The new transformation table of pensions will change our pensions and how this impact could influence our economy.

Article 16 of the 2026 General Directorate decree has redefined the pension transformation coefficients for the years 2027-2028. Specifically, the amount of the pension payment will be lower than what it was for those leaving work from January 1, 2027 compared to those retiring by December 31, 2026. For example, if someone started working after the Dini reform, their pension payment with termination date from January 1, 2027 would be lower than what it was with termination until December 31, 2026.

According to the Ministry of Labor's Technical Note, the reduction is added to the month longer requirements for retirement in 2027.

Therefore, on October 16, 2026, the board of directors issued a decree that has recalibrated the transformation pension coefficients based on mortality statistics from 2024. This decree covers individuals aged between 57 and 71 years old but applies only for the 2027-2028 fiscal year. Each coefficient is the reciprocal of a divisor, which represents the number of annuities the system will pay out according to the age of retirement: for example, at 67 years, the divisor is 18.136, making the corresponding coefficient 5.514%. The biennial adjustment of transformation pension coefficients took place as a result of the biennial review of life expectancy, which has increased the age of eligibility for receiving benefits from 67 years to 71 years.

This review has lowered all coefficients, with the exception of Decree No. 1 December 2022, which for pensions from 2023-2024 incorporated the decrease in life expectancy registered in 2024. In summary, this reform due to the Ministry of Labor radically changes our pensions, making them lower than expected predictions. This impact could influence our economy, increasing income pressure and strengthening the need for a broader social assistance network.