Social Security

What is my pension percentage according to the contributions?

The amount of the retirement pension is determined by applying the following percentages to the base pension:

• For the first 15 years of contributions: 50%.

• For each additional year of contribution, between 16 and 25, inclusive: 3%.

• For each additional year of contribution, after 26: 2%, without the percentage applied to the base pension exceeding 100%. However, there is the possibility of exceeding 100% when the interested party can show 35 years of payment contributions and is 65 years old.
  

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Is the pension percentage altered when reaching 65 years old?

The percentage set when granting the retirement pension is not altered by the fact that the recipient reaches 65 years old.

However, if when reaching 65 years old the amount of the pension was less than the minimum pension established for this age, they would always be guaranteed this minimum so long as they meet the necessary requirements.

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Are the reduction days for age reached on 1-1-67 taken into consideration to show the minimum contribution period required?

In order to prove the minimum contribution period (short-fall) required for accessing a benefit, generally only the contributions actually made or those assimilated by extra payments (the so-called contribution-days) will be calculated.

The allowance time granted to the worker according to their age on 1 January 1967 is not used to prove the minimum contribution period required, and will only be taken into consideration to determine the pension percentage.

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How much will my pension be if I retire partially?

The pension amount will be the result of applying the work day reduction percentage to the amount of the pension due to them on the date of the causal event, according to the number of years contributions are made.

To determine the percentage applicable to the base pension of the partial retirement pension, when the worker applies for it prior to reaching the age of 65, the reduction coefficients will not be applied based on age.

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For flexible retirement, what are the effects of contributions made for activities carried out as a result of a part-time contract?

Contributions made in activities carried out during partial suspension of the retirement pension will improve the pension, once the work has come to an end.

To this end, once the cease in activities has has been reported to the competent Managing Body, receipt of the full retirement pension will be resumed, following its recalculation in accordance with the following rules:

• They are designed to recalculate the base pension, by calculating the new contributions and applying the regulations in force when the activity finishes. If the result is a lower base pension than before, the previous pension will be maintained, but applying to the resulting pension the revaluations from the date when the base pension is determined until the job finishes.
  
• They are also designed to increase the percentage applicable to the regulatory base, which may exceed the limit of 100% and, where appropriate, reduce or cancel the reduction coefficient which would have been applied if initial retirement had been early. Therefore, they must make contributions for a least one theoretical year (if they are partial contributions, their calculation will be based on the number of theoretical days and the result obtained multiplied by 1.5).
  

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