Notes on the economic sustainability of the pension system in Spain

Abstract

Pensions are a topic of constant attention in society, as they impact nearly the entire population in one way or another, both during their working life and after retirement. Given their significant impact on various spheres, it is essential to have comprehensive and detailed information on the variables that influence the pension system, allowing for an accurate and well-adjusted assessment of the current situation and prospects. Moreover, the continuous and progressive ageing observed in almost every part of the world, a phenomenon to which Spain is no exception, increases the need for the necessary knowledge to take the most appropriate measures aligned with the objectives set by society. The substantial economic expenditure involved in a public pension plan and the need for its long-term sustainability present a considerable complexity that requires reliable measurement and analysis tools, as well as sufficient social consensus. This work contains some notes on the key elements of the Spanish pension system, situated within the context of our obligations to our European partners and the necessary intergenerational equity