension of the Judicial collection process of the social security debt indicated in the aforementioned record, and to consider it pertinent, request the conclusion of the process without declaration on the merits, without for this it is necessary to have requested the suspension previously.

The AFP must continue with the judicial management of those contributions that were not considered within the REPRO-AFP.

Article 17.- Judicial collection process of unpaid REPRO-AFP quotas.

The total or partial amount of the fee that is not paid within the corresponding term is subject to the moratorium interest rate referred to in article 34 of the TUO of the SPP Law, which is applied to the outstanding balance of payment of the installment due from the day after its due date to the day of its effective payment inclusive. For the update of the social security debt generated by unpaid REPRO-AFP quotas, the mandatory contribution update factors published by the Superintendency, referred to in article 149 of Title V of the Compendium of Regulatory Superintendency Rules of the SPP, will be applied.

The AFP must file the corresponding lawsuit for collection within two (2) months after the declaration of loss of the REPRO-AFP benefit for all of the pending payments, whether or not they are due. Exceptionally, for reasons not attributable to the AFP, duly justified and sustainable, it may make use of additional deadlines.

Article 18.- Liquidation for Collection REPRO-AFP.

For the purposes of the judicial collection process, the AFP must issue a Collection Liquidation applicable to the REPRO-AFP (LPC-REPRO) according to the format established in Annex C, a document that according to the provisions of article 37 of the TUO of The SPP Law has executive merit.

In order to determine the amount owed by the Entity, the AFP must issue the LPC-REPRO based on the debt report issued by AFPnet, which includes the detail of the sub-funds pending payment by the Entity.

The LPC-REPRO must have the name and signature of the official designated by the AFP, which must be accredited to the Superintendence for that purpose. The signature of the designated official, contained in the LPC-REPRO, is governed by the specifications established in article 141 ° -A of the Civil Code, admitting the use of the printed image of the digital signature, understood as that obtained from the transfer of the sign in a physical format to one in electronic format.

For numbering purposes, the LPC-REPRO must have thirteen (13) digits distributed as follows:

- Two first fields: AFP code;

- Four following fields: year of issue;

- Next field: letter "r";

- Remaining fields: six consecutive digits. "

Second Article: Substitute Article 2, the first paragraph of Article 7, Article 12 and the first paragraph of Article 14 of the Supplementary Rules and Operating Procedures applicable to the Scheme for Reprogramming Contributions to the Pension Fund (REPRO-AFP) - DL 1275, approved by means of Resolution SBS N ° 2678-2017, according to the following text:

"Article 2.- Of the reception.

The Regional Governments or Local Governments, hereinafter the Entity, referred to in subparagraphs k) and l) of Article 2 of the Provisions that regulate the implementation and operation of the Scheme for Reprogramming Contributions to the Pension Fund (REPRO-AFP) , approved by Supreme Decree N ° 168-2017-EF, can submit the application for admission to REPRO-AFP until November 30, 2017, in accordance with the provisions of Article 26 of Legislative Decree No. 1275. "

For the remainder of the resolution, please click here.