Spain ranks 30th in Global Pension Index amid sustainability concerns

Spain ranks 30th out of 55 systems in the Marsh CFA Institute Global Pension Index 2026, earning a global score of 63.3 out of 100. While the country performs well in benefit adequacy, ranking 7th globally with a score of 83 (Grade A), its sustainability ranking drops to 50th with a score of 33 (Grade E).

The decline in the overall score is attributed to rising pension spending as a percentage of GDP and slowing real economic growth over the last seven years. The system is noted for providing solid minimum protection for low-income elderly citizens and maintaining high net replacement rates, alongside strong regulation and governance (ranking 38th).

To improve these metrics, reports suggest increasing coverage of voluntary occupational pension plans through automatic enrollment and encouraging higher labor market participation among older populations.

Regarding the fiscal health of the system, current pension spending stands at 11.5% of GDP, below the prudent limit of 13.5% established by AIReF. Additionally, the ratio of contributors to pensioners has recently improved from 2.2 to 2.5.