Skip to content
Calculadora Capital

Pension Estimator 2026: Portugal

How much will your pension be? In Portugal the old-age pension is, in essence, your career-average salary (the reference remuneration) multiplied by the global formation rate, which grows with your years of contributions. Enter your career-average monthly salary and your years of contributory career for an educational estimate of the pension.

Enter your career-average monthly gross salary (the reference remuneration) and your years of contributions. You need at least 15 years to be entitled to a pension.

Estimated monthly pension
€1,353
Global formation rate: 90.2%
ItemValue
Reference remuneration€1,500
Global formation rate90.2%
Monthly pension€1,353
Annual pension (14 payments)€18,946

Estimate by the official formula (reference remuneration × global formation rate) with the 2026 IAS (€537.13). It does not revalue older salaries by coefficients, apply the minimum old-age pension (which can raise a low pension) or any early-retirement cut.

Educational estimate, not advice. The formula (reference remuneration × global formation rate), the rate brackets (2% to 2.3%), the 92% maximum and the 15-year guarantee period are official; the IAS is the 2026 value. Always confirm with Social Security.

The pension formula

Under the current rule (Decreto-Lei n.º 187/2007), the monthly old-age pension is the reference remuneration (RR) multiplied by the global formation rate (TGF): pension = RR × TGF. The reference remuneration is, in practice, your career-average monthly salary (on a 14-month basis); the formation rate rises with your years of contributions.

The reference remuneration

The reference remuneration is the total of your whole-career earnings divided by 14 × n (n = calendar years with a record, capped at 40). Because the total already amounts to about 14 salaries a year, dividing by 14 × n returns your average monthly salary: that is the figure you enter. Social Security also revalues older salaries by coefficients; here we use today’s value, so the result is an estimate.

The global formation rate

Up to 20 years of career the rate is 2% per year (with a global minimum of 30%). From 21 years, the annual rate varies between 2% and 2.3%, applied by brackets of the reference remuneration (in multiples of the IAS, €537.13 in 2026): 2.3% up to 1.1×IAS, 2.25% up to 2×IAS, 2.2% up to 4×IAS, 2.1% up to 8×IAS and 2% above. The maximum global rate is 92% (40 years × 2.3%).

You need the guarantee period

To be entitled to the old-age pension under this regime you generally need at least 15 calendar years with a record of earnings (the guarantee period). With less than that, there is no pension by this route. A separate social old-age pension, calculated differently, may apply.

Worked example

Take a career-average salary of €1,500 a month and 40 years of contributions. The reference remuneration is €1,500. By the brackets: €590.84 at 2.3%, plus €483.42 at 2.25%, plus €425.74 at 2.2%, gives about €33.83 per year of career; over 40 years the global rate reaches roughly 90%. The estimated monthly pension is about €1,353 (≈ €18,946 a year, over 14 payments). It is an estimate: it excludes the minimum pension, the revaluation of older salaries and any early-retirement cut.

Frequently asked questions

How is the retirement pension calculated in Portugal?
The old-age pension is the reference remuneration (your career-average monthly salary, on a 14-month basis) multiplied by the global formation rate. That rate is 2% per year up to 20 years of career and, from 21 years, varies between 2% and 2.3% per year depending on the reference-remuneration bracket, with a global maximum of 92%.
What is the reference remuneration?
It is the basis for the pension: the total of your whole-career earnings divided by 14 × n (n = calendar years with a record, capped at 40). Because the total amounts to about 14 salaries a year, it equals your career-average monthly salary. Social Security revalues older salaries by revaluation coefficients.
How many years of contributions do I need for a pension?
As a rule you need at least 15 calendar years with a record of earnings, the guarantee period. With less, there is no entitlement to the old-age pension under this regime, although a separate social old-age pension, calculated differently, may apply.
Is the pension paid in 12 or 14 months?
Pensions are paid 14 times a year: the 12 monthly payments plus the holiday and Christmas bonuses. The estimator shows the monthly pension and, from it, the equivalent annual amount over 14 payments.
Are the figures exact?
It is an educational estimate. It applies the official formula (RR × global formation rate) and the 2026 IAS (€537.13), but it does not revalue older salaries by coefficients, does not apply the minimum old-age pension (which can raise a low pension), and ignores the pre-2002 regime and early-retirement cuts. Always confirm your case with Social Security.

Related calculators & reading

Sources

Author: Thorben Rasmus Idel · Reviewed by: Nahar Geva · Last reviewed: 2026-06-03