In our prior posts, we have discussed the assessment of benefit claims, the outcome of which is your pension payment issued on a four-weekly basis.
It has been a while, since the 1980s, that pension payments from the Department of Social Security have been paid in advance and every four weeks, totaling to thirteen payments a year and lasting for the rest of an individual’s life.
For new claims, the first pension payment would differ from the rest since it would include a part payment from date of award (the day following your retirement day) up to pension pay-day (calendar attached) plus four weeks in advance.
Hence, the claim for retirement pension needs to be made within six months to avoid possible loss of payment, otherwise, pension payment would be paid with effect from when the application would have been received by the Department of Social Security staff.
Payments are deposited into your bank account on Saturdays and are made by direct credit, meaning into your bank account, unless persons have a garnishee order (sekwestru), whereby the necessary docs will be requested and their payment method amended by cheque.
Shall you wish to change bank branch and bank account number, you may do so by presenting the new data at your nearest District Office, also called Leap Centres or One Stop Shops.
Attached calendar shows pension payment dates for 2018. For ease of reference, ‘R’ refers to retirement pension pay dates, ‘I’ refers to Invalidity pension pay dates whereas ‘W’ shows when widows / widowers will receive their pension.
No two benefits can be issued for the same beneficiary, for if a person is in receipt of an invalidity pension and submits his retirement pension application, the beneficiary will receive the one which is most beneficial.
Pension payments include the cost of living bonus (CLBO) and the additional bonus (SPBO) also known as the special weekly bonus. Pension payments made in June and December include €135.10 bonus, known as six monthly bonus (6MBO). While employees receive their SPBO bonus in March and September, retirees are entitled to two thirds of this bonus and is issued with each pension payment, every four weeks instead of in March and September.