GSIS allows retired members to change retirement mode, option, date

State pension fund Government Service Insurance System is allowing its retired members, who have applied for their benefits but have not yet received payment, to change their retirement mode, option, or date to meet their needs. 

“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.

Aranas explained that the new policy covers members who retired under Republic Act (RA) 8291 and Presidential Decree (PD) 1146 provided that they have not yet been paid their retirement proceeds through e-crediting or check received and negotiated by the members themselves or their representatives.

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.

Likewise, 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.

"Members who have filed retirement claims under PD1146 but have yet to receive payment for their benefits may now elect to change their retirement option from five-year lump sum and pension at age 60 to immediate pension, and vice versa," the GSIS said.

Change in retirement date under RA 8291 and PD 1146 is allowed for members who have continued their government service without a gap or break in the service, from the original retirement date indicated in the application form that was used by GSIS as the basis in processing the retirement benefit, up to the date when members have finally chosen to retire or upon choosing the compulsory retirement age, whichever comes first.

To request for change in retirement mode, option, or date, retirees must submit a written request to the GSIS office where their previous application was filed, the state pension fund said. —Ted Cordero/LBG, GMA News