All employees must be included in the C.A.S.S. (Caixa Andorran de Seguretat Social) and contribute to the Andorran social security with 12% tax that goes directly to the pension system (8.5% for the employer and 3.5% for the employee). Therefore, at the age of 65 (it might change to the age of 67 in 2019) a monthly pension can be granted.
This amount is determined by applying the general percentage according to the number of years contributed and, if applicable, the additional percentage for prolonging their working life, when retiring above the ordinary retirement age at any time and the applicable reduction quotient.
These contributions give rise to the acquisition of points converted into a pension, based on a conversion factor, from the retirement rights liquidation age. These retirement points can be purchased and sold. Consequently, pensions are revalued according to the evolution of the sale value of the item. This is a classic mechanism for pension schemes that entails a less significant risk for the regime and its taxpayers (entrepreneurs and employees) than pension schemes for defined benefits, such as the Anglo-Saxon pension funds.
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