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Everything that Changes in Pensions in 2026. Not All Have Guaranteed Purchasing Power Gains

Summary by IOL Portugal
The State budget for 2026 is changing for pensioners and social security sustainability. Although the Government plans a global increase in pension expenditure, not all beneficiaries will feel a real improvement in purchasing power in the coming year.
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4 Articles

The Government is preparing to approve changes in pensions and adapt them to the increase in price inflation. How much pensions rise in 2026: these will be the new benefits

The State budget for 2026 is changing for pensioners and social security sustainability. Although the Government plans a global increase in pension expenditure, not all beneficiaries will feel a real improvement in purchasing power in the coming year.

·Portugal
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In 2026, the Spanish pension system will face a revaluation that will affect retirement, widowhood, disability and minimum benefits, with additional improvements for the latter. In particular, it is estimated that the increase for the next year, calculated on the basis of the average inflation recorded between December 2024 and November 2025, will be 2.6% for contributory benefits, while the maximum pensions will have a slightly higher increase,…

·Madrid, Spain
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Retirement and invalidity pensions from the compulsory second pillar, which have been in operation since 2022, will be adjusted to inflation by 2026.

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Handelszeitung broke the news in on Thursday, October 9, 2025.
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