Luego que esta tarde la Cámara de Diputadas y Diputados aprobara el proyecto de reforma constitucional que permite retirar el 10% de los fondos de pensiones de las cuentas de capitalización individual obligatoria, la Superintendencia de Pensiones (SP) emitió dos oficios con instrucciones con el procedimiento, los plazos y los resguardos que las administradoras de fondos de pensiones (AFP) deberán adoptar para garantizar la correcta aplicación de la nueva ley. Los regulados tienen hasta el próximo martes 28 de julio para entregar sus comentarios. La SP determinó que la entrega de los recursos se deberá efectuar en los siguientes plazos: el 50% en un máximo de 10 días hábiles desde la fecha de la presentación de la solicitud y el 50% restante en un máximo de 30 días hábiles desde la fecha de pago del primer retiro. Cada pago tendrá un límite de 75 UF.
To help provide financial relief during the COVID-19 pandemic, Chile's president approved a law on July 24 that allows participants of the country's mandatory individual account pension program to withdraw up to 10 percent of their account balances; for most participants, the minimum withdrawal amount is 35 Unidad de Fomentos (UFs) and the maximum is 150 UFs. (The minimum is lower for those with account balances under 350 UFs. The UF is an index that is adjusted daily based on monthly changes in the consumer price index. As of August 18, 1 UF is equal to 28,667.43 pesos [US$37.90].) To take advantage of this early withdrawal option, participants must submit requests to their pension fund management companies (AFPs) from July 30, 2020, to July 30, 2021. AFPs must then distribute 50 percent of a participant's requested withdrawal amount within 10 business days from the date of submission and the remainder within 30 days of the first withdrawal payment. According to the Superintendent of Pensions (Superintendencia de Pensiones), around 81 percent of individual account participants—or about 9 million out of 11 million participants—have used this early withdrawal option to request funds from their accounts as of August 17. Of these participants, around 7 million have received their first payments for a total of around US$9 billion.