New pension regulations come into effect in 2013 after being published in the Official Gazette (BOP). These include a measure agreed by the previous Zapatero government with businesses and unions to raise the qualification period from 15 to 25 years and raising the retirement age to 67 years.
Pensions will not be raised to cover inflation
The government has reneged on its campaign pledge to compensate pensioners for a loss of spending power due to inflation, opting instead to concentrate on meeting the deficit-reduction target for this year.
Pensions to increase by 1.2% in January 2011
Eight and a half million pensioners should see an increase in their pensions of around 1.2% as from January 2011. This is because inflation increase in the month of November was 1.2 points above the predicted figure.
No increase in retirement age during the current legislature
The Government has apparently abandoned any idea of raising the retirement age from 65 to 67 years during this current legislature after having underestimated public opposition to the idea, preferring to concentrate on proposals which have political and social consensus and will not cost them votes at the next election.
Proposed changes to pensions
The Government wants to not only raise the retirement age to 67 years, but also increase the contribution period used for the calculation of pensions from the current 15 years to 25 years.
Pensions conference
A conference given by the Expat Pensions LLP (regulated by the Financial Services Authority in the UK) is due to take place at the Nerja Cultural Centre in calle Granada on October 21st at 10:30.
Nerja meeting for British residents
The British Consulate in Malaga, the UK Pension Service, and the Royal British Legion will be holding a meeting for British residents at the Nerja Cultural Centre on 11th June.