How do I withdraw from an AFAP (Pension Fund Administrator)?
The short answer is that it depends on what you want to undo, because They are two different procedures And almost everyone mixes them up. Here are the exact conditions, the steps, and the 90-day deadline that causes many people to miss out without realizing it.
Revoking the option under Article 8 is NOT the same as disaffiliating from the AFAP (Pension Fund Administrator). Revoking the option changes how your contributions are distributed between the BPS (Social Security Bank) and the AFAP; disaffiliating is a separate process with different conditions. Almost everyone who says "I want to leave the AFAP" is asking about the former.
The two things that are not the same
Revoke the option in Article 8
You are cancelling the option you made to distribute your contributions between the BPS and the AFAP.
You're not leaving the AFAP: it's changing how your contributions are distributed. After revoking your AFAP, you only contribute to it on the portion of your salary that exceeds the A limit ($96.279 according to the BPS in August 2026).
Disaffiliate from AFAP
It is a different procedure, with its own conditions, which BPS lists separately.
You're leaving individual savings. It's not the same as revoking Article 8, and the request isn't the same.
What follows on this page is the revocation of Article 8, which is what almost everyone is looking for.
Does it give you the power to revoke it?
There are two conditions that you can check yourself and others that only BPS can confirm.
You meet both measurable conditions.
- That you have opted for article 8 without being obliged to do so.
- That you did not retire under the Mixed Scheme.
- That you can set up retirement eligibility before 2043.
- That you have access to available counseling services.
| Be between 40 and 49 years old | Outside of that area, the procedure is not available. |
| Being incorporated into the Mixed Regime | It is the system that combines the BPS with individual savings in the AFAP. |
| Having opted for article 8 without being obliged | The revocation applies to those who chose that distribution of contributions when they could have opted out. If it was mandatory in your case, there's nothing to revoke. |
| Not having retired under the Mixed Scheme | Once retirement is achieved, the door closes. |
| To be able to set retirement grounds before 2043 | This is the date set by the transition regime. |
| Failure to exhaust both advisory instances | The preliminary consultation has a limit and, if it is exhausted, the procedure will not be enabled. |
The process, step by step
I requested the reservation of rights
This is the step that puts you in line. Those who reserved before December 1, 2023, are automatically eligible; the rest go through a conditions verification process.
BPS verifies that you comply
Check your age, regime, whether the option was voluntary, and if you still have a spot available for counseling.
You receive the advice, which is mandatory.
It's done virtually, through the BPS Personas app or online services, and you need a personal BPS user account. It estimates your future retirement benefits in two scenarios: with and without revoking the agreement.
You have 90 calendar days to decide
The deadline starts from when you download the advice. If you miss it, you lose that opportunity.
From what salary does money go to the AFAP (Pension Fund Administrator)?
If you were already affiliated with the BPS (Social Security Bank) before December 1, 2023, and did not opt for Article 8, your entire contribution goes to the BPS up to cap A, and only the amount exceeding that cap goes into your AFAP (Pension Fund Administrator). Cap A is $96.279 (BPS, August 2026 figures). In other words, below that salary, you're not currently receiving any contributions into your individual account. With the Article 8 option, however, you receive contributions from the very first peso, split between the BPS and AFAP, up to cap A.
You are governed by Articles 7 and 8 of Law 16.713 and the limits A, B, and C. This applies to almost everyone who can revoke their pension, because the process is for people between 40 and 49 years old. Note: the cutoff is not permanent. Section 6 of Article 22 of Law 20.130 states that if, after that date, you begin an activity covered by another pension fund—Armed Forces, Police, Banking, Notary, or University Professionals—Article 22 applies to that new activity, not the limits A, B, and C.
Today you won't receive anything in your AFAP account.
| Total contribution | $ 13.500 |
| It goes to the BPS (distribution) | $ 13.500 |
| It goes to your AFAP (individual account) | $ 0 |
In your scenario, the first peso enters the AFAP only with a salary of $96.279.
| Court | Amount | Who is governed by it? |
|---|---|---|
| Cap A (arts. 7 and 8, Law 16.713) | $ 96.279 | Anyone who was already affiliated with the BPS before December 1, 2023 |
| Top B | $ 144.418 | It only matters if you have selected the option in article 8 |
| Top C | $ 288.836 | Furthermore, the contribution is voluntary. |
| Level 1 (art. 22, Law 20.130) | $ 144.418 | First entry into the labor market from December 1, 2023 |
| Level 2 (art. 22, Law 20.130) | $ 288.836 | The contribution to individual savings ends here; above this point, the article no longer assigns a mandatory contribution. The BPS publishes the cutoff as "Levels Art. 22 - B" |
"The provisions of Articles 7 and 8 of Law No. 16.713, of September 3, 1995, shall be applicable exclusively to members of the Social Security Bank who, before the date indicated in numeral 4) of Article 6 of this law, were included in Titles I to IV thereof."
What is the money invested in and why isn't it going abroad?
Because the law doesn't allow it beyond a small limit and for a very limited type of asset. Article 123 of Law 16.713 doesn't say "invest wisely": it lists six categories, and nothing outside that list can be purchased. The only window to invest abroad is section D, fixed income from international credit organizations or foreign governments with very high credit ratings, with a maximum of 30% in the Growth Subfund, 25% in the Accumulation Subfund, and 20% in the Retirement Subfund (Article 123-BIS), and on top of that, a 15% cap on the entire fund. The stocks and funds that the list does allow are those in section B, and that section requires Uruguayan issuers. That your money is mostly in Uruguayan securities is not a decision of your AFAP (Pension Fund Administrator): it's the design of the law.
| Literal | Growth | Accumulation | Withdrawal |
|---|---|---|---|
A) Securities issued by the Uruguayan State and by the BCU Global bonds, Treasury notes, Treasury bills, and monetary regulation bills. This is the category with the highest ceiling and the most widely used. | max. 75% use 58%–62% | max. 75% use 50%–55% | max. 90% use 66%–72% |
B) Uruguayan company securities and Uruguayan financial trusts Negotiable obligations, shares, participation certificates and debt securities of Uruguayan trusts, units of Uruguayan investment funds. | max. 50% use 15%–21% | max. 50% use 21%–30% | max. 15% use 0%–3% |
C) Time deposits in financial institutions located in the country In local or foreign currency, but in banks located here. A deposit in a foreign bank does not fall into any category. | max. 30% use 5%–8% | max. 30% use 5%–7% | max. 30% use 13%–19% |
D) Fixed income from international credit organizations or foreign governments abroad And only those with "very high credit ratings." This is the only avenue the law provides for genuine investment abroad, and it's for fixed income: sovereign or multilateral. In addition to these maximums per sub-fund, section D has its own cap on the entire fund. | max. 30% use 12%–15% | max. 25% use 15%–18% | max. 20% use 8%–13% |
E) Financial risk hedging instruments abroad Issued by Uruguayan or foreign institutions with very high international ratings. They are hedges, not investments: as of March 31, 2026, the four AFAPs held them at 0%. | max. 10% use 0% | max. 10% use 0% | max. 10% use 0% |
F) Personal loans to members and beneficiaries Up to 2 years term, rate no lower than the Average Wage Index of the last 12 months plus 5 points, and a maximum of 6 active or passive salaries. | max. 20% use 2% | max. 15% use 0% | max. 5% use 4%–5% |
| Sum of A) to F) placed in foreign currency | max. 45% use 14%–18% | max. 40% use 18%–23% | max. 15% use 9%–11% |
The maximum limits are set by law, not the regulator: they are the table in Article 123-BIS of Law 16.713, added by Article 119 of Law 20.130. The Central Bank of Uruguay (BCU) publishes the effective use against these limits, as of March 31, 2026, in the table "Investments according to the provisions of Article 123." "Use" refers to the range among the four pension fund administrators (AFAPs).
Section D has a second ceiling, and this is the one that truly limits foreign exposure: in addition to the maximum per sub-fund, Article 123-BIS mandates that "investments made in category D) may not exceed 15% of the assets of the Pension Savings Fund." As of March 31, 2026, the fund stood at 14,40%: almost at the ceiling. We calculated this amount using the lines from the Central Bank of Uruguay's (BCU) consolidated table (multilateral notes in foreign currency and indexed bonds, plus foreign government bonds); the BCU does not publish this total together. In other words: the reason there isn't more money abroad isn't that the pension fund administrators (AFAPs) don't want it, it's that they have almost no legal leeway left.
| Global Bonds (UI) | Resettable (UI / UP) | 25,91% |
| Treasury Notes (UI and UP) | Resettable (UI / UP) | 9,76% |
| Multilateral notes | Foreign currency | 9,05% |
| Financial trusts (UI and UP) | Resettable (UI / UP) | 8,33% |
| Financial trusts | Foreign currency | 7,78% |
| Global bonds | Pesos | 7,73% |
| Deposit certificates (UI) | Resettable (UI / UP) | 7% |
| Treasury Notes | Pesos | 6,58% |
| Monetary regulation bills | Pesos | 5,69% |
| Multilateral notes | Resettable (UI / UP) | 4,99% |
| Adjustable negotiable bonds | Resettable (UI / UP) | 2,4% |
| Loans to members | Pesos | 1,35% |
| Global bonds | Foreign currency | 0,94% |
| Mortgage credit notes | Resettable (UI / UP) | 0,63% |
| Time deposits | Pesos | 0,54% |
| Foreign government bonds | Foreign currency | 0,36% |
| Certificates of deposit | Foreign currency | 0,25% |
| Financial trusts | Pesos | 0,2% |
| Actions | Pesos | 0,12% |
| Negotiable obligations | Foreign currency | 0,05% |
Consolidated fund of 1.088.587 million pesos: 81,94% in local currency, 17,7% in foreign currency, and 0,37% in cash and cash equivalents. We are excluding the forward line, which the Central Bank of Uruguay (BCU) publishes at +0,73% and -0,73% and which cancels itself out.
What does the AFAP charge you for?
They don't charge you a percentage of your accumulated savings; they charge you a percentage of your monthly contribution, when it's due. That's why the number is so alarming—between 12,3% and 17,2% of your contribution, according to the AFAP (Pension Fund Administrator), as of March 2026—and that's also why it's only between 1,8% and 2,6% of your salary. And more than half of that deduction isn't the AFAP's commission: it's the premium for the group disability and death insurance, which is separate and not kept by the AFAP.
"Only the crediting of mandatory contributions may be subject to the collection of commissions."
"The commission for accrediting mandatory contributions may only be established as a percentage of the contribution that gave rise to it."
| AFAP | Commission | Insurance premium | Total |
|---|---|---|---|
| AFAP Republic | 4% of the contribution 0,6% of salary | 8,267% of the contribution 1,24% of salary | 12,267% of the contribution 1,84% of salary |
| AFAP Itaú | 5,76% of the contribution 0,864% of salary | 9,8% of the contribution 1,47% of salary | 15,56% of the contribution 2,334% of salary |
| AFAP Integration | 5,76% of the contribution 0,864% of salary | 10,267% of the contribution 1,54% of salary | 16,027% of the contribution 2,404% of salary |
| AFAP SURA | 5,76% of the contribution 0,864% of salary | 11,467% of the contribution 1,72% of salary | 17,227% of the contribution 2,584% of salary |
BCU, commission and premium tables per month charged. The contribution is 15% of the contribution income, so the two columns represent the same amount viewed in two different ways. The same values apply to all three sub-funds.
What is the insurance premium?
This is what funds the group disability and death insurance. If you become totally disabled or die while working, your accumulated balance is almost never enough to pay the minimum disability pension or survivor's pension established by law: this shortfall is covered by insurance that the AFAP (Pension Fund Administrator) contracts with an insurer, and the premium is deducted from your mandatory contribution. This money doesn't go to the AFAP and doesn't accumulate in your account: it's the premium for insurance that does cover you. Your voluntary contributions are excluded—the law states that the funds in voluntary and supplementary savings accounts are not subject to this premium payment.
State Insurance Bank · MAPFRE Uruguay · MetLife Life Insurance · Metropolitan Life Life Insurance · SURCO Cooperative Insurance Company · Zurich Santander Insurance Uruguay
Why do three AFAPs charge the same?
There is a legal limit: no AFAP (Pension Fund Administrator) can charge more than 20% above the system's average commission for the previous month, weighted by the volume of assets under management, nor more than the maximum in effect on December 31, 2021, and the regulator publishes this maximum every month (Article 102 of Law 16.713). And there's a fact: three of the four AFAPs charge exactly the same commission, 0,864% of salary. That the latter is a consequence of the former sounds reasonable, but we're not stating it as such: the Central Bank of Uruguay (BCU) doesn't publish which of the two limits is being enforced, and the calculation doesn't add up to the system average, which it does publish.
If you recently started working
Si tu primer trabajo fue con el Sistema Previsional Común ya vigente, tu comisión no se cobra sobre el aporte sino sobre el saldo, durante los primeros treinta y seis meses, y es la misma para todos los nuevos aportantes. El BCU aclara en sus cuadros de comisiones que la comisión de ese régimen especial es 0% desde diciembre de 2023. Si no elegís AFAP en los primeros tres meses de aportación, la ley te asigna de oficio a la que menos cobre en ese régimen.
Frequently Asked Questions
Follow this way
Sources
Verified on August 10, 2026. This page is for informational purposes only: the information provided by BPS is the definitive answer, and official advice is mandatory before making a decision.
- BPS — Revocation art. 8 Law 16.713 AFAP
- BPS — Pre-revocation advice
- Law 16.713 art. 8 — the option that is revoked
- BPS — How my contributions are distributed with and without article 8
- BPS — Current values (ceilings A, B and C; levels of art. 22)
- Law 16.713 art. 123 — the six categories of assets (current text)
- Law 16.713 art. 123-BIS — the maximums by literal and sub-subject (current text)
- Law 16.713 art. 123-TER — conditions for acquiring these assets (current text)
- Law 16.713 art. 102 — commissions are the only income of the AFAP
- Law 16.713 art. 103 — on what the commission is charged
- Law 16.713 art. 57 — group disability and death insurance
- Law 20.130 art. 22 — distribution of the Common Pension System and who it covers
- BCU — AFAP Quarterly Report No. 119 (March 2026), PDF
- Presidency — the Common Pension System and its two stages
- Law 20.130 — Common Pension System