Conditions for Paying out of Pension Benefits to Persons with a Permanent Place of Residence outside the Czech Republic
All payments of pension benefits are made through the Czech National Bank in Prague (hereinafter as CNB) and its contractual partners – its correspondent banks.“
Payment of pension benefits is carried out by:
- cheque sent to the address abroad (other than the Slovak Republic)
- directly to the beneficiary’s account at a financial institution (bank) abroad
- to the pension beneficiary’s account (spouse’s account) in the Czech Republic
- to an address in Poland
- to an euro account in the Slovak Republic
Paying out pension benefits by cheque to an address in a foreign country
Payment of a pension benefit by cheque to the beneficiary’s address abroad is carried out 4 x a year, in March, June, September and December of each calendar year. A pension benefit is always paid out retroactively for the past quarter. The conditions for entitlement to payment of a pension benefit is verified 1 x per year by the Certificate of Living (PDF 37,6 kB), which is sent by the CSSA in December to the beneficiary’s address abroad.
The deadline for returning the completed and signed form is 30 calendar days following its delivery. The signature must be officially verified, and the date of confirmation (verification) and a stamp of the appropriate office have to be affixed to the form (for more information, see the explanatory notes on the form).
The Certificate of Living should be sent by post to the address:
ČSSZ, Oddělení výplat do zahraničí, Křížová 25, 225 08 Praha 5, Czech Republic
- In the case of payment of pensions to Bulgaria, it is recommended that payment is made directly to the pension beneficiary’s account, as cashing a cheque at a Bulgarian bank bears a fee that often exceeds the amount of the pension benefit.
Payment of a pension directly to the beneficiary’s account at a financial institution (bank) abroad
Payment of a pension to an account of a financial institution (bank) abroad is carried out by wire transfer.
The conditions for entitlement to payment of a pension are verified via the Certificate of Living (PDF 37,6 kB). A pension is paid out to the account retroactively and only by the end of the month in which the Certificate of Living was issued.
Pension beneficiaries send the Certificate of Living form themselves and at intervals of their own choice. This can be quarterly, semi-annually or in some other interval. We recommend at least once per year. This means that if a beneficiary sends the Certificate of Living quarterly, the pension will also be paid out quarterly. If the CSSA does not receive the Certificate of Living, the pension cannot be paid out. The signature on the Certificate of Living form has to be officially verified; the form also has to bear the date of confirmation (or verification) and the stamp of the appropriate office (more detailed information can be found in the explanatory notes of the form).
The Certificate of Living should be sent by post to the address:
ČSSZ, Oddělení výplat do zahraničí , Křížová 25, 225 08 Praha 5, Czech Republic
- the name of the account, i.e., the name of the account holder, always needs to be stated
- with regard to all payments remitted to accounts, we recommend indicating the BIC code of the branch of the bank where the account is kept
- with regard to EU states where the EUR is the currency used, the number of the pension beneficiary’s account needs to be stated in its international form: IBAN and BIC code of the bank for SWIFT
- with regard to countries outside the EU, please state - the number of the pension beneficiary’s account, name and exact address of the bank where the account is kept
SPECIFIC ACTIONS – requirement of CNB or our experience based on practice for a trouble-free transfer of pension benefits to accounts in specific countries:
- Australia – an account number of a pension beneficiary, AU – Australan Bank State Branch (BSB) Code, name of the bank and its full address
- Canada – an account number of a pension beneficiary, CC – Canadian Payments Association Payment Routing Number, Branch, bank code – BANK, name of the bank and its full address
- Cuba – the clients have to specify an account number of a beneficiary for accounts in EUR only
- Romania – not possible to make a payment to an account in a different currency than EUR (returned payments)
- Ukraine in EUR – an account number of a pension beneficiary, BIC, name of the bank and its address
- Ukraine in USD – a correspondent bank in USA has no problems with placement of payments
- Iran – it is not possible to transfer payments to a bank account in Iran (will not be performed by any correspondent bank), the clients have to open an account outside the country
- USA – an account number of a pension beneficiary, FW – Ferdwire or ABA Code (Routing Number), name of the bank and its full address
Paying out pension benefits to an account of a beneficiary (an account of a spouse) in the Czech Republic
The payments of pension benefits to an account maintained at a financial institution (bank) in the Czech Republic are made in the Czech currency (CZK) with a beneficiary being obliged to submit the “Certificate of living (PDF 37,6 kB)”. The procedure for making payments and submitting the “Certificate of living (PDF 37,6 kB)” is the same as with paying out pension benefits to accounts maintained at financial institutions abroad.
Paying out pension benefits to addresses in Poland
The payments of pension benefits to Poland are made monthly by an international money order in zloty through the Polish Post. Monthly payments of pension benefits are delivered always in the first half of a respective calendar month for which the benefits shall be paid out.
It is not necessary to submit the “Certificate of living” for this method of paying out pension benefits.
Paying out pension benefits to an account in the Slovak Republic maintained in EUR
The payments of pensions to the Slovak Republic are made regularly once a month, remitted between the 22nd and 26th day of a month to CNB and credited to accounts of the clients within 5 working days.
The conditions for eligibility to pension benefits are verified 4 times a year according to the information provided in the form “Certificate of living (PDF 37,6 kB)” which CSSA automatically sends to the address of a pension beneficiary in February, May, August, and November of a calendar year. The period for returning the filled-in form signed by a beneficiary is 30 calendar days from the day of its delivery to the beneficiary.
If a beneficiary stays at a different place than at his/her permanent residence address, he/she is obliged to send the certified form “Certificate of living (PDF 37,6 kB)” without notification and in the respective months specified above.