In 2027, Social Security will change the current method of calculating the retirement pension again, modifying the coefficients and requiring a minimum of 37 years of contributions to be entitled to 100% of the pension. Now, even if the coefficients increase, workers who have been contributing for 15 years will continue to have the right to 50% of their regulatory base.
This change is included in article 163 of the General Social Security Law, which was introduced as a result of Law 27/2011. Before this reform was approved, workers needed fewer years of contributions to secure a full pension. But this changed with Law 27/2011, which began to progressively tighten the requirements year after year. The objective of this change was to guarantee the sustainability of the pension system in the face of two situations: on the one hand, the fact that we are living longer and longer (life expectancy increases) and the massive retirement of the large ‘baby boom’ generation (those born between 1957 and 1977).
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Social Security establishes that starting in 2027 the retirement age will be 67 years unless you have 38 years and 6 months of contributions.
Now, you have to understand and understand that being entitled to 100% is not the same as collecting the maximum pension, as they are two different terms. The maximum pension is the maximum amount that can be received, whether collecting a single pension or several simultaneously, while 100% of the pension corresponds to the maximum based on the regulatory base.
What is 100% of the pension and how is it calculated?
100% of the pension is the regulatory basis for each worker, which is determined based on the contributions of the last years worked. Then, obtaining the entire amount will depend directly on the total number of years that have been worked throughout one’s working life.
To calculate this amount, the first step is to obtain the regulatory base using the current formulas. Currently, with the reform of Royal Decree 2/2023, two calculation methods were introduced. On the one hand, the same system used for the last 25 years and the new model, where the last 29 years are used, are still maintained, with the possibility of automatically discarding the two worst years of contributions.
Although it may seem confusing and you may not know which method is better, you should know that Social Security will always use the calculation that is most advantageous and leaves a higher monthly amount for the future pensioner.
What pension corresponds to me based on the years of contributions
In 2027, although it is true that at 15 years old you will continue to be entitled to 50% of the regulatory base, the following coefficients change with respect to 2026. In this case, for each additional month up to 248, 0.19% will be added and for the following 16 months, 0.18% will be added, so that with 37 years of contributions it will give 100%. The percentage table per year of contributions would be as follows:
| Listed Years | Regulatory Base Percentage |
|---|---|
| 15 years | 50% |
| 16 years | 52.28% |
| 17 years | 54.56% |
| 18 years | 56.84% |
| 19 years | 59.12% |
| 20 years | 61.4% |
| 21 years | 63.68% |
| 22 years | 65.96% |
| 23 years | 68.24% |
| 24 years | 70.52% |
| 25 years | 72.8% |
| 26 years | 75.08% |
| 27 years | 77.36% |
| 28 years | 79.64% |
| 29 years | 81.92% |
| 30 years | 84.2% |
| 31 years | 86.48% |
| 32 years | 88.76% |
| 33 years | 91.04% |
| 34 years | 93.32% |
| 35 years | 95.6% |
| 36 years | 97.84% |
| 37 years | 100% |
If you want to know what the pension would look like based on the regulatory base, you can consult this table:
| Listed Years | Regulatory Base Percentage | Regulatory base €1,400 | Regulatory base €1,600 | Regulatory base €1,800 | Regulatory base €2,000 | Regulatory base €2,200 |
|---|---|---|---|---|---|---|
| 15 years | 50.00% | €700.00 | €800.00 | €900.00 | €1,000.00 | €1,100.00 |
| 16 years | 52.28% | €731.92 | €836.48 | €941.04 | €1,045.60 | €1,150.16 |
| 17 years | 54.56% | €763.84 | €872.96 | €982.08 | €1,091.20 | €1,200.32 |
| 18 years | 56.84% | €795.76 | €909.44 | €1,023.12 | €1,136.80 | €1,250.48 |
| 19 years | 59.12% | €827.68 | €945.92 | €1,064.16 | €1,182.40 | €1,300.64 |
| 20 years | 61.40% | €859.60 | €982.40 | €1,105.20 | €1,228.00 | €1,350.80 |
| 21 years | 63.68% | €891.52 | €1,018.88 | €1,146.24 | €1,273.60 | €1,400.96 |
| 22 years | 65.96% | €923.44 | €1,055.36 | €1,187.28 | €1,319.20 | €1,451.12 |
| 23 years | 68.24% | €955.36 | €1,091.84 | €1,228.32 | €1,364.80 | €1,501.28 |
| 24 years | 70.52% | €987.28 | €1,128.32 | €1,269.36 | €1,410.40 | €1,551.44 |
| 25 years | 72.80% | €1,019.20 | €1,164.80 | €1,310.40 | €1,456.00 | €1,601.60 |
| 26 years | 75.08% | €1,051.12 | €1,201.28 | €1,351.44 | €1,501.60 | €1,651.76 |
| 27 years | 77.36% | €1,083.04 | €1,237.76 | €1,392.48 | €1,547.20 | €1,701.92 |
| 28 years | 79.64% | €1,114.96 | €1,274.24 | €1,433.52 | €1,592.80 | €1,752.08 |
| 29 years | 81.92% | €1,146.88 | €1,310.72 | €1,474.56 | €1,638.40 | €1,802.24 |
| 30 years | 84.20% | €1,178.80 | €1,347.20 | €1,515.60 | €1,684.00 | €1,852.40 |
| 31 years | 86.48% | €1,210.72 | €1,383.68 | €1,556.64 | €1,729.60 | €1,902.56 |
| 32 years | 88.76% | €1,242.64 | €1,420.16 | €1,597.68 | €1,775.20 | €1,952.72 |
| 33 years | 91.04% | €1,274.56 | €1,456.64 | €1,638.72 | €1,820.80 | €2,002.88 |
| 34 years | 93.32% | €1,306.48 | €1,493.12 | €1,679.76 | €1,866.40 | €2,053.04 |
| 35 years | 95.60% | €1,338.40 | €1,529.60 | €1,720.80 | €1,912.00 | €2,103.20 |
| 36 years | 97.84% | €1,369.76 | €1,565.44 | €1,761.12 | €1,956.80 | €2,152.48 |
| 37 years (100% of pension) | 100% | €1,400.00 | €1,600.00 | €1,800.00 | €2,000.00 | €2,200.00 |
What happens if you have been contributing for more than 37 years?
In the case of exceeding 37 years of contributions, it must be made clear that Social Security will not take them into account, as long as they access through the ordinary age. That is, if you access early retirement, cuts will be applied to the amount as a percentage and, if the age is delayed, benefits will be applied such as a 4% increase, receiving a single payment check (a lump sum) for each extra year, or opting for a mixed option that combines both alternatives.