1. THE PORTUGUESE PENSIONS SYSTEM AND THE AUSTERITY POLICY  THE PORTUGUESE PENSIONS SYSTEM  REFORM AND THE DEBATE ON PENSIONS AND AUSTERITY

2. FUNDAMENTAL CHARACTERISTICS Based on the PUBLIC (STATE) SYSTEM although the law provides for the three pillars:  Public (State) pensions as welfare & pension provision scheme  Non-contributory pensions  Limited importance of the private sector  PENSION AGE: 65 years (m/f)

3. PRESSURE OF THE FINANCIAL SECTOR AND THE REFORM OF 2001 THE NEW CALCULATION… whole career FINANCING… diversification

4. THE REFORM OF 2006 AND THE LIFE EXPECTANCY – PENSION LINK THE « SUSTAINABILITY FACTOR » THE CHANGE IN THE PENSIONS REVIEW RULES CONVERGENCE OF THE CIVIL SERVICE

5. PENSIONS REPLACEMENT RATE Fonte: Comissão Europeia, Livro Branco s/ Pensões

7. TODAY: THE IMPACT OF THE AUSTERITY POLICY THE FREEZING OF / REDUCTION IN RETIREMENT PENSIONS THE INTEGRATION OF PENSION FUNDS