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Pension Facts Spain 2018, 2019 and 2020

As of January 1st 2019 the minimum age to receive an Old Age Pension in Spain is 65 years and 8 months. This will increase gradually to 67 years in 2027.
As of January 1st 2020 the minimum age will be 65 years and 10 months.

You can only still retire with 65 years if you have a work/contributing history of a minimum of 36 years and 9 months. For 2020 it’s 37 years.

Early retirement in ordinary cases 2 years prior to OAP age and if you want to access an early retirement pension because you´ve been dismissed, it can be 4 years prior to OAP, provided you have a work history of at least 33 contributing years. Other rules can apply for certain professions or cases of disability. We advise you to visit your local INSS/CAISS office to ask for their assistance.

To be entitled to a pension, you need at least 15 contributing years (combined years from any EU country)  to be entitled to a minimum pension which will amount to 50% of the ´base reguladora´ (for Autonomos) or minimum state pension for employees, based on their past wages. At least 2 contributing years need to be within the period of 15 years leading up to your legal pension age.

To calculate your pension, in 2013 the method of calculation has changed, increasing the amount of contributing years (periodo de cómputo) to be taken into account from 16 to 25 between 2013 and 2022 (for 2019 it’s 22 years, for 2020 it’s 23 years).

Instead of the 0,25 % increase for pensions for 2019 by the previous government, the present government has agreed upon a 1,6% increase for contributive pensions, and a 3% increase for non contributive pensions. Pensions for widows/widowers will improve as well. For 2020 an increase of 0,9 has been included in the new government’s very first Royal Decree Law 2020, with the provision that if inflation will be higher than 0,9% in 2020, the government will compensate in April 2021 with an extra payment, to make sure pensioners do not lose power of acquisition. The 2020 increase will take effect retro-actively as of 1.1.2020 and the payment in February 2020 will include the correction for January.

Moreover, all pensioners will receive a compensatory single payment, before April 2019, to compensate for the difference in prognosis of and actual increase of the Consumer Price Index, 1,7 instead of 1,6%.

A new sustainability factor to be taken into account re the calculation of pensions in the future, to effectively progressively decreasing them to adapt to the evolution of life expectancy numbers, has been postponed until 2023. Short term this sustainability factor will not have a very big impact, it starts off with a reduction of 0,57%, but towards 2040 it will result in an effective reduction of 12% and by 2060 of 20%.

For info with regards to partial pensions while continuing to work parttime please consult the Social Security website, link

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Further information pensions

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Minimum pension 65 years or older, with dependent spouse 810,60 euros. Without spouse 656,90 euros. With non-dependent spouse 623,40 euros. 14 payments/year.

For 2019 these amounts will be, with dependent spouse 835,80. Without spouse 677,40 and with non-dependent spouse 642,90 euros. 14 payments/year.

For 2020, with dependent spouse 843,40. Without spouse 683,50 and with non-dependent spouse 648,70 euros. 14 payments/year.

Complete guide about rights and obligations for Spanish pensioners, from the Seguridad Social, published June 2019.

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Summarising article, in Spanish

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Please note: The information provided is based upon our understanding of current legislation. It is not legal advice but is provided freely to enable you to be properly informed. We recommend that if you are considering taking action, you should seek professional advice.

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