This Social Security information indicates that, in some cases, retirees may receive two pensions at once during 2023. These situations arise under specific legal conditions, and pensions are paid by private institutions or banks that participate in the public pension system.
Regulations and exceptions for receiving a double contribution pension
Article 163 of the Royal Decree of the Social Security Act generally prohibits receiving two pensions simultaneously. Yet there are legal or regulatory exceptions that allow pensions from different Social Security programs to be collected at the same time.
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When is it allowed to receive two pensions at the same time?
A retiree who has contributed to two separate plans can receive two pensions at once. Social Security, as well as those who are self-employed and those who pay premiums as salaried workers in the general regime, may access this option. To qualify, two conditions must be met:
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Have contributed at least 15 years to each program, including a minimum of two of those years within the 15 years prior to retirement.
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Be enrolled (or assimilated) in both regimes at the time of retirement. If not, premium contributions must overlap in both regimes for at least 15 years.
SSI notes there are additional possible combinations, such as the inclusion of a special regime for coal mining workers, marine workers, and school insurance.
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Calculation of two pensions: key factors
The pension amounts depend on several factors. Social Security applies the relevant percentages to the regulatory base, based on years of contribution, additional percentage, and any applicable reduction coefficient to extend working life if retirement occurs after the normal age.
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During pension calculation, the contribution bases from the last 24 years (288 months) are considered and divided by 336. It is accepted that premium years influence the percentage of the base to which the worker is entitled. The percentage can start at 50% with 15 years of contributions and increase as contributions grow, with increases calculated as follows:
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0.21% for each of the next 106 monthly contributions
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0.19% for each of the following 146 monthly contributions
Even when two pensions are received simultaneously, the total amount cannot exceed the maximum limit set for 2023: 3,058.81 euros per month and 42,823.34 euros per year. (Source: SSI) [Note: figures adjusted to current standards as of this year.]