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HOW TO ENSURE SUSTAINABILITY AND ADEQUACY OF PENSIONS SYSTEMS: SPAIN

HOW TO ENSURE SUSTAINABILITY AND ADEQUACY OF PENSIONS SYSTEMS: SPAIN. Contribution to the panel discussion by OCTAVIO GRANADO , SECRETARY OF STATE FOR SOCIAL SECURITY OF SPAIN. CONFERENCE “ASSURING ADEQUATE PENSIONS AND SOCIAL BENEFITS FOR ALL EUROPEAN CITIZENS”

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HOW TO ENSURE SUSTAINABILITY AND ADEQUACY OF PENSIONS SYSTEMS: SPAIN

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  1. HOW TO ENSURE SUSTAINABILITY AND ADEQUACY OF PENSIONS SYSTEMS: SPAIN Contribution to the panel discussion by OCTAVIOGRANADO, SECRETARY OF STATE FOR SOCIAL SECURITY OF SPAIN CONFERENCE “ASSURING ADEQUATE PENSIONS AND SOCIAL BENEFITS FOR ALL EUROPEAN CITIZENS” Liège, September 6-7, Belgium

  2. PENSIONS SYSTEM REFORMS 1997 1985 1994 1990 Increased period taken for calculation of retirement pension: 2 to 8 years increased period taken for calculation of retirement pension: 8 to 15 years. changes in correspondence between years of contribution and calculation base Changes in temporal incapacity legislation. Introduction of non-contributive pensions 2002 2006 2008 law on flexible and gradual retirement age 2010 Restrictions on early retirements Changes in permanent incapacity and survival pensions legislation restrictions on early retirements changes in permanente incapacity and survival pension legislation Changes in temporary incapacity legislation Recommendations by the “Toledo Pact parliamentary Commission” before the end of the year

  3. SOCIAL SECURITY RESERVE FUND MILLIONS EUROS JULY 2010

  4. AVERAGE EXIT FROM THE LABOUR MARKET EU DE AT DK ES FR GR NL IE IT PL PT UK 52 54 56 58 60 62 64 66 2001 2008 2001-2008

  5. AT RISK OF POVERTYRATE (TOTAL POPULATIONOVER 65) Includinghousingownership as imputedrent 20 16,9 16,8 15,6 15,5 15,5 15,4 14,9 15 15,2 13,7 14,1 10 2005 2006 2007 2008 2009 (provisional) Total population 65 + SOURCE: STADISTICAL NATIONAL INSTITUTE

  6. RECENTINCREASESONMINIMUM AND BASIC RETIREMEONTPENSIONS IN SEVERAL EU MEMBERSTATES ACCUMULATEDINCREASE (%) PL UK BE AT DK PT LU FR ES IT SW NL SOURCE. SOCIAL SECURITY ADMINISTRATION: OWN ELABORATION

  7. EVOLUCION OF LIVE EXPECTANCY AT 65 (2008-2060) (REFERENCE YEAR 2008) 25 20 15 10 5 0 PL FR IT IE ES GR DE DK UK EU NL AT PTl LIFE EXPECTANCY AT 65 (2008) INCREASE FROM 2008-2060

  8. DEPENDENCY RATIO 100 90 80 89,66 70 74,77 60 61,4 60,6 50 55,22 49,29 40 47,81 30 37,16 29,47 20 29,07 2039 2039 2039 2009 2009 2009 2019 2019 2019 2029 2029 2029 2049 2049 2049 25,75 24,61 24,24 25,48 23,2 10 0 Over 64 Under 16 Total (Under 16 and over 64) Source NATIONAL STADISTICAL OFFICE. POPULATION LONG TERM PROYECTIONS

  9. INCREASE OF THE NUMBER OF PENSIONS (Millions) Source : SOCIAL SECURITY ADMINISTRATION

  10. 2010: “GOVERNMENT PROPOSAL TO THE “TOLEDO PACT PARLIAMENTARY COMMISSION”: MAIN FOCUS • Increased additionally effective retirement age, acting on early retirement and on statutory retirement age. • Better consideration of the contributive effort throughout working life In the calculation of retirement pension • Favouring greater flexibility in personal decisions regarding retirement, including through the development of complementary social prevision

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