Modifican los artículos 64-A°, 249°, 250°, 260° y 262° del Título VII del Compendio de Normas Reglamentarias del SPP, aprobado por Resolución Nº 232-98-EF/SAFP y sus modificatorias, referido a Prestaciones

The changes stem from the Modernization of the Peruvian Pension System Law (Ley 32123) and its regulation (DS 189-2025-EF). The reform redefines the SPP as an individual capitalization regime administered by EAFs—comprising AFPs and certain financial system entities (ESF)—competing on equal terms. The SBS is tasked with setting governance, composition, and risk management conditions for EAFs, including their participation in tenders and execution of disability and survivorship insurance.

For compliance teams, this means updating benefit payment procedures, governance structures, and risk frameworks. Firms should assess whether they qualify as EAFs, map new SBS requirements, and prepare for potential licensing or registration. A gap analysis against Ley 32123 and DS 189-2025-EF is critical.

Monitor SBS for effective dates and transition periods. Strategic opportunities exist for financial institutions to enter the pension market, diversify, and offer integrated retirement/insurance products. Incumbents face heightened competition and must defend market share.

Risks include non-compliance penalties, operational disruption, and increased regulatory scrutiny. Action: allocate resources, engage with SBS, update internal controls, and train staff. RegCanary will track further guidance.