Privatisation of the Spanish pension system

José Herce ()

No 2001-01, Working Papers from FEDEA

Abstract: The aim of this paper is to consider the prospects for pensions privatisation in Spain. Firstly, public pensions and complementary private pensions schemes are briefly described and their basic indicators compared. Next, financial projections for public pensions are discussed in order to introduce the need for radical reform of the existing scheme. Finally, in a more detailed manner, some of the factors upon which the attractiveness of private pensions depends are scrutinised. This in order to ascertain their ability to provide a sound alternative to social security. A major conclusion is that partial privatisation of pensions may benefit future pensioners if a crucial but rarely debated issue in Spain is properly dealt with, that is, the excessive cost of annuities in which retirement capitals should be converted upon retirement.

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