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Retirement Pension

Procedure

Retirement Pension Procedur

General Information


Purpose:

The retirement pension, included in all of Social Security system schemes, replaces working income with a lifelong, single, imprescriptible pension when the worker reaches the age for fully or partially ending their working activity.

Beneficiaries:

People affiliated with any Social Security scheme who meet the requirements for age, minimum contribution period and causal event.

More information on beneficiaries

Requirements:
  • Age: Having reached the standard age, with exceptions.
  • Minimum contribution period: Fifteen years, of which at least two must have been included during the fifteen years immediately prior to the causal event.
  • Causal Event:
    Affiliated workers: The day of cessation of activity.
    Affiliated workers: the date the application is submitted, except in cases of forced leave, when it is the last day on the job, and transfers outside of Spain, when it is the day the job ends.
    Non-affiliated workers: The date the application is submitted.

More information on requirements

Amount:

The pension amount is established by the base pension and the percentage applied to it depending on the number of years of contributions.

Economic effects:

Affiliated workers: The day after employment ends, when the application is submitted within the 3 months prior to or following the termination. In other cases, it will be paid with a maximum of 3 retrospective months from the date the application was submitted.

Workers on neither active contributor status or in an assimilated contributor situation: The day after submitting the application, except in certain situations when the worker has assimilated contributor status, when it is the date of the causal event.

More information on economic effects

Payment:

The pension is paid monthly, with two extra payments that are made with the payments for June and November.

The retirement pension has minimum guaranteed amounts, and is subject to revaluation at the start of every year, according to the CPI established for the year.

Retirement pensions are subject to Personal Income Tax (IRPF).

Further information about payments

Incompatibilities/
Compatibilities:

Entitlement to the retirement pension is incompatible with:

  • The pensioner carrying out any type of work, whether on a self-employed or employed basis, that involves inclusion in the Social Security system, with the exceptions and under the terms provided for by law.
  • Work for the civil service or in senior management.

However, the pension may be supplemented with income from the following roles:

  • Work carried out by the pensioner, with the following exceptions:
    • Self-employed work, for which the annual income received does not exceed the national minimum wage, calculated on an annual basis.
    • Activities performed on a self-employed basis by professional associations.
    • Work carried out on an employed or self-employed basis by the pensioner who has reached standard retirement age and the amount has been calculated applying the percentage of 100 per cent to the base pension. The amount of the pension compatible with working activities will be reduced by 50 per cent.

    As a pensioner you are required to inform the respective managing body before starting work. 

Deadlines:

The processing of a retirement pension must be completed and the interested party must be notified within a maximum period of 90 days (the current average is 19 days).

Termination:

Being a lifelong pension, it only expires with the death of the beneficiary.

Forms:

Applying for a retirement pension.

Documentation:

The documentation that must be submitted is listed in the application form.

Where it is processed:

At the Social Security assistance and information centres..
For sea farers, at the offices of the Social Marine Institute.

Competent body:

The management and granting of entitlement to a retirement pension corresponds to the National Social Security Institute, except for workers included in the scope of application of the special scheme for seafarers, when it corresponds to the Social Marine Institute.

Other important information:

Early Retirement Based on Occupational Group or Activity
Early retirement for disabled workers.
Early retirement due to membership in a mutual society
Early retirement without membership in a mutual society
Early retirement due to involuntary termination at work
Voluntary early retirement
Flexible retirement
Partial retirement
Special retirement at 64 years of age
Particular features of the special schemes

It is possible to have the right to a retirement pension in several Social Security schemes when the requirements are met for each one of them. To receive the pension when not on active contributor status, the certified contributions in each scheme must exceed at least 15 years.

Retirement Calculator

Retirement calculator for authorised persons

Frequently asked questions

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