SSS to stop May pension release to non-PESONet accounts if not changed by March 31, 2022

Under a March 23 circular, all retirement, partial disability, total disability, and death or survivor pensioners must adhere in changing their disbursement accounts to PESONet (Philippine Electronic Fund Transfer System and Operations Network) participating banks by March 31 or else the scheduled release of their pension this May would be suspended on April 1, next month.

However, pensioners residing abroad, pensioners confined in an institution (penitentiary/correctional) and pensioners whose pensions were handled through the Special Pension System and Special Voucher are exempted.

"Existing procedures, 15-day float arrangements and crediting/withdrawal schedule for pension disbursements through non-PESONet participating banks under their memorandum of agreement with the SSS shall be stopped. For those receiving their pensions through checks, existing procedures and schedule shall also be stopped," CEO Michael Regino said.

Read: SSS gives pensioners an ultimatum until March, 2022 to comply with Annual Confirmation of Pensioners (ACOP)

"Resumption of the suspended pension shall be upon the enrollment of the new disbursement accounts with PESONet participating banks or other checkless disbursement channels," Circular 2022-007 read which was ratified by new SSS President and CEO Michael Regino.

Which means that in order for SSS pensioners to resume their suspended pensions, they must first enroll in PESONet banks or check-less disbursement channels.

Read: SSS Loan Condonation Program Online Application (Know-How)

Dated October 2020, SSS started the usage of PESONet participating banks, e-wallets and remittance transfer companies/cash payouts outlets as disbursement channels. Last year, October 2021, the pension fund has extended the deadline for pensioners to change their disbursement accounts to PESONet participating banks from October 30, 2021 (original cut-off date) to March 31 this year to give pensioners a longer time. The shift of non-PESONet accounts to PESONet participating banks is to ensure faster and more secure releasing manner of monthly pensions and in order to eliminate disbursement through checks.

PESONet refers to the Philippine Electronic Fund Transfer System and Operations Network, connecting banks under unified clearing and settlement rules to facilitate fund transfers from one payer account to one or more payee accounts maintained in different financial institutions supervised by the Bangko Sentral mg PilipinaS (BSP).

Read: How to Enroll My Bank Account in My.SSS?

To know about the SSS PESONet participants banks as of December 2020, we have compiled the lists for you which you may refer below.

List of SSS PESOnet Participating Banks

Universal and Commercial Banks (U/KBs)

1. Al-Amanah Islamic Investment Bank of the Philippines
2. Asia United Bank Corporation
3. Australia and New Zealand Banking Group Limited
4. Bangkok Bank Public Co.
5. Bank of America, NA Ltd.
6. Bank of China Ltd. – Manila Branch
7. Bank of Commerce
8. Bank of the Philippine Islands
9. BDO Unibank, Inc
10. China Banking Corporation
11. CIMB Bank Philippines, Inc.
12. Citibank, NA.
13. CTBC Bank (Philippines) Corporation
14. Deutsche Bank AG
15. Development Bank of the Philippines
16. East West Banking Corporation
17. Industrial Bank of Korea Manila Branch
18. ING Bank, N.V
19. JP Morgan Chase Bank, N.A.
20. KEB Hana Bank – Manila Branch
21. Land Bank of the Philippines
22. Maybank Philippines, Inc.
23. Mega International Commercial Bank Co, Ltd.
24. Metropolitan Bank and Trust Company
25. Mizuho Bank, Ltd. – Manila Branch
26. MUFG Bank, Ltd.
27. Philippine Bank of Communications
28. Philippine National Bank
29. Philippine Trust Company
30. Philippine Veterans Bank
31. Rizal Commercial Banking Corporation
32. Robinsons Bank Corporation
33. Security Bank Corporation
34. Shinhan Bank Manila Branch
35. Standard Chartered Bank
36. Sumitomo Mitsui Banking Corporation – Manila Branch
37. The Hongkong & Shanghai Banking Corporation
38. Union Bank of the Philippines
39. United Coconut Planters Bank
40. United Overseas Bank Limited, Manila Branch

Thrift Banks (TBS)

1. AllBank, Inc.
2. Bank of Makati, Inc.
3. China Bank Savings, Inc.
4. Equicom Savings Bank, Inc.
5. First Consolidated Bank, Inc.
6. HSBC Savings Bank, Inc.
7. Malayan Bank Savings and Mortgage Bank, Inc.
8. Philippine Business Bank, Inc.
9. Philippine Savings Bank
10. Producers Savings Bank Corporation
11. Sterling Bank of Asia, Inc.
12. Wealth Development Bank Corporation
13. Yuanta Savings Bank Philippines Inc.

Rural Banks (RBS)

1. Bangko Mabuhay, Inc.
2. Bank of Florida, Inc.
3. BDO Network Bank, Inc.
4. Camalig Bank, Inc
5. Cebuana Lhuillier Rural Bank, Inc.
6. Country Builders Bank, Inc.
7. Dungganon Bank, Inc.
8. East West Rural Bank, Inc.
9. Innovative Rural Bank, Inc.
10. Rang-Ay Bank, Inc.
11. Rural Bank of Guinobatan, Inc.

Electronic Money Issuers (EMI) – Others

1. DCPay Philippines, Inc.
2. G-Xchange, Inc. (GXO)
3. PayMaya Philippines, Inc.

Note: Again, as an SSS pensioner, if you don't want your pension to be on hold, make sure that you have changed your disbursement account to PESONet participating banks which were provided above.

Read Also: How to Avail SSS Pension Loan Program

Source: HeadTopics, INQUIRER, NewstoGov