SSS partners with DBP for monthly pension release

Published October 4, 2020, 6:00 AM

by Chino S. Leyco


State-run 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.

Beginning this month, SSS 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).

Through the disbursement platform, SSS said that 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 October 31.

“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,” the pension fund said.

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,” SSS said.

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.    

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 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, 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.