SSS Retirement Benefits: An Easy Guide to Claim Your Pension

October 19, 2018 | Posted by: Venus Zoleta | Government Services

October 19, 2018

The SSS retirement pension is always an emotional topic for retirees. It’s perfectly understandable—you’ve worked 40 years of your life and paid your SSS contributions without fail. It’s only fair to receive a pension that’s commensurate with the money and years of labor you’ve invested.

But alas, it isn’t the reality for retirees in the Philippines.

Stories of disappointed SSS pensioners^[1] are all too common. If you’re a child, nephew/niece, or grandchild of senior citizens, you’ve probably heard endless rants about how little they receive from the SSS. Even the SSS retirement benefit application process may be too cumbersome for them to begin with.

Perhaps, if they knew what to expect before receiving their retirement benefits, they wouldn’t be frustrated as much.

If you’re a soon-to-be SSS pensioner or a family of one, it’s important to set your expectations right. Here’s what you need to understand about SSS retirement benefits and how to file for them.

What to Know Before Filing an SSS Retirement Claim

Photo from SSS Facebook page

The SSS retirement benefit is a cash benefit paid to members of age 60 and above who can no longer work due to old age. SSS gives it either in a monthly pension or in a one-time lump sum cash.

Applying for an SSS retirement pension without understanding everything about it can lead to a heartbreak. Here are some links to useful information that you can check:

Types of retirement benefits^[2] for SSS retiree-members
Qualifying conditions^[3] for the SSS benefit
SSS retirement computation
Best time to file for retirement claim

SSS Pension Requirements

Before filing for retirement benefits, gather the following document requirements.

Completed Retirement Claim Application (RCA) Form^[4] or Application for DDR Benefit Form^[5] (under the Portability Law, if applicable)
SSS ID, UMID card, or two valid IDs with photo and signature (See the list of accepted IDs here^[6].)
Photo and Signature Card^[7] with 1 x 1 photo and fingerprints
Savings account number and photocopy of passbook, UMID card enrolled as ATM, or accomplished debit/cash card enrollment form

If a representative will file for a retirement claim on behalf of a retiree-member, the SSS requires these additional documents:

Authorized representative’s primary ID (SSS ID, UMID, PRC card, Seaman’s Book, or Alien Certificate of Registration) or two secondary IDs
Letter of Authority (LOA) with the SSS member’s signature or Special Power of Attorney (SPA) that specifically states the authority to file on behalf of and sign for the member

For special cases (like members aged 60 to 64, SSS employees, underground mineworkers, etc.), the SSS requires additional supporting documents.

How to Apply for SSS Retirement Benefit

SSS retiree-members have two options when filing for a retirement claim: over-the-counter application and online application using the My.SSS portal.

If you’ll apply personally or through a representative, submit all your document requirements at the nearest SSS branch.

Online Retirement Benefit Application

If you’re registered with the SSS Member Portal, here are the things you need to know before you apply for your SSS retirement benefit.

Qualifying Conditions for Filing an SSS Retirement Claim Online

You can apply online via the My.SSS portal only if you’re filing for a technical retirement claim. You’re qualified for technical retirement if you’re at least 65 years old, employed or not. The SSS also requires the following conditions before you can apply online:

At least 120 monthly SSS contributions before the semester of claiming
No dependents
Not an underground mineworker
No unpaid SSS loan balance, except for salary, calamity, and salary loan renewal program
No pending case with the Social Security Commission
Qualified for technical retirement based on Eligibility Inquiry of the Online Web Inquiry System (WINS)
No canceled SSS number/s
No submitted SSS retirement claim

Retirees can file an online application for technical retirement within six months before the retirement date. The SSS benefit payment will be done on the actual retirement date.

Steps to File for Retirement Claim via My.SSS Portal

Log in to the SSS Member Portal. After a successful log-in, you’ll be taken to the My.SSS Portal Home page.
Click Electronic Services.
Click Retirement Application. This will take you to the Online Retirement Benefits Application page.
Check your profile and employment history. Contact the SSS if you find any inaccurate data.
Answer the questions and follow the instructions on how to proceed with your application.

How are Retirement Benefits Paid?

Photo from SSS Facebook page

If SSS approves your retirement claim, you’ll receive a notice voucher with details on when to withdraw your benefit from the bank.

SSS Retirement Benefit Withdrawal

SSS will pay your monthly pension through an SSS-accredited bank (such as BPI, PNB, China Bank, or DBP) that you chose during your retirement benefit application. Or you may use your UMID card to withdraw your benefits from ATMs of participating banks such as PNB, UnionBank, Security Bank, and AUB.

Thus, you need to open a savings account with an SSS-accredited bank before submitting your retirement benefit application. Banks like PNB offer dedicated bank accounts for SSS pensioners with a low initial deposit and minimum maintaining balance of PHP 100.

Advanced SSS Pension Claim

Pensioners have the option to receive their pension for the first 18 months as a lump-sum payment. This advanced SSS pension payment applies only when filing for the first retirement claim. SSS will pay the succeeding monthly pension starting on the 19th month.

Possible Deductions in Retirement Benefit

Expect that you might not receive your monthly pension in full because SSS deducts any of the following, if applicable to you:

All unpaid SSS loans
Overlapping SSS sickness and partial disability benefits
Overpaid pension due to dependent’s death, employment, or marriage

Final Thoughts

Got any questions or concern about your SSS retirement benefit application? You can reach the SSS through these channels (Include your SSS number in your message):

Email: member_relations@sss.gov.ph
Facebook page: facebook.com/SSSPh/^[8]
Twitter: @PHLSSS^[9]

Sources:

^[1] SSS shatters retiree’s dream of financial security
^[2] Types of Retirement Benefit
^[3] Retirement Benefit Qualifying Conditions
^[4] Retirement Claim Application (RCA) Form
^[5] Application for DDR Benefit Form
^[6] SSS List of Accepted IDs
^[7] Photo and Signature Card
^[8] SSS Facebook
^[9] SSS Twitter

You might also want to read:

Lockdown Boredom Busters: How to Have a Good Quaran-Time

It’s been weeks since the enhanced lockdown was announced and you’re probably bored of watching or listening to the same old stuff you love. Since this whole COVID-19 business isn’t going to end anytime soon, it’s best to try and explore other pieces of media to keep you occupied and sane. Here is a list […]

Unemployment Benefits and Other COVID-19 Government Assistance for Filipinos

Infected or not, Filipinos are grappling with the impact of the coronavirus disease 2019 (COVID-19) pandemic in one way or another. Suddenly, the public health crisis disrupted the lives of many—from simple inconveniences like getting stuck in one’s home to more serious problems like the increased risk of coronavirus infection and loss of income. The national […]

Wireless Internet on the Go: 5 Pocket WiFi Options for Filipinos

Battery-powered and fitting in the palm of a hand, a pocket WiFi (also called mobile WiFi) is a wireless router that lets you be connected anywhere and share internet access to multiple devices simultaneously. Although a smartphone can do the same job, using it as a WiFi hotspot can quickly drain the phone’s battery life. […]

Business Loans for Startups in the Philippines

This article was published on June 6, 2019 and was updated on March 30, 2020 Finding good sources of funding is a critical step in starting a business. A small business loan from the government, a bank, or a private lender is one financing option for budding business owners. Business loans come in a variety […]

9 House Cleaning Services You Can Book in Metro Manila

Everyone knows the importance of keeping one’s home clean. The problem, however, is not everyone has time for house cleaning, especially working professionals who live alone in the metro. Even if you or anyone in your household can take on the task of keeping your home clean, there are certain jobs like deep cleaning and […]

Car Insurance

Credit Card

Loans

Gadget Protect

SSS Retirement Benefits: An Easy Guide to Claim Your Pension

What to Know Before Filing an SSS Retirement Claim

SSS Pension Requirements