Pension Standardization Office
Peru
Americas

More and better pensions: Improving the National Pension System through regulation

Implementation year
2020

The pandemic created significant social pressure in terms of access to pension and health services in Peru. Faced with this situation, 47 years after the creation of the National Pension System (Sistema Nacional de Pensiones – SNP), the Pension Standardization Office (Oficina de Normalización Previsional – ONP) has been pushing to change and improve regulations, in order to make the conditions more flexible and extend social security coverage.

The improvements focused on the most important variable in the pension process: pension contributions. In this logic, the ONP has put in place a social security loan, increased the number of years of contributions that can be validated through a sworn statement, and made available special proportional pensions, which reduce the required number of years of contribution by 50 per cent. In addition, the conditions to access early retirement and survivor pensions have been made the same for men and women.

In order to better engage our members, we created an online member file and made it possible for members to make pension contributions in instalments. These initiatives have been validated through our Innovation Lab, and are co-created with members, ensuring a positive impact on the population.

Topic:
Old-age pensions
Governance and administration
Social policies & programmes