someone called me and asked me for the mechanics of applying for retirement so i decided to post about it.
who knows, maybe it will help someone
Eligibility - a person who has reached at least 60 and is no longer employed or practicing his profession or is no longer self-employed or a person who has reached 65
Retirement Benefits -
pension - if a member has at least 120 monthly contributions, with the option to get the first 18 months in lump sum discounted at a preferential rate.
lump sum - if a member does not have at least 120 contributions and has no plans of continuing contributions on his own
Forms:
the form has four (4) pages
i suggest that you opt for the 18-months if you are single at the time of retirement. Why? well, just in case something should happen to you between the time of retirement and the 19th month, at least you will have enjoyed the benefits yourself and not your heirs. Remember, single individuals do not pass on the pension. heirs of single persons will enjoy the balance between the guaranteed 5-year pension less the pension total received by the pensioner.
por ejemplo - an orphaned bachelor starts his pension of 7,000 on January 2012 and does not opt to receive the lump sum. he has a fatal accident on June 2012. his only sibling will get
(7000 X 12 X5) - (7000 X 6) = 420,000 - 42,000 = 378,000.00
the member only enjoyed 42,000.
as an aside, i advised my friend Ed to take the 18 months also. well, he didnt really need the pension and i told him that he could buy something frivolous with the 18 months. he bought a new camera - he enjoyed his camera very much. he passed away before the 18 months were up so i am glad he got to enjoy his pension. he loved taking pictures. he was the president of the Camera Club of the Philippines for many times. But no, Ed wasnt single.
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