Government sets reimbursement of the extraordinary supplement for banking pensioners

Ordinance No. 456/2026/1, of October 14, published in the Diário da República, 1st series, no. 199, establishes the categories of beneficiaries and the procedure for validation and reimbursement of the extraordinary pension supplement for banking sector pensioners. The diploma is signed by the Minister of State and Finance, Joaquim Miranda Sarmento, and the Minister of Labour, Solidarity and Social Security, Rosário Palma Ramalho, and regulates no. 10 of article 6 of Decree-Law No. 201/2026, of October 8. Reimbursement to the paying entities is made via transfer from the Treasury and Finance Entity (ETF), following validation by the Inspectorate-General of Finance (IGF).

Decree-Law No. 201/2026 created a one-time extraordinary pension supplement for invalidity, old-age, and survivor pensioners of the social security system, retirement and survivor pensioners of the convergent social protection regime, and banking sector pensioners with pensions due until November 30, 2026, and a total monthly amount equal to or less than three times the value of the Social Support Index (IAS). The supplement is paid together with the December 2026 pensions, without the need for a request from the beneficiary, is not subject to IRS withholding tax, and is funded by the State Budget.

Categories of beneficiaries

The ordinance considers as beneficiaries banking sector pensioners qualified as such on November 30, 2026, who fall into one of eight categories:

• Retirees and survivors’ pensioners in this condition on December 31, 2011, integrated into the social security regime substituting the collective regulation of the banking sector;
• Old-age pensioners who, on December 31, 2010, were active and integrated into the substitute regime, covered by Decree-Law No. 1-A/2011, of January 3;
• Survivors’ pensioners in this condition on December 31, 2011, not covered by Decree-Law No. 127/2011, of December 31;
• Invalidity and survivors’ pensioners who, on December 31, 2010, were active and integrated into the substitute regime, not covered by Decree-Law No. 1-A/2011;
• Those who retired early under the substitute regime;
• Pensioners who were not banking employees at the date of retirement, entitled to the amounts of clause 98 of the Collective Labor Agreement of the Banking Sector, published in the Labor and Employment Bulletin, no. 9, of March 8, 2021, or an equivalent clause;
• Pensioners integrated into the General Social Security Regime entitled to amounts from the banking sector collective agreement or the Collective Labor Agreement of Agricultural Mutual Credit Institutions, published in the Labor and Employment Bulletin, no. 48, of December 29, 2006, when these are higher than those of the general regime;
• Survivors’ pensioners when the pension results from the previous situations.

Validation and reimbursement procedure

Each paying entity, with the exception of the General Retirement Fund, I. P. (CGA, I. P.), requests from the ETF, by means of an application, the total global amount to be reimbursed, without advance payment. The application follows the model annexed to the ordinance and is sent, with the supporting elements, to the email address pensoesbancarios@etf.gov.pt, and is then transmitted by the ETF to the IGF.

The IGF verifies the information to validate the reimbursement, including calculation and clerical errors in the processing of payments, and communicates the validated global amount to the ETF within 70 days. When necessary, the IGF requests information or the refinement of the request from the paying entities within 15 days, with suspensive effects. After validation, the ETF pays the total and final reimbursement within 20 days.

Duty of information and deadlines

The managing entities responsible for the payment of banking sector pensions, the Social Security Institute, I. P. (ISS, I. P.) and the CGA, I. P. provide the Institute of Informatics, I. P. (II, I. P.) with the elements necessary for the operationalization of the payment:

• Full name, date of birth, taxpayer number and, where applicable, social security number and CGA, I. P. subscriber number;
• Current value of the pensions due until November 30, 2026, inclusive.

The II, I. P. aggregates the information and forwards it to the managing entities, the ISS, I. P. and the CGA, I. P., including the amount of the supplement to be paid to each pensioner. The ordinance also provides for a data interconnection process, via protocol, and enters into force on the day following its publication.

The ordinance closes the financial circuit of a supplement covering thousands of banking retirees, by establishing who is eligible, who validates, and the deadlines within which the State reimburses the sector’s pension funds. Coming into force on October 15, paying entities now have just over a month to prepare the applications before the qualification of beneficiaries on November 30, 2026.

Source: Diário da República, 1st series, no. 199, of October 14, 2026, section I (official reference: Ordinance no. 456/2026/1).