If your employer mistakenly pays your contributions to an AFP where you are not affiliated, this should be done.

Affiliates to the Private Pension System (SPP) have a percentage of their salary retained each month in order to save for their retirement fund, but what happens if the employer deposits that money to an AFP that is not the contributor's? Can the money be recovered?

In these cases, a procedure must be followed, which we will tell you about below. You should know that the Administradoras de Fondos de Pensiones (AFP) are private institutions whose only goal is to manage pension funds under the modality of personal accounts. After several years of contributions, they provide retirement pensions.

The amount of your retirement fund will depend on the amount of your contributions, so you must ensure that the deposits are made correctly.

HOW MUCH IS DEDUCTED FROM ME EVERY MONTH FOR THE AFP?

As a member of the private pension system (SPP), your employer must deduct and pay your contributions to the AFP you are affiliated with, which will be deposited into your Individual Capitalization Account (CIC). If there is no continuity in the payment of your contributions, you may lose coverage for disability and survival insurance.

• The retention percentage consists of 10% of your remuneration. This is in addition to the insurance premium and the commission charged by the AFP.
• The employer must deduct and make the deposit to the AFP within the first five (5) business days of the following month (standard payment deadline).

WHAT HAPPENS IF MY EMPLOYER MADE A MISTAKE AND DEPOSITED MY CONTRIBUTIONS TO AN AFP WHERE I AM NOT AFFILIATED?

This can happen, but in that case, the AFPs will detect if there are contributions collected from workers who are not their affiliates. What will happen?

• The AFPs will send a detailed list of these workers and their contributions to the Superintendencia de Banca, Seguros y AFP (SBS) to identify the AFP where they are affiliated.
• Once this process is completed, the SBS will notify each AFP of the amounts that must be transferred for proper collection.

HOW CAN I KNOW WHICH AFP I AM AFFILIATED WITH?

You can find out which AFP you belong to through the platform of the Superintendencia de Banca, Seguros y AFP (SBS), through This Link.

You just need to enter your ID number and you can see in which Administradoras de Fondos de Pensiones you are affiliated.