With news about pensions on the horizon, June is approaching, and many retirees are awaiting updates from the National Institute of Social Security (INSS) to learn when they can collect their extraordinary contribution pension. Summer arrives, and with it a boost in bank balances for some.
Similarly, older adults are eagerly anticipating one of the most important times of the year as the overpayment period arrives. This year, many banks and savings banks will offer extraordinary salary advances as well.
However, not all retirees will be able to benefit from this extra payment in their current accounts. The elderly and disabled recipients of the non-contributory pension, distributed through the Institute for the Elderly and Social Services (Imserso), will see the same arrangements applied to their funds. A new element this year is the government-approved increase that begins in June, resulting in a 15% higher surcharge. This higher amount will be paid through the end of the year, providing a noticeable bump for eligible recipients.
These days, pensions will be collected in April: the dates to note
Normally, the General Treasury of Social Security (TGSS) handles pension payments, whether in arrears or on time. The usual rule is that pensions are paid on the first business day of the following month. In recent times, that period has sometimes shifted to the last week of the month. As noted earlier, some banks and savings banks will deposit the June supplement even earlier.
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The dates for collecting the June additional payment vary by bank
SGK has announced that pension collections will begin on June 1, with TGSS disbursing funds to banks in advance starting June 25. A surcharge will be charged this month. Banks like CaixaBank will advance funds so retirees can access them earlier.
Because the 25th falls on a Saturday, some banks will credit the amount on the next business day, Monday, June 27. Others prefer to issue the funds in advance according to their internal schedules.
- CaixaBank, beginning June 24.
- Banco Santander, from June 24.
- BBVA, as of June 25.
- Bankinter, as of June 23.
- Abanca, as of June 27.
- Unicaja, from June 24.
- Banco Sabadell, starting June 24.
- Ibercaja, from June 24.
- Cajamar, starting June 27.
- ING, from June 25.
- Kutxabank, from June 27.
Pension reform: How is the surcharge charged now?
The mechanism is straightforward. The surcharge follows a 12-month calendar with 14 installments. In other words, a provision for the income bonus arrives in June and November. If a retiree is receiving this for the first time, the collection date may shift. In that case, the financial institution issues the first payment on the last business day of the month, provided that day is not a weekend or holiday.
Notes on the overall process: a concise guide from a practical perspective
The information here reflects current practices for 2023 and the broad movements in how pensions and surcharges are distributed across banks, with variations depending on the financial institution and the recipient’s status. For retirees, it is wise to check with their bank for exact dates, especially when an advance payment is offered, and to be aware of any changes in the schedule brought about by holidays or weekends. In all cases, official notices from TGSS and the relevant social security bodies should be consulted for confirmation. (Source attribution: TGSS and the Institute for the Elderly and Social Services, plus the government’s guidelines.)