Do you know your pension collection date?

30/01/2019

For your pension to reach your account, you need banks to be involved. Banks collaborating with the Social Security System have to pay pensions into beneficiaries’ accounts between the first working day of the related month and the fourth calendar day of that month, according to the term stipulated in Article 24 of the attendant regulationsAbre en ventana nueva.

To do this, banks – normally at the end of the month prior to the pension payment and before receiving the funds from the Social Security System – receive information about the exact amount payable.

As banks already have the information on the forthcoming transfer, some of them decide to make the amount of the pension available to their customers before the regulatorily stipulated dates. This decision may be conditional upon compliance with certain requirements, e.g. updating the passbook account, and is voluntary, as it falls under each bank’s policies in respect of commercial practice and risk assumption.