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Transfers in Spanish state retirement pensions


  • Alain Cuenca


A central issue in the recent reforms of state pensions in Spain has been to increase the proportionality between contributions and benefits along actuarially fair lines. The aim of this paper is to quantify the transfer component of social security retirement pensions, with transfer being understood as the difference between the pension effectively received and that which would be received under a system of actuarial fairness. The analysis is placed within a life-cycle framework, with particular reference to the distributive effects by income level. The results show that, in the past, there was a marked bias in favour of the objective of intergenerational and intragenerational redistribution, to the detriment of the objective of income insurance. This paper examines the factors that determine the final value of the transfer component within the entire Spanish pensions system.

Suggested Citation

  • Alain Cuenca, 1999. "Transfers in Spanish state retirement pensions," Fiscal Studies, Institute for Fiscal Studies, vol. 20(2), pages 205-219, June.
  • Handle: RePEc:ifs:fistud:v:20:y:1999:i:2:p:205-219

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    References listed on IDEAS

    1. Richard Disney, 1996. "Can We Afford to Grow Older?," MIT Press Books, The MIT Press, edition 1, volume 1, number 026204157x, July.
    2. Creedy, John, 1997. "Lifetime Inequality and Tax Progressivity with Alternative Income Concepts," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 43(3), pages 283-295, September.
    3. Davis, E. Philip, 1998. "Pension Funds: Retirement-Income Security and Capital Markets: An International Perspective," OUP Catalogue, Oxford University Press, number 9780198293040, June.
    4. Atkinson, M E & Creedy, John & Knox, D M, 1996. "Alternative Retirement Income Strategies: A Cohort Analysis of Lifetime Redistribution," The Economic Record, The Economic Society of Australia, vol. 72(217), pages 97-106, June.
    5. Dilnot, Andrew & Disney, Richard & Johnson, Paul & Whitehouse, Edward, 1994. "Pensions policy in the UK: An economic analysis," MPRA Paper 10478, University Library of Munich, Germany.
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    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions


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