A report from the Foundation for Applied Economic Studies (Fedea) already warned of the growing problem of sustainability in the Spanish pension system, supported by workers’ Social Security contributions. This problem, together with the efficiency of these benefits, is focusing the debate of the main political groups (PSOE, PP and Vox) that have placed them in the spotlight. epicenter of its pre-campaign activities electoral.
There are more and more experts who are concerned about this system, which the minister of the sector, Elma Saiz, has given explanations on several occasions. stating that they are fully sustainable and pointing to an opposition that, according to her, is committed to cuts and privatization. And now, to continue these arguments, the Marsh CFA Institute Global Pension Index 2026 has been published, which places Spain among the seven systems best scored in sufficiency and among the six that have a worst result in sustainability of the 55 analyzed.
Spain has achieved a grade of 63.3 points out of 100 compared to the 63.8 it achieved the previous year, so it maintains its C+ rating. This study recognizes that the current Social Security system with pensions has “some good characteristics” although it presents “important risks” and “deficiencies that must be addressed.” To make this statement, all retirement income from both the public system and private pension plans have been taken.
Better protection for beneficiaries
One of the most notable contrasts that appear in the report is the one that refers to sufficiency, where 83 points are achieved, something that does not change when compared to last year, although sustainability falls from 34.2 to 33 points. In integrity, which measures regulation, governance and protection of beneficiaries, it went from 74.4 to 74.3 points.
Spain stands out in sufficiency, that is, in relation to the amounts or requirements to request pensions, and thanks to this it has managed to climb to category A, which is the highest in the report. Here the benefits, the design of the system, savings or owning a house are taken into account.
But on the other hand, it suffers a precipitous drop in terms of sustainability, with 33 points and category E, which is the lowest. Only in Austria, Italy, Turkey, Argentina and Brazil has a lower score been placed in this section, which takes into account benefit coverage, accumulated assets, demographics or debt and public spending. Spain ties with Colombia in the general classification, although it must be taken into account, as the study highlights, that these are forecasts and do not have to be fulfilled. The authors emphasize that “no model fits all.”
Life expectancy increases and this affects pensions
The report dedicates one of its longest chapters to aging, with an important projection for Spain since in approximately 30 years, citizens aged 70 or older would be equivalent to 56% of the total population between 20 and 69 years old. There would be about 56 people in this age group per 100 of the second, although this should not be confused with the number of workers for each pensioner.
“The aging of the population is increasingly putting pressure on public budgets,” notes the report, which emphasizes that the problems will be greater in those countries that depend exclusively on public pensions without distributing funds that help finance future obligations.
What could be done, they highlight, is to expand the coverage of retirement savings, improving participation in work at older ages or adapting the retirement age although “the solution is not as easy as increasing the already established retirement age.”
Classification prepared by the experts
Based on the data evaluated, a classification has been made in which the Netherlands occupies the first position with 85.8 points, followed by Denmark with 84.1 points and Iceland with 84. In category A are Israel, Singapore and Australia.
A forklift operator who underwent surgery for a hernia achieves absolute permanent disability with a pension of 1,558.02 euros after Social Security denied it
Ignacio Solsona, lawyer: “If before the end of the year you can request an early retirement under good conditions, go ahead, but do not make a hasty decision for fear of a future change that we do not even know if it will come”
Spain is behind France, which has 70.3 points, Germany (67.9) and Portugal (67.3), surpassing Italy’s points (57.4). 55 pension systems have been analyzed, which represent 66% of the total world population. For the final grade, sufficiency weighs 40%, sustainability 35% and integrity 25%.