When a worker decides to retire early, their main concern (once they know that they meet the requirements) is to know what the cut in their retirement pension will be to compensate for the early retirement and, check what resources they will live with after the end of his professional career.
As of 2022, the new early retirees have to pay attention to the modifications that have occurred in the regulations. All of them are in which different aspects of early retirement have been changed, especially in the reduction coefficients that cut the amount of the retirement pension.
First of all, the reducing coefficients have been redesigned. Since the beginning of the year, when the reform came into force, they have become monthly (instead of quarterly) and applied to the amount of the pension and not on the regulatory basis of the worker as was done until 2021.
In addition, said reduction coefficients have been modified with new reductions. The objective of this measure is to promote early retirement with less advance, discouraging withdrawals with much advance and those that take place just before the ordinary retirement age. The idea, , is “to align the effective retirement age with the ordinary one.”
To review the new reduction coefficients, it is necessary to refer to the wording of the , guarantee of the purchasing power of pensions, which explains the changes in the reduction coefficients for voluntary and involuntary early retirement. As in the past, the coefficients vary not only depending on the early retirement, but also depending on the length of the worker’s professional career.
Voluntary early retirement cuts
These voluntary early retirements are made, as the name indicates, by the will of the worker and allow withdrawals of up to two years in advance with respect to the ordinary retirement age. The biggest discounts are given when the advance is between 24 and 13 years in advance of retirement, with percentages ranging from 21% to 13% in the case of two years in advance and then they decrease as the advance is less.
As soon as early retirement is delayed, the cuts are smaller. With a year in advance, the coefficients are between 5.5% and 4.75% and are reduced to the minimum, a single month in advance, which has reductions of between 3.26% and 2.81%. .
Workers whose pensions would be above the maximum amounts after applying the calculation of the regulatory base have a special situation. These workers, who have special cuts (of 0.50% for each quarter in advance) on the maximum amount of pensions, will see how their reduction coefficients will be equal to those of the rest but in a progressive calendar that will begin in 2024 and It will last until 2033, the year in which they will have their final reduction coefficients.
Involuntary early retirement cuts
These early retirements are derived from non-voluntary terminations at work and allow the worker advance payments of up to four years at the ordinary retirement age. Of course, they imply greater cuts as the advance is also greater. The earliest retirements are those that take place between 48 and 37 months in advance, leaving cuts of between 30% and 24% if it is done four years before and with somewhat smaller cuts if some time elapses.
During the third year in advance, the cuts are still substantial: between 22.50% and 18% if done 36 months in advance and dropping to 15.63% or 12.50% depending on the previous race .
From the second year of advance a variable comes into play: early retirees who have better reductions in voluntary early retirement will be able to use these coefficients. In any case, for the involuntary if they wish to retire two years before, these coefficients go from 15% to 12% and go down progressively.
In the last year, obviously, the coefficients are lower. If the retiree wishes to do so one year before the ordinary retirement age, they will face cuts of between 5.50% and 4.75% and they are reduced until they reach the few cuts of between 0.63% and 0, 50% if the advance is only one month.
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