This paper uses the Generational Accounting method to examine the long-run viability and intergenerational income redistribution effects of the Spanish public pension system. Given the huge intertemporal debt accumulated by the current pension system, wich is allocated entirely to generations not yet born, we explore the impact of alternative revenue policy reforms as a way to mitigate the strong demographic dependency of Social Security financing resources. Our findings indicate that, given the rapid demographic ageing, these types of reform measures are clearly not enough to restore the intergenerational balance.

Key words: pensions reform in Spain, mixed financing of the pensions system, Generational Accounting.
JEL classification: E62, H55.