Politics · Spain · 15 hrs ago
Economist says Spain’s pension system needs adjustments to remain viable
Gonzalo Bernardos says Spain’s pension system is viable, but believes it will need adjustments to stay that way.
His comments come as pensions are a major issue ahead of Spain’s general election on 29 November.
Bernardos says raising workers’ contributions could put pressure on wages, while cutting benefits would be difficult for retirees.
Instead, he favors delaying retirement and extending working lives to reduce the system’s deficit.
He warns that paying retirees only according to what they contributed, as he says happens in Sweden, could mean lower pensions in Spain.
The average retiree receives a pension for 20.1 years after contributing for at most 12, according to Bernardos.
Spain’s standard retirement age is set to reach 67 in 2027, though people with long contribution records can retire earlier.
Economist Gonzalo Bernardos says Spain’s pension system is viable but will need adjustments to remain sustainable.
He favors delaying retirement and extending working lives to reduce the system’s deficit.
He says the average Spanish retiree receives a pension for 20.1 years but has paid contributions for at most 12 years.
Bernardos says a first pension in Spain is 80.4% of a worker’s final salary.
Spain’s general election is scheduled for 29 November, with pensions among the issues in the campaign.
- Who
- Gonzalo Bernardos, an economist and professor at the University of Barcelona, discussed Spain’s pension system.
- What
- He said the system is viable but needs adjustments, and favored delaying retirement to help reduce its deficit.
- When
- The article was published on 31 October 2026.
- Where
- Spain.
- Why
- Bernardos says adjustments are needed to reduce the pension system’s deficit and maintain its future viability.
This story does not have two clearly opposing sides.
Spain’s ordinary retirement age is 65 for people with at least 38 years and three months of contributions, and 66 years and 10 months for those who fall short.
Political parties are due to begin campaigning for the general election.
Spain’s general election is scheduled to take place.
The ordinary retirement age is due to become 67, while people with at least 38 years and six months of contributions can still retire at 65.
- Economist
- Gonzalo Bernardos
- Average pension period
- 20.1 years
- Maximum contribution period cited
- 12 years
- First pension as share of final salary
- 80.4%
- Election date
- 29 November 2026
What people are saying
the system is absolutely viable
the average retiree in Spain has 20.1 years of pension, but has paid for a maximum of only 12
80.4% of their last salary