Initial choice:

The selection  of the entity is submitted along with the application for the pension.

Changes:

• The change of bank account can be made by the pensioner, or communicated by the financial institution, on his behalf, at any time and will be effective from the first working day of the second month following the month in which the request for change was made.

• More information on the communication of the change of account on your behalf, by the financial institution.

• Change applications may be processed using a form  available on the Social Security website.

The pensioner may select one of the following payment methods:

• Through financial entities: Banks, Savings Banks, Rural Banks and Credit Unions, as well as groups or associations of these financial institutions. 

  The account or book may be:

  • Restricted current account or savings book, held individually by the recipient for the sole purpose of receiving the pension and to which the holder has exclusive access.

  • Ordinary current account or savings book, held by the recipient, which may be individual or joint, listing the beneficiary or, where appropriate, their legal representative as one of the holders. In this case, the financial institution is responsible for returning monthly payments paid for the month or months following the expiry date of the pension to the Treasury General of the Social Security, without prejudice to the right of the financial institution to take action against those persons who have received undue pension payments.

• Through social workers:

  • Each social worker who makes payments to pensioners must designate the financial entity, group or association through which they wish to receive the funds to satisfy the pensions. They must obtain the financial entity's consent and the documentation required for the payment.

  • Once the payments have been made, the social worker must return the list of recipients to the financial entity prior to the 16th of each month and they must make any settlement that may be required.

  • Social workers are responsible for illegitimate benefit payments in the same way as the financial entities.

  • Social workers who on 30/03/07 were registered in the relevant Register of Collaborators, may continue participating in the payment of pensions and other periodic financial benefits that they were previously managing, without taking on the payment of new benefits as from said date.

• Through the administrators of Social Security retirement homes, with respect to the holders who have a place in these homes:

  • The administrators will designate the financial entity in which they want to receive the funds from the corresponding payments, subject to the same procedures and requirements as social workers.

  • Administrators who on 30/03/07 were registered in the relevant Register of Collaborators, may continue participating in the payment of pensions and other periodic financial benefits that they were previously managing, without taking on the payment of new benefits after this date.

• Retirement Pension and Old Age Pension from Compulsory Elderly and Disability Insurance (SOVI): 

Resolution and payment of the pension must take place before the last day of the month after the presentation of the application, without interrupting the collection of income when the worker's situation changes from active contributor to pensioner.

In all cases, the maximum period of resolution and notification will be 90 days.

• Widowhood, orphanage and family pensions, as well as SOVI widowhood pensions :

Resolution and payment of Widowhood and Orphanage pensions  must take place before the last day of the month  after presenting the application, so that the income received by the  deceased  during his or her last month as active worker or pensioner is followed by the first monthly payment for the beneficiaries of these pensions.

In all cases, the maximum period of resolution and notification will be 90 days. 

• Permanent Disability Pensions SOVI:

The maximum period for resolution and notification will be 135 days.

Once the first pension payment has been collected, the following monthly payments must appear in the recipient's account, or be available to the beneficiary at the collaborating financial entity on the first day of every month or, at the latest, before the fourth day of that month.

The rules to be followed will be expressly stated for these cases. In the event of no specific rules, recognised pensions will be paid using the payment methods and procedures established in each country to pay their Social Security benefits. 

The payment may be made quarterly or every six months, if requested by the recipient of the benefit awarded to the relocated worker or citizen living abroad, even if they are accrued monthly and do not generate interest in favour of the beneficiary in any case.

To make the payments, the Social Security Treasury Office may agree with the financial institutions and other collaborators, to payment methods or specific payment procedures depending on the circumstance, in order to guarantee these payments.

Exceptionally, cash payment will be allowed in special cases, duly accredited and once authorised by the managing body.