Originally published on December 21, 2018 Last update: October 26, 2019
In my previous post, I have covered the benefits of leveraging the government’s PERA program (a tax-free voluntary retirement account) and how to open an account in BPI.
If you have already opened an account, CONGRATULATIONS! I hope you treat yourself. You have just taken a step toward being the CEO of your financial life (which takes courage) instead of simply relying on your employer, the government, or other people to take care of you and your finances.
Now that you have an account, what’s next? How do you add funds to your PERA account?
As of December 2018, opening and adding funds to PERA accounts can only be done through the BPI head office in Ayala.
I know this can be a hassle, especially since it’s the holiday season (and traffic’s expected to get worse in the coming weeks). If you have a full-time job, you would still have to plan your leaves, get your boss’s approval, etc., to go there.
The PERA program is young, having been launched only in December 2016. There will be improvements in the coming months and years, I’m sure, and hopefully more branches will be accredited/allowed to process PERA transactions.
But while we are waiting for those improvements, there are ways to make the PERA transactions easier.
How to add funds to your PERA account
1. Go to the BPI head office.
If you have a BPI account, you only need to fill out page 1 of the PERA Contribution and Investment Instruction Form and the funds and fees will be deducted from your account.
2. Call a friend 🙂.
If you can’t go to the BPI office, the BPI staff told me you can download the form, print it on a long bond paper (or xerox a blank copy). Fill out and sign the form. If you know someone who works near the BPI head office, ask him/her to deliver the form.
3. SEND VIA COURIER.
Another really quick, hassle-free option is to send the signed form via courier. As of October 2019, you can address it to:
Ms. Joyce Natural Marketing Officer BPI Asset Management and Trust Corporation 7F BPI Buendia Center Sen. Gil Puyat Ave. Makati City
Whichever option you choose, it is best to send an email or call BPI, and give them a heads-up that you are sending the signed form. If you send it via courier, you may also receive a call from BPI confirming the details/instructions written on the form.
Additional tips when opening an account
As I mentioned in my previous posts, you will be asked to sign several forms when opening your PERA account. Below I am sharing additional tips to make this process a breeze:
1. Download the PERA Contribution and Investment Instruction Form ahead of time.
The form is a bit long. So if you don’t have much time to spare on a weekday, consider filling out what you can during your weekends or breaktimes. If you’re not sure about something, just leave it blank.
2. Study the documents ahead of time.
Unless you’re a finance or investment guru, some terms will definitely sound alien to you (like they did to me). So do your homework. Study the documents online, google the terms, seek advise from people you know are more knowledgeable in personal finance.
Remember: You are investing YOUR money for YOUR retirement. Making informed decisions is YOUR responsibility.
3. List down your questions.
This will really help you understand the investment options and it will also cut the time you spend in the BPI office. Since you’ve already done prior research, your list will only include information which
(a) might still be difficult for you to grasp; and
(b) are not available online.
4. Schedule your visit.
As any commuter knows, you wouldn’t want to be in EDSA or Ayala during rush hours (especially if you are taking the MRT). So pick a time that fits your schedule AND, if possible, avoid the rush hours. 🙂
As you start preparing for your retirement, I’d like to leave you with a quote, a reminder that finance is only one part of retirement planning.
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