On November 18, 2020, the Law N° 31068 was published in the Peruvian Official Newspaper El Peruano, “law that allows withdrawing private pension’s funds within de COVID-|9 pandemic context”, a law that is added to the list of regulations published in order to mitigate the effects of the sanitary economic crisis based on the Private Pension’s Funds System (SPP by its Peruvian acronyms). Considering the foregoing, this article seeks to explore what is being offered this time by this new law in favor of individuals affiliated to the SPP, before the recent publication of its rules according to the Resolution SBS Nº 2979-2020, published on November 28, 2020.

Moreover, it can be said this new law regulates three (3) withdrawal methods. First, the one we could call an “Ordinary Optional Withdrawal” allows withdrawing up to four (4) UITs (Peruvian Taxation Units). For that purpose, it is mandatory for affiliated individuals (i) not to have any payment registered in the pension system during, at least, 12 consecutive months, from October 2019 to September 2020 and (ii) not to be entitled to the Special Regime of Early Retirement (REJA by its Peruvian acronyms). Disbursement installments for this first method are the following: first disbursement up to one (1) UIT in a term of 30 calendar days, counted after day subsequent to the application submission. Second disbursement: up to one (1]) UIT in a term of 30 calendar days counted from the day subsequent to the first disbursement. Third disbursement (remaining) up to four UITs counted from the day subsequent to the second disbursement.

The second method, named by the same law as an “Optional Extraordinary Withdrawal” that allows withdrawing up to one (1) UIT. For that purpose, it is enough for the affiliated individual not to have registered any payment within this pension system on October 2020. The disbursement will be carried out in one single installment, in thirty (30) calendar days after submitting the application.

The third method, named by the same law as an “Exceptional Withdrawal for Health”, allows withdrawing up to four (4) UITs. For this purpose, the affiliated individual must have any oncological illness diagnosed by any Healthcare provider institution (IPRESS by its Peruvian acronyms) registered within the National Health Authority Registry (SUSALUD by its Peruvian acronyms) with the corresponding sanitary authorization registered. The disbursement will be carried out in one single installment in thirty (30) calendar days after submitting the application.

According to letter “a”, Article 2 of the Law, as well as Article 8 of its Regulation, affiliated individuals can submit the application from December 09, 2020 up to March 09, 2021.

Finally, in this opportunity, we seek to clarify any doubt regarding the intangibility of withdrawn amounts, as expressly established in Article 3 of the Law, only except for judicial retentions of maintenance claims, being 30% the maximum.