In the context of the reform of defined benefit pension systems under population ageing, we focus on the introduction of automatic adjustment mechanisms linked to life expectancy. Our goal is to establish a relationship between changes in the key parameters of the pension system and changes in life expectancy, applying the principle of intergenerational actuarial neutrality. For a defined benefit pension scheme, we first obtain the fundamental adjustment equation and then, for particular cases, we derive different designs of automatic adjustment mechanisms depending on the involved parameter. We include a numerical application only for illustrative purposes.

The reform of 2013 represented a qualitative leap in the reform of the Spanish pension system. Unlike its predecessors, it introduced two automatic resetting mechanisms similar to those of other European countries. The first is the sustainability factor, scheduled to come into effect in 2019 but delayed until 2023, and its ultimate reversal cannot be ruled out. The objective of this study was to quantify the savings, or the lowest expenditure, that can be achieved in the Spanish public contributory pension system by applying it. These savings are measured in terms of cash—of annual expenditure—and in terms of accrual by calculating its present actuarial value. Combining these two methods is one of the contributions of this work. This work was only intended to analyze the impact of the Sustainability Factor, therefore, it did not take into account the impact of the Pension Revaluation Index, which is the second mechanism introduced in the reform of the pension to 2013. An ad hoc projection method was used, combining microdata from the Continuous Sample of Working Lives (MCVL), aggregate data from the pension system, the financial-actuarial projection method, and actuarial techniques. The diversity of the data used is the second contribution of this work. The application of the sustainability factor would improve the viability of the system, since the savings that could be achieved, measured in terms of GDP for each year, would be 1.029% by 2050; 1.094% in 2057, the maximum; and 1.026% in the last year of projection. In terms of the present actuarial value and as a function of annual GDP, in 2050, the savings would be 1.27%, 1.40% in 2044, the maximum, and in 2067 it would decrease to 0.98%.

The main objective of the work is to analyze the actuarial inequities of the Spanish disability contributory subsystem, something that had not been considered until now. It is understandable that these inequities are admissible in some cases, but it is more debatable that they can occur in certain groups, so in this work we determine not only where they occur but also to what degree. The concept on which equity revolves is the Internal Rate of Return, obtained from the data of the Continuous Sample of Labor Lives. Collectives have been found whose results seem contrary to intuition. Keywords: Actuarial equity, permanent disability, Continuous Sample of Labor Lives, Internal Rate of Return. Resumen El objetivo principal del trabajo es analizar las inequidades actuariales del subsistema contributivo de incapacidad español, algo que no se había planteado hasta ahora. Es comprensible que estas inequidades sean admisibles en algunos casos, pero es más discutible que se puedan producir en determinados colectivos, por lo que en este trabajo determinamos no sólo dónde se producen sino en qué grado. El concepto sobre el que gira la equidad es el Tanto Interno de Rendimiento, obtenida a partir de los datos de la Muestra Continua de Vidas Laborales. Se han encontrado colectivos cuyos resultados parecen contrarios a lo intuido. Palabras clave: Equidad actuarial, Incapacidad permanente, Muestra Continua de Vidas Laborales, Tanto Interno de Rendimiento.

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Este artículo analiza la redistribución del sistema público de pensiones de reparto, tanto desde la perspectiva intergeneracional como desde la intratemporal, y cómo el envejecimiento de la población y los cambios demográficos pueden afectar a la redistribución. El aumento previsto de la tasa de dependencia dará lugar a cambios en el esfuerzo tributario o en las tasas de prestación del sistema. También se verá afectada la redistribución intergeneracional por la progresividad del sistema de pensiones, las diferencias en la esperanza de vida, las brechas de género y la heterogeneidad en los regímenes de cotización de algunas ocupaciones. La evidencia comparada para las economías de la OCDE muestra que la redistribución intra e intergeneracional reduce la tasa de riesgo de pobreza y la desigualdad en la renta entre la población de 65 años o más a lo largo de la última década, desplazando el riesgo de pobreza de las personas mayores a los jóvenes. En base a esta situación de partida, los cambios demográficos previstos en las próximas décadas aumentarán aún más la redistribución de renta de las generaciones más jóvenes a las de mayor edad.