The main objective of this article is to determine, based on internal data, replacement rates for a defined benefit pension system, with two aims: the adequacy of pensions – measured in terms of the expenditure of retirees – and the sustainability of the system. For this purpose two instruments are used: the internal rate of return, and techniques based on systems of notional accounts. These figures, derived from internal data, will serve, by comparison with the replacement rate of the system, to assess whether the system tends more towards adequacy or sustainability. The system studied is that of Spain.

The gender gap in pensions is greater than the gender gap in wages in the majority of countries in the European Union. Similarly, more women live on a minimum pension than do men. Therefore, the measures that are implemented for minimum benefits must be analysed from a gender perspective to avoid further increasing the gender gap in wages. This study analysed an unexplored aspect in both the academic and judicial spheres, namely, the regulation of the minimum pension in Spain after the 2011 reform and its effect on women’s pensions. The analysis highlights indirect sex discrimination in the aforementioned regulations. Therefore, modification measures are proposed to help reduce the gender gap in pensions.