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The Supreme Court rejected an appeal for protection filed against the judgment that rejected an arbitrary act of the Pension Fund Administrator Habitat SA, to deny full withdrawal of funds from the affiliate’s individual capitalization account.
In the ruling, the Third Chamber of the highest court reiterated that, by law, the funds accumulated during the working lives of the affiliates “Their sole objective is to pay pensions.”
The ruling held that the transcribed norms allow establishing that the money existing in any individual capitalization account generally possesses, “in light of the current legal system, a unique and exclusive destination, consisting of the granting of pensions under one of the four modalities contemplated by law and for the social contingencies described therein ”.
The resolution noted that there are exceptional situations, such as when “voluntarily and for one time” it was possible to withdraw up to 10% of the funds accumulated in the individual capitalization accounts.
Therefore, the Court determined that the actions of AFP Habitat, by denying the withdrawal of the funds, “Appears as adjusted to the law and reason, by submitting to the current legal system ”and it does not obey a “whim”.
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