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The general manager of the AFP Association, Fernando Larrain, detailed in Cooperative the application process for the second 10 percent withdrawal of the pension funds that begins this Thursday.
At 09:00 in the morning, the withdrawal request process begins, which has already started through virtual lines. Larraín assured that “the vast majority of administrators already have their pages up and running, there are others that are going to start sooner, but there are already thousands of affiliates who have already started to apply without any problem”.
💻🖱️ A little more than an hour before the requests for the second 10% withdrawal begin, some AFPs are already with a virtual queue, others with the online form. Others ask to wait until 9. pic.twitter.com/nrZtTww98J
– Gonzalo Aguirre (@rengonzalo) December 10, 2020
He also pointed out that it does not matter what time the request is made because “those people are counted in the same way that the process began on the 10th” and recalled that there is a one-year period to make this withdrawal, like the first , and it was emphasized that It is not a requirement to have requested the first withdrawal to be able to access the second.
From very early on, some lines have been registered in branches of the AFPs in the center of Santiago, for which the association stressed that “no need to go”, because the procedure is 100 percent online.
Contributors must request their withdrawal through the website of the AFP in which they are affiliated, only with their RUT and the serial number of the identity card. The AFP Association enabled the Mi10AFP.cl website to provide the necessary information for the process.
WHEN DOES PAYMENT BEGIN?
“The law is very clear for the administrators, there are 10 business days to pay and that – starting the process today- it’s before christmas. That said, the administrators are making a joint effort with other actors so that payments effectively start from December 17In other words, you are going to start paying in advance, what happens is that you are not going to pay everything at once on the 17th, “said Larraín.
[En vivo📻] Association of AFPs for second withdrawal of 10%: The law is very clear, there are 10 business days to pay, if the process is done today it will be done before Christmas. We are making efforts to start the payment from the 17th https://t.co/WoFHXvthxL #CooperativeInHome
– Cooperativa (@Cooperativa) December 10, 2020
And, regarding deposits, he indicated that funds can only be deposited in “a personal account, can not be deposited to third parties and neither to two-person accounts “, since it must be ensured that the resources belong to the person who owns the amount.
In the withdrawal request, the affiliate must indicate his personal data, if he wishes to withdraw the entire amount allowed or another amount, if he has a debt for alimony and the method of payment (transfer to Account 2, to the sight account, account current, RUT Account or Credit Union Account or by other means of payment) and then a receipt will be received indicating the date and details of the request.
WHAT AMOUNT CAN BE WITHDRAWN?
The law states that the The minimum to withdraw will be 35 Development Units (UF), which is equivalent to approximately one million pesos and the maximum will be equivalent to 150 UF, which is around 4.3 million pesos.
In the event that 10 percent corresponds to an amount less than 35 UF, the affiliates may withdraw up to said amount and, in the event that the total accumulated saving is less than 35 UF, the entirety of the funds, which will be paid in a single installment.
Withdrawals greater than 35 UF will be paid in two installmentsThe first one after 10 business days from when the request is submitted to the AFP and the second, 10 business days after the first payment.
Regarding the taxes, the amount of the withdrawal of 10 percent of the pension funds will be considered income for those taxpayers who in their annual income declare income greater than 30 UTA (approximately 18.3 million pesos per year), equivalent to 1.5 million pesos a month.
The funds withdrawn and paid during 2020 will pay taxes in the 2021 income operation, while the amounts received by the affiliates in 2021 will be taxed in the 2022 income operation.
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