Social insurance retirement with over 180 months paid in

[KhaoNiaw]

I've paid into the social insurance system here for well beyond 180 months. My head of HR says that means that my only option for retirement is the monthly pension and I'm not able to take a lump sum. She's usually on the ball and it looks to be the case from what I've read. My only problem with it is that I'll soon be leaving Thailand and can foresee future headaches with maintaining the Thai bank account. Can anyone with experience confirm that the lump sum is no longer an option in this case?

[PeachCH]

Lump sum payout…Lump sum social security payout

 

You may be able to choose to receive a single lump sum payment representing six months' worth of Social Security retirement benefits. The lump-sum option is only available to people who have reached full retirement age without filing to receive benefits.Mar 24, 2023

[KhaoNiaw]

5 hours ago, PeachCH said:

Lump sum payout…Lump sum social security payout

 

You may be able to choose to receive a single lump sum payment representing six months' worth of Social Security retirement benefits. The lump-sum option is only available to people who have reached full retirement age without filing to receive benefits.Mar 24, 2023

 

Seems to just be copy and paste of something not related to Thailand? 

[Everyman]

Why will you have trouble maintaining your bank account? If you can get SS deposited into it directly, surely this will register as activity on the account and help to a minimum balance. You can spend the funds abroad using your debit card in the beginning, then later using a virtual card. Biggest problem I can see is transferring the app to a new phone but surely you will visit your old home every few years at least?

 

Im following several threads on opening bank accounts and it’s worth keeping an existing account, they’re getting hard to replace. 

[KhaoNiaw]

38 minutes ago, Everyman said:

Why will you have trouble maintaining your bank account? If you can get SS deposited into it directly, surely this will register as activity on the account and help to a minimum balance. You can spend the funds abroad using your debit card in the beginning, then later using a virtual card. Biggest problem I can see is transferring the app to a new phone but surely you will visit your old home every few years at least?

 

Im following several threads on opening bank accounts and it’s worth keeping an existing account, they’re getting hard to replace. 

 

Do all Thai banks offer virtual cards? As you say, problems will be transferring the app to a new phone and the debit card expiring. Maybe I'll be back, maybe not. Who knows what the banks will do in the future if your passport shows you're no longer resident in the country and you want a new debit card or app on a new phone. 
Anyway, those are problems to deal with if they ever occur. My main question is about receiving retirement funds.  Some online sources suggest, and I think it's been said on this forum before, that there's the option of receiving either the monthly payments or a lump sum. However, it seems that the choice doesn't actually exist. With less than 180 months in contributions you can only receive the lump sum and over 180 months you can only receive the monthly pension. I was just asking if anyone with experience or genuine knowledge can confirm this. 

[Crossy]

 

Literally yesterday, I went to our local SS office to discuss continuing to pay in so I can maintain access to the SS health system.

 

I'll post a proper story in its own thread but this was what they told me: -

 

I can take a lump sum OR take a monthly pension.

BUT

If I take the monthly pension, I can NOT continue paying into the SS health system.

 

I took the lump sum, as being able to continue getting at least some healthcare as I get older and premium healthcare insurance becomes unaffordable is important to me.

 

Do note that, like immigration, different SS offices seem to have different interpretations of the rules, so it's best to go to your local office and discuss.

 

Also, it's worth noting that our office requires you to have a pink ID and yellow tabien-baan before they will do anything (what was that about different rules)? 

[Everyman]

14 minutes ago, KhaoNiaw said:

 

Do all Thai banks offer virtual cards? As you say, problems will be transferring the app to a new phone and the debit card expiring. Maybe I'll be back, maybe not. Who knows what the banks will do in the future if your passport shows you're no longer resident in the country and you want a new debit card or app on a new phone. 
Anyway, those are problems to deal with if they ever occur. My main question is about receiving retirement funds.  Some online sources suggest, and I think it's been said on this forum before, that there's the option of receiving either the monthly payments or a lump sum. However, it seems that the choice doesn't actually exist. With less than 180 months in contributions you can only receive the lump sum and over 180 months you can only receive the monthly pension. I was just asking if anyone with experience or genuine knowledge can confirm this. 

 

If banks suddenly start caring about visa status for existing accounts then there is going to be a giant <deleted>storm. 

[KhaoNiaw]

6 minutes ago, Crossy said:

 

Literally yesterday, I went to our local SS office to discuss continuing to pay in so I can maintain access to the SS health system.

 

I'll post a proper story in its own thread but this was what they told me: -

 

I can take a lump sum OR take a monthly pension.

BUT

If I take the monthly pension, I can NOT continue paying into the SS health system.

 

 

Interesting, thanks for replying. Our HR department has given me the สปส. 2-01 form to fill in and will submit it for me. It just has a box to tick for retirement without any options about receiving payment. I'll get the HR people to confirm with the SS office
 

10 minutes ago, Everyman said:

 

If banks suddenly start caring about visa status for existing accounts then there is going to be a giant <deleted>storm. 

Well, yes, exactly.