Are pensions too generous? Each retiree receives 51% more than what they contribute, according to actuaries

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The Congress left a key subject for September.

The Toledo Pact commission gave itself leave all of August and today resumes the debate of its recommendations to reform the pension system.

He hopes to have them ready this month and in this context, just before the political parties move, a fundamental voice for the analysis emerges, that of the actuaries, which shows that Spanish retirees

to the system and that there is no equitable criterion when deciding whether to advance or delay retirement.

These are just two of the conclusions that the Institute of Spanish Actuaries (IAE) will present today in its second Social Security monitoring report, which began last year, and to which EL MUNDO has had access.

Actuaries - those who are in charge of applying mathematical models in risk analysis to offer financial solutions - are now raising their voices to show that the current pension model

in certain aspects .

According to this extensive report, the current architecture of the contributory retirement pension system in Spain implies that, in the vast majority of cases, the pensioner receives more than he has contributed in his working life.

And where does the difference between what is contributed and what is collected come from?

Specifically,

, head of pensions at the IAE

, develops

, “the weighted average value that the report gives in the scenario of average bases is 1.51, which implies that the contributory retirement system returns 51% more of what you receive.

And it can be much more.

In one scenario, the actuaries clarify, with a concave contribution profile, similar to that of the typical evolution of wages, for example, the result is even more striking, since the average value

That is, I would receive 89% more.

The Bank of Spain also presented a devastating report in this line just a few weeks ago.

The supervisor's calculation was that each pensioner received

throughout their working life.

The actuaries' report to be released today also shows that it is

.

For example, according to the study, a person with 38 years of contributions at age 65 could retire at that age.

However, if you decide to extend your active life to 69, accumulating 42 contributions, you would benefit from a 4% premium for each year of delay.

But a person with 65 years and 37 contributions who decides to continue working one year more than in the previous example, until 70 and also accumulating 42 contributions, would only receive a 2.75% premium for each year delayed.

"There are inequities that are difficult to understand," warns Enrique Devesa, technical coordinator of the study.

According to actuaries,

"to obtain actuarial equity in the system";

something unlikely if you take a look at all the forecasts ...

The actuaries consider that the Toledo Pact should act on "the ceiling of 100% of the coefficient for years of contributions" and correct the high penalties for anticipating the retirement age and the low bonuses for delaying the retirement age "

According to the criteria of The Trust Project

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