The recent reform of the private pension system in-corporates, among other changes the commission on the balance of the administered funds (commission for balance) in replacement of the Commission on the remuneration (commission flow) charged by the Pension Fund Administrators (AFP ) affiliates, and the gradual implementing of NIC 18 Revenue.The article aims to determine whether changes incor-porated benefit to affiliates or the AFP. To do this, the differences between the proposed government reform and reform finally approved, as well as its impact on the members and the AFP are reviewed.

After the reform of the Private Pension System (PPS) and the repeal of obligatory contribution by inde-pendent workers to SPP, the debate on the pension system has focused on a comprehensive reform of it. One of the points at issue is the level of profitability which has filed the pension funds administered by the Pension Fund Administrators (AFP) since its incep-tion (1993), some analysts use the nominal returns (excluding commissions charged by AFP) published by the Superintendency of Banking and Insurance (SBS), and others use the corrected nominal returns (by including commissions).The article estimates the average annual net commis-sions nominal return over a period of 20 years (1994-2013) to determine whether the return on pension funds has been higher than other savings options in the financial system, and based on that formulate public policies.

A comprehensive reform of the Pension System requi-res assessing the implementation of a universal pen-sion, the reform of the Private Pension System (SPP) and the reform of the Social Security Office (ONP). The article presents the general outlines of a proposal to reform the SPP that has as its central objective the welfare of workers and as a secondary objective, the development of the capital market. The main guideli-nes of the proposal are: the obligation to contribute to the SPP since age 25, differentiated contribution rates according to revenue cycle limits of worker savings, the admission of financial intermediaries providing pension savings products and/or investments, and the disposition of the accumulated fund at retirement, in specific cases.The proposal is suggested for the working class (trade unions, youth groups, etc.), so that it is contrasted with proposals of politica...

The presidential elections will be held next April, and although it expected that a second round will occur, election proposals that defend the current growth model followed by the last three governments (on the basis of the reforms imposed after the coup and dissolution of Congress of April 5, 1992), there is still the possibility that an electoral alternative may arise breaking the status quo in the second round. Therefore is necessary that the presidential candidates (right and left) define their government proposals regarding the following issues: 1) the management of interest conflicts and lobbies, 2) the designation of the principal public officials (operators) and public institutions of the executive power, 3) the business activity of the Government and 4) The reform of the Private Pension System (SPP). If electoral proposals that represent the status quo pass to the second round,...

Objective: this article contributes to the debate on public policies and the various approaches on the role of The Private Pension System (SPP) and its reform. It highlights the importance of the SPP funds in the Peruvian financial system and analyzes the general composition or relative structure of the investment portfolio of the SPP during the period 1993-2017. It uses two classifications: (1) local investments (fixed income and variable income) and abroad; (2) local investments in the government: the financial sector and the real sector. Method: the research approach is descriptive. The statistics of the SPP published by the Superintendency of Banking, Insurance and AFP (SBS) at the end of the period was used. Results: Two stages were identified during the analyzed period, associated with the level of economic activity (economic cycle and financial crises) and with the reforms and reg...

The recent reform of the private pension system in-corporates, among other changes the commission on the balance of the administered funds (commission for balance) in replacement of the Commission on the remuneration (commission flow) charged by the Pension Fund Administrators (AFP ) affiliates, and the gradual implementing of NIC 18 Revenue.The article aims to determine whether changes incor-porated benefit to affiliates or the AFP. To do this, the differences between the proposed government reform and reform finally approved, as well as its impact on the members and the AFP are reviewed.

After the reform of the Private Pension System (PPS) and the repeal of obligatory contribution by inde-pendent workers to SPP, the debate on the pension system has focused on a comprehensive reform of it. One of the points at issue is the level of profitability which has filed the pension funds administered by the Pension Fund Administrators (AFP) since its incep-tion (1993), some analysts use the nominal returns (excluding commissions charged by AFP) published by the Superintendency of Banking and Insurance (SBS), and others use the corrected nominal returns (by including commissions).The article estimates the average annual net commis-sions nominal return over a period of 20 years (1994-2013) to determine whether the return on pension funds has been higher than other savings options in the financial system, and based on that formulate public policies.

Una reforma integral del Sistema de Pensiones requiere evaluar la implementación de una pensión universal, la reforma del Sistema Privado de Pensiones (SPP) y la reforma de la Oficina de Normalización Previsional (ONP). El artículo presenta los lineamientos generales de una propuesta de reforma del SPP que tiene como objetivo central el bienestar de los trabajadores y como objetivo secundario, el desarrollo del mercado de capitales. Los lineamientos centrales de la propuesta son: la obligatoriedad de contribuir al SPP a partir de los 25 años, con tasas de aporte diferenciadas en función al ciclo de ingresos del trabajador con límites de ahorro; el ingreso de intermediarios financieros que ofrezcan productos previsionales de ahorro y/o de inversión, y la disposición del fondo acumulado al momento del retiro, en casos específicos. La propuesta está dirigida a la clase trabajador...

En abril próximo se llevarán a cabo las elecciones presidenciales, y si bien, se esperaría que pasen a la segunda vuelta las propuestas electorales que defienden el actual modelo de crecimiento seguido por los 3 últimos gobiernos (sobre las bases de las reformas impuestas después del autogolpe y disolución del Congreso del 05 de abril de 1992), existe todavía la posibilidad que una propuesta electoral alternativa haga frente al status quo en la segunda vuelta, por lo que es necesario que los candidatos presidenciales (de derecha y de izquierda) definan sus propuestas de gobierno respecto a los siguientes temas: 1) Manejo de los conflictos de intereses y lobbies, 2) Nombramiento de los principales funcionarios públicos (operadores) del poder ejecutivo e instituciones públicas, 3) Actividad empresarial del Estado y 4) Reforma del Sistema Privado de Pensiones (SPP). En caso las pro...

Objective: this article contributes to the debate on public policies and the various approaches on the role of The Private Pension System (SPP) and its reform. It highlights the importance of the SPP funds in the Peruvian financial system and analyzes the general composition or relative structure of the investment portfolio of the SPP during the period 1993-2017. It uses two classifications: (1) local investments (fixed income and variable income) and abroad; (2) local investments in the government: the financial sector and the real sector. Method: the research approach is descriptive. The statistics of the SPP published by the Superintendency of Banking, Insurance and AFP (SBS) at the end of the period was used. Results: Two stages were identified during the analyzed period, associated with the level of economic activity (economic cycle and financial crises) and with the reforms and reg...

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