Pension reform in Peru: new developments, mandatory affiliation and withdrawal of contributions from AFP funds

Revilla C.A. · Revista de Derecho de la Seguridad Social, Laborum (2026)

Resumen

This essay reviews the Peruvian pension reform, approved in 2024 through Law No. 32123, which seeks to modernize and unify the pension system under a multi-pillar scheme. This model incorporates principles of solidarity, sustainability, and universality to guarantee dignified pensions and expand coverage. Among its innovations are notional accounts, the guaranteed minimum pension, and the innovative consumption-based pension. It also recognizes the need to address the needs of vulnerable sectors such as fishing workers and to adjust parameters in light of the aging population. Mandatory enrollment for the self-employed is presented as an equity measure to counteract the problem of informal employment, but measures such as the withdrawal of funds from the AFPs (private pension funds) appear to contradict the intended reform.

Instituciones: Universidad de San Martín de Porres