Spanish pensions set to rise by around 2.6% in 2026
Contributory pensions in Spain and the Canary Islands, including retirement pensions, are updated annually in line with the average year-on-year Consumer Price Index (CPI) for the 12 months leading up to December of the previous year.
This means that the increase due on 1st January 2026 will depend on the average inflation rate between December 2024 and November 2025.
Expert forecasts: around 2.6% rise
According to analysts from BBVA and Funcas, the current forecast is for pensions to increase by 2.6% in 2026. This estimate is based on the CPI recorded in August (2.7%) and provisional monthly projections for the autumn: -0.3% in September, +0.4% in October, and +0.1% in November.
The National Statistics Institute (INE) will release a preliminary CPI figure for November on 28th November 2025, giving an early indication of the official adjustment. The final harmonised CPI will be published on 12th December 2025, and this will set the exact percentage for pension revaluation.
Extra increase for maximum pensions
Since 2025, the Spanish Social Security system has applied a new formula for the maximum pension, which revalues annually at CPI + 0.115 points. This rule will remain in force until 2050.
As a result, if the 2026 increase is confirmed at 2.6%, the maximum pension would rise by 2.715%.
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