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This Pension Review provides an assessment of the retirement income provision of Peru from an international perspective, and focuses on the capacity of the Peruvian pension system to deliver retirement income in a financially sustainable way. The OECD Pension Reviews use the OECD international best practices for the design and regulation of pension systems. The analysis is based on both OECD flagship pension publications, Pensions at a Glance and Pensions Outlook, the OECD Roadmap for the Good Design of Defined Contribution Pension Plans, the OECD Core Principles of Private Pension Regulation, various other OECD work in the area of pensions, and country-specific sources and research.

The report was prepared by a team of pension analysts from the OECD’s Directorate for Financial and Enterprise Affairs and the Directorate for Employment, Labour and Social Affairs: Pablo Antolin, Hervé Boulhol, Jessica Mosher, and Andrew Reilly. Contributions from Juan Vazquez from the OECD Development Centre are gratefully acknowledged. The report has benefited from insightful comments and suggestions from Diana Hourani, Romain Despalins and Stéphanie Payet. Editorial assistance was provided by Pam Duffin, Arianna Ingle, and Edward Smiley.

The OECD is very grateful to numerous public officials in the Superintendence of Banking, Insurance, and Private Pension Administrators of Peru (SBS) and the Pension Normalisation Office (ONP) – particularly, Soccoro Heysen, Jorge Mogrovejo, Elio Sanchez, Cristina Nakasone, Alejandro Arrieta, José Valderrama, Hillman Farfan – for their invaluable help and input. The OECD team is also grateful for useful discussions and comments from representatives of the Peruvian Pension Funds (AFPs) and their association, as well as the Peruvian association of insurance companies.

The opinions expressed and arguments used herein should not be taken to reflect the official views of the Peruvian government or the OECD member countries.

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