THE STUDY for the new pension scheme integrating police and military uniformed personnel into the Government Service Insurance System (GSIS) has yet to commence as it awaits the list of beneficiaries.

As of end June, the Finance department has compiled pensioners only from 2010.

“I just wrote letters to get an updated list of the pensioners because the latest list we have is from 2010. So I don’t want to give you any numbers because from 2010 to 2017 there must have been a lot more coming in,” Finance Secretary Carlos G. Dominguez III told reporters last week.

Mr. Dominguez said despite this setback, the department is still confident that it will complete its study for the new pension scheme this year.

“We will finish the study maybe by the end of the year, and then we will present that obviously first to the Cabinet and then if required, which I think is required, it has to be legislated,” he said.

The study will include the cost of the new scheme as well as possible amendments to Republic Act 8291, or the GSIS Act.

The proposed scheme will only be applicable to new retirees, while the same pension will be retained for who have already retired.

GSIS Chairman Francisco T. Duque III previously said that the actuarial life of existing pensioners under its insurance system won’t be affected by the integration of uniformed personnel.

The Budget department flagged the ballooning uniformed personnel pension cost, as it is non-contributory, meaning the amount is taken solely from the appropriated budget. It estimates that the budget will more than double in eight years to P187.9 billion from the current P71 billion. — Elijah Joseph C. Tubayan

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