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Compulsory Elderly and Disability Insurance
| Purpose: | To grant old age, disability or widowhood pensions based on contributions made to the former Old Age and Disability Insurance or on having been affiliated with the Worker Retirement Scheme. |
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| Beneficiaries: | The people who meet the requirements established for each type of pension. |
| Requirements: |
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| Amount: | The fixed amount for the old age, disability and widowhood pension is 395.70 euros per month. When the widowhood pension and the SOVI pension are concurrent, the total amount may not exceed twice the amount of the minimum widowhood pension established at any given time for beneficiaries over the age of 65. If it exceeds this limit, the amount of the SOVI pension will be reduced by the amount required to avoid exceeding the specified limit. |
| Economic effects: | Old Age: It is paid from the day after reaching the age of 65 if the application is submitted within the 30 subsequent days. If it is submitted later, it is paid from the first day of the month after that in which it was submitted. Disability: Paid from the first day of the month following the date the application is received by the National Social Security Institute (INSS). Widows/Widowers:
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| Payments: | The pension is paid monthly with two extra payments that are paid with the June and November monthly payments. |
| Incompatibilities: | SOVI pensions are incompatible with each other and with receiving another pension from the current Social Security System, except for any widowhood pension to which the beneficiary may be entitled. However, beneficiaries may exercise their right to choose the most favourable pension. |
| Periods: | The granting of SOVI pensions must be resolved and notified to the interested party within the following periods:
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| Termination: | Old Age: On the pensioner's death. |
| Forms: | Application for the retirement, disability, and widowhood pension. |
| Documentation: | The documents to be submitted to process the pension are listed on the application form for retirement, disability and widowhood. |
| Where to process it: | |
| Competent entity: | Management and recognition of the right to the former SOVI pensions is the responsibility of the National Social Security Institute (INSS). |
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