After Holy Week expenses, many retirees are asking when the pension will be paid this April 2023. Social Security and major Spanish banks have announced their deposit dates, with some institutions indicating they will move the official payment date earlier.
Between April 25 and 30, 2023, more than nine million retirees who receive a Social Security pension are expected to receive funds through their financial institutions. The timing may differ for those receiving a pension for the first time, as the process varies for first-time beneficiaries depending on the type of pension and the recipient’s situation.
In addition, non-contributory pensions for those benefiting from retirement or disability benefits through the Aged Persons and Social Services Institution (Imserso) are also handled by the Social Security General Treasury (TGSS).
Social Security reveals the possibility of receiving two pensions at once in 2023 and outlines how the process works for those who qualify for multiple benefits. The system remains designed to ensure beneficiaries access funds through their designated banks on scheduled dates and with some flexibility depending on individual circumstances.
When is the pension collected in April 2023?
Social Security provides a schedule on its web portal indicating that pensions are typically collected on the first through the fourth business day of each month. For this cycle, the payment window coincided with a Monday holiday. The administration generally announces the budget item a few days in advance and often allows collection beginning on the 25th of the month, with the actual date falling on Tuesday, April 25, 2023. Beneficiaries should pay attention to notices from their financial institutions, as some banks offer early advances on pension deposits.
The collection date can vary depending on whether the SSI-added pension is received for retirement, permanent disability, widowhood, orphan status, or in favor of relatives. Each category has its own schedule within the broader monthly framework.
For those who reach retirement age this year and apply for a pension for the first time, the process must be completed within a maximum of 90 days. After approval, payments are typically made between the 1st and 4th of each month, though financial institutions may provide advances. In many cases, the funds are deposited on the last business day of the month when the relevant allowance is issued, with the example of late April often resulting in a deposit around the final business day of the month.
On what day are pensions collected in the main Spanish banks?
As usual, some Spanish banks decide to advance the Social Security date and permit pension collection before the 25th of each month, providing an option for quicker access to funds for those who need it.