Peru Will Allow Pension System Transfers in 2026

Why this is here: Peru expects to begin the process of allowing citizens to freely switch between the ONP and AFP systems in September 2026, a change made possible by the recent passage of Law Nº 32123.

Peru’s Office of Normalization Previsional (ONP) announced citizens will be able to transfer between the ONP and private pension funds (AFP) starting in September 2026. A recent pension reform law, Law Nº 32123, enables this change, offering workers more control over their retirement funds. The ONP and the Superintendency of Banking, Insurance and AFP are currently designing the operating regulations for this process.

Those switching from the ONP to an AFP may receive a recognition bonus for previous contributions. Workers with at least 240 months of contributions will qualify for a minimum or proportional pension, even if they transfer systems. The regulations will also detail how funds will be transferred for those moving from AFP to the ONP, adding the accumulated money to the ONP’s common fund.

The final regulations, expected before August 2026, will specify response times and public service methods. Details regarding the bonus and other technicalities remain to be finalized. The work to establish clear transfer procedures continues.