SSS to release pensions via PESONet, checkless disbursement channels
The Social Security System (SSS), in partnership with the Development Bank of the Philippines (DBP) will facilitate the crediting of monthly pensions to pensioners’ accounts and reduce disbursements with checks.
From October 2020, regular pensions will be issued through the DBP’s disbursement facility via PESONet and DBP-accredited Remittance Transfer Companies or Cash Payout Outlets.
With this disbursement method, pensioners may opt to receive their monthly pensions through their accounts in any PESONet participating bank and e-wallet such as PayMaya or cash pick-up arrangement via DBP Cash Padala through M Lhuillier.
However, pensioners who are already receiving their monthly pensions through PESONet participating banks do not need to enroll their bank accounts to the SSS. Meanwhile, those who are receiving their monthly pensions through checks or non-PESONet participating banks are required to change their disbursement accounts accordingly on or before October 31, 2020.
Pensioners will also get notified of the need to change their disbursement accounts with their registered e-mail or mailing addresses based on the SSS records. They are also advised to check if their bank account is a PESONet participating bank or not. The complete list of PESONet participants can be checked on the Bangko Sentral ng Pilipinas website.
In order to receive pensions through PESONet participating banks, they must enroll their respective single savings accounts to the SSS. For e-wallets, they must enroll their mobile number linked to their account, while for RTC/CPO, they should also register their mobile number anywhere they prefer to receive the reference number. Do note that the pensioner will shoulder service fees for the disbursement of monthly pensions through RTCs/CPOs.
For retirement, partial disability, and total disability pensioners who need to change their disbursement accounts may access through the SSS’ Disbursement Account Enrollment Module (DAEM) under the E-Services tab of their My.SSS account on the SSS official website. Survivor pensioners, on the other hand, who need to change their disbursement accounts may submit a scanned copy of a duly accomplished Pensioner Data Change Request (PDCR) form together with supporting documents to the corporate e-mail of the nearest SSS branch. The contact details of SSS branches and foreign offices can be accessed through the SSS Branch Directory or through the SSS Mobile App under the SSS Branches tab.
They may also submit the PDCR form and supporting documents personally, if possible, or through an authorized representative to the SSS through drop boxes located in its nearest branches. Documents submitted via drop boxes must be in a sealed envelope including the pensioner’s name, contact information, and transaction details written outside. The SSS branch will set a schedule of his/her appointment, if needed, in order to process the transaction. The PDCR form may be downloaded at the SSS downloadable forms. The list of documentary requirements can also be found there.
Pensioners who are confined in a penitentiary or correctional institution and those receiving pensions via the Special Pension System and Special Voucher are exempted from the new disbursement method.
SSS has also announced the revised schedule of monthly pension releases according to the issued Circular No. 2020-024 last September 22, 2020. Monthly pensions will be released every 1st day of the month to pensioners whose date of contingency (the date the pensioner met all qualifying conditions for retirement, disability, or death benefit) is from the 1st up to the 15th day of the month. However, pensioners whose date of contingency is from the 16th up to the last day of the month, the monthly pensions will be released every 16th of the month.
Moreover, the schedule of release of accumulated pensions for the resumption of suspended pension due to non-compliance with the Annual Confirmation of Pensioners (ACOP) program will be on the 16th day of the following month after the compliance with the ACOP has been processed. The pension run for the resumption is done every 20th day of the month.