When are pensions paid?
This is one of the enquiries that the Banco de España received most often in 2020. As a result, it features among the selection of the most important enquiries in this year’s Complaints Report.
As Social Security collaborators, banks are required to pay the corresponding pension amount to their customers within the legal timeframe.
In other words, after the first payment, subsequent monthly amounts must be paid to the beneficiary between the first business day and fourth calendar day of the corresponding month.
Some banks pay pensions before the dates stipulated in the Royal Decree. But be aware that this practice depends on each bank’s business and risk-taking policy.
Banks are also required to report to the corresponding Social Security agency, at least annually, whether pensioners whose pensions they manage are alive and well. Banks also establish the appropriate procedures to carry out this control.