Congressman Miguel Ángel Ciccia Vásquez, from the Renovación Popular party, has introduced a new bill proposing to allow members of the Private Pension System (SPP) to make a ninth withdrawal of their funds. This initiative, submitted on March 20, would enable the withdrawal of up to 4 UIT, equivalent to S/22,000. This withdrawal would be entirely voluntary and applicable to all members, regardless of their employment status. Each contributor will be able to decide whether to withdraw their funds, with no obligation to do so.
According to the proposal, the Pension Fund Administrators (AFP) would manage the process, establishing specific requirements and deadlines. The project also ensures that the withdrawn funds would retain their intangible nature, protecting them from seizures or withholdings. Members will need to submit a formal request to their AFP to initiate the withdrawal process, which would occur progressively through partial payments.
Since 2020, eight extraordinary withdrawals of AFP funds have been approved in Peru to mitigate the economic effects of the pandemic. For more details on the country’s economic situation, you can refer to our note on the World Bank’s projections for Peru in 2026.
