Pension Reform and the Delay of Female Retirement in Spain: Policy-Induced Inequality in Aging Trajectories

In aging societies, contributory pension systems play a critical role in ensuring income security for older adults. While many countries have reformed these systems to enhance sustainability - by tightening the link between employment histories and benefit eligibility - such changes can unintentionally exacerbate existing inequalities. This study examines the case of Spain's 2011 pension reform, which increased the required contribution period and introduced a dual statutory retirement age. Drawing on administrative microdata from the Continuous Sample of Working Lives (MCVL), this work analyzes over 100,000 newly retired individuals between 2010 and 2020. Results show that women, whose careers are more often shaped by caregiving and part-time work, were disproportionately affected: many postponed retirement to avoid benefit penalties. The reform also halted the prior trend toward narrowing the gender pension gap. These findings underscore how formally neutral institutional rules can reinforce structural disadvantage. Addressing such inequities requires pension designs that incorporate compensatory measures - such as care credits and flexible contribution pathways - to ensure fair and sustainable retirement outcomes for all.