The Spanish pension system: an update in the wake of the pandemic. Banco de España contribution to the Committee on the Monitoring and Assessment of the Toledo Pact Agreements. 2 September 2020
Series: Occasional Papers. 2106.
Author: Pablo Hernández de Cos.
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Abstract
In 2017 the Banco de España published an Occasional Paper (DO 1701) describing the institutional framework of the pension system, setting out the main medium-term challenges and analysing some reform alternatives. In this paper the Governor updates the foregoing analysis for the Committee on the Monitoring and Assessment of the Toledo Pact Agreements on the basis of the latest figures and regulatory developments. He considers alternatives for reforming the pension system based on their impact on its financial sustainability and overall public finances; on employment, productivity and the economy’s potential growth; and on the system’s sufficiency and inter- and intra-generational equity.