If you’re an SSS member, you might have heard about MySSS Pension Booster — the revamped version of what used to be called WISP / WISP Plus. It’s part of SSS’s effort to help Filipinos grow their retirement savings in a tax-free, convenient way.
Let’s break down what it is, who qualifies, how it works, pros/cons, and how you can start.
What Is MySSS Pension Booster?
- MySSS Pension Booster is the rebranded name of SSS’s retirement savings program that combines mandatory and voluntary components.
- The mandatory component corresponds to the old WISP (Workers’ Investment and Savings Program). If your Monthly Salary Credit (MSC) exceeds ₱20,000, part of your SSS contribution above that threshold goes into this scheme.
- The voluntary component corresponds to the old WISP Plus. Any SSS member can opt into this, even if their MSC is lower, as long as they meet the eligibility requirements.
Who Is Eligible?
Mandatory MySSS Pension Booster
- SSS members with MSC above ₱20,000.
- Must have no “final benefit claim” in the regular SSS program (i.e., not yet claimed retirement, total disability, or death benefits).
Voluntary MySSS Pension Booster
- Open to all SSS members, regardless of MSC. You only need to have one posted SSS contribution and no final benefit claim.
- Minimum contribution for voluntary scheme starts at ₱500 per payment.
Key Features & Mechanics
Contributions & Record
- For mandatory (WISP), contributions above the MSC threshold are automatically allocated to the Pension Booster along with regular SSS contributions.
- For voluntary, you enroll via My.SSS and pay on top of your regular contributions.
- Contributions earn investment income, and your accumulated value (AV) is the principal + earnings.
How Benefits Are Paid Out
- When you file for your final SSS benefit (such as retirement), your Pension Booster amount will be paid on top of your regular SSS benefits.
- You can receive the Pension Booster benefit as a monthly pension, a lump sum, or combination of both.
- For the voluntary scheme, members may make partial or full withdrawals after certain periods (starting from the 5th year, or earlier in special cases) depending on membership duration and conditions.
Investment & Fees
- The Pension Booster fund is managed under SSS’s investment arm, following the principles of safety, yield, and liquidity.
- SSS charges a management fee (initially 1% per annum) deducted from the accumulated fund.
- In 2023, the voluntary scheme had a rate of return of 6.97%. The SSS aims for 7.2% interest in the program’s later goals.
Pros & Cons
Pros
- Tax-free — contributions and earnings under Pension Booster are exempt from tax.
- Builds on top of SSS benefits — doesn’t replace your regular SSS pension; it amplifies it.
- Flexible & accessible — voluntary scheme allows you to contribute what you can.
- Potential for growth — by investing parts of the fund in assets beyond government securities.
Cons / Risks
- Market risk — the fund’s earnings depend on how well the investments do.
- Liquidity constraints — for the mandatory scheme, you generally cannot withdraw early.
- Fee drag — the management fee reduces returns slightly.
- Currency / other risks — depending on how SSS invests, global exposure may introduce additional risks.
Why the Rebrand & Policy Rationale
- In June 2024, SSS formally relaunched and rebranded WISP and WISP Plus together as MySSS Pension Booster to modernize, unify, and improve awareness.
- DOF and SSS emphasize that the Booster is a pathway to greater financial freedom for workers and aligns with the SSS mandate of social protection.
- Through this program, SSS aims to encourage higher savings levels, particularly for higher-income groups who can contribute beyond the basic coverage.
How to Enroll / Start
- For voluntary scheme: Log in to My.SSS, go to the “Enroll to MySSS Pension Booster” option, read & accept terms.
- After enrollment, you can contribute via SSS collection partners, accredited payment channels, or through PRN (Payment Reference Number) systems.
- Track your contributions and accumulated value via your My.SSS online account.