GSIS allows pensioners to switch from monthly to lump-sum pay. But here’s the catch
There’s still time to change your mind.
The Government Service Insurance System (GSIS) is giving retirees some leeway in case they need to change their benefit plans for their pensions.
In a statement, GSIS said they will allow changes in the retirement mode, option, or date when they want to receive their benefits.
?We need to ensure that the System?s obligation of providing fair and equal social security benefits to its members is fulfilled. Thus, we are now allowing members to reconsider their options as they approach the start of their pension or receipt of other benefits,? GSIS President and General Manager Jesus Clint Aranas said.
However, only pensioners who have not yet been paid their retirement proceeds can change tracks.
“Members who have applied for retirement benefit under RA 8291 may convert their application to any other mode administered by GSIS if their claims have not been paid,” the pension firm for government workers said.
“In the same manner, members may change their retirement benefit option under RA 8291 from 18-month cash payment and immediate monthly pension to five-year lump sum and monthly pension after the lapse of the guaranteed period, and vice versa, if their benefits are still unpaid.”