With news about pensions on the horizon, June brings anticipation for retirees waiting to see when the extraordinary pension top-up from the National Institute of Social Security will be released. As summer approaches, the account balances in banks start to show brighter days.
In a season when older adults look forward to significant monthly adjustments, many banks and savings institutions are offering early access to the June salary top-up. This year, there is an added twist: some retirees might receive two pension payments in quick succession, and there are expectations of extra salary advances from several banks.
There are limits, however. Not all beneficiaries can access this bonus directly in their current accounts. Pensioners who receive non-contributory benefits through the Institute for the Elderly and Social Services (Imserso) may see different arrangements. A notable update this year is the government-approved increase that raises the surcharge by 15 percent, with the higher amount continuing through the end of the year.
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As a general rule, the General Treasury of Social Security (TGSS) processes pension payments in arrears—typically the first business day of the following month. For a period, some adjustments pushed this toward the end of the month. Still, several banks plan to deposit the June top-up earlier, as coasted in prior notices.
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The dates on which the additional fee for June will be collected according to your bank
SGK has announced that pensions will be paid starting June 1, while TGSS will begin remitting funds to banks on June 25. A surcharge will apply this month. Banks like CaixaBank are known to advance funds so retirees can access money sooner.
Because the 25th falls on a Saturday, some banks will start collections on the next business day, Monday, June 27. Others might continue to provide advances. The result is a mix of schedules across institutions.
- 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?
In simple terms, here is how the charges work in Spain. The cycle runs for 12 months with 14 installments, meaning a June plus November income adjustment. If a retiree is receiving this for the first time, the collection date may shift. In that case, the financial institution will issue the first payment on the last business day of the month, provided there is no weekend or holiday.
Note: this overview aims to clarify the process while acknowledging that individual timelines can vary by bank and by the type of pension plan. Always check with the local financial institution for exact dates and any required steps to ensure timely access to the top-ups and surcharges. [TGSS] [Imserso]