SSS to release pensions via PESONet and checkless disbursement channels
The Social Security System (SSS) partnered with the Development Bank of the Philippines (DBP) to expedite the crediting of monthly pensions to pensioners’ accounts and eliminate disbursements through checks.
Starting October 2020, regular pensions will be released through the DBP’s disbursement facility via the Philippine Electronic Fund Transfer System and Operations Network (PESONet) and DBP-accredited Remittance Transfer Companies (RTCs)/Cash Payout Outlets (CPOs).
Also read the latest: SSS explains schedule of disbursements for pensions
Through the said 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 thru M Lhuillier.
Those who are already receiving their monthly pensions through PESONet participating banks will no longer need to enroll their bank accounts to the SSS. However, pensioners receiving their monthly pensions through checks or non-PESONet participating banks are required to change their disbursement accounts accordingly on or before 31 October 2020. They will be notified of the need to change their disbursement accounts through their registered e-mail or mailing addresses per SSS records.
Pensioners are also advised to check if their bank account is a PESONet participating bank or not. They can view the complete list of PESONet participants on the Bangko Sentral ng Pilipinas website at //bit.ly/33ZLWO2.
To receive pensions through PESONet participating banks, pensioners 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 must also register their mobile number where they prefer to receive the reference number.
The pensioner shall shoulder service fees for the disbursement of monthly pensions through RTCs/CPOs.
Retirement, partial disability, and total disability pensioners who need to change their disbursement accounts may do so through the SSS’ Disbursement Account Enrollment Module (DAEM), which they may access under the E-Services tab of their My.SSS account on the SSS website (www.sss.gov.ph).
Survivor pensioners who need to change their disbursement accounts may submit a scanned copy of a duly accomplished Pensioner Data Change Request (PDCR) form along with supporting documents to the corporate e-mail of the SSS branch nearest to them.
They can access the e-mail addresses and contact details of SSS branches and foreign offices through the SSS Branch Directory at //bit.ly/2Gp9nbC or the “SSS Branches” tab on the SSS Mobile App.
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 branches.
Documents submitted through drop boxes must be in a sealed envelope with the pensioner’s name, contact information, and transaction details written outside. The SSS branch will schedule his/her appointment, if needed, to process the transaction. The PDCR form may be downloaded at the SSS downloadable forms at //bit.ly/3i2V8WI, wherein the list of documentary requirements is also found.
Pensioners who are confined in a penitentiary or correctional institution and those receiving pensions through the Special Pension System and Special Voucher are exempted from the payment of pension through PESONet and other checkless disbursement channels.
Revised schedule of monthly pension releases
The SSS issued Circular No. 2020-024 last 22 September 2020, which provided a revised monthly pension release schedule through PESONet and other checkless disbursement channels.
According to the circular, under the said disbursement method, 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.
On the other hand, monthly pensions will be released every 16th day of the month to pensioners whose date of contingency is from the 16th up to the last day of the month. If the release date falls on a weekend or a holiday, the pension will be released on the last working day.
Meanwhile, the schedule of release of accrued 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 compliance with the ACOP has been received and encoded. The pension run for the resumption is done every 20th day of the month.
For more information, visit the SSS Facebook page at “Philippine Social Security System,” Instagram account at “mysssph,” and Twitter account at “PHLSSS,” or join the “MYSSSPH Updates” Viber Community.