THE PORTUGUESE PENSIONS SYSTEM AND

THE AUSTERITY POLICY

THE PORTUGUESE PENSIONS SYSTEM

REFORM AND THE DEBATE ON PENSIONS AND AUSTERITY

FUNDAMENTAL CHARACTERISTICS

Based on the PUBLIC (STATE) SYSTEM although the law provides for the three pillars:

Public (State) pensions as welfare & pension provision scheme

Non-contributory pensions Limited importance of the private sector

PENSION AGE: 65 years (m/f)

PRESSURE OF THE FINANCIAL SECTOR AND

THE REFORM OF 2001

THE NEW CALCULATION… whole career

FINANCING… diversification

THE REFORM OF 2006 AND THE LIFE

EXPECTANCY – PENSION LINK

THE « SUSTAINABILITY FACTOR »

THE CHANGE IN THE PENSIONS REVIEW RULES

CONVERGENCE OF THE CIVIL SERVICE

PENSIONS REPLACEMENT RATE

Fonte: Comissão Europeia, Livro Branco s/ Pensões

Average pension (euros)

200

400

600

800

1000

1200

1400

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Privée Fonction Publique

TODAY: THE IMPACT OF THE AUSTERITY

POLICY

THE FREEZING OF / REDUCTION IN RETIREMENT PENSIONS

THE INTEGRATION OF PENSION FUNDS