The Council adopted its opinion on the draft bill regulating the pensions system with the following considerations.General remarks on the draft bill Adopted by the Council in ordinary session on 26 September 2013 Guaranteeing the financial sufficiency and sustainability [of pensions] is the overriding goal. The successive reforms of social security legislation have largely pursued the aim of anticipating socio-demographic change, especially population aging. The Council sees a duty to help guarantee the stability of the public pensions system in the present but also in the medium and long term, respecting and reinforcing the principles of affiliate contribution, fairness and intergenerational solidarity. The peculiar procedure opted for on this occasion and the tight deadline for giving this opinion have not facilitated a joint reflection or alignment of positions on a bill of such significance, and though there is a consensus on some points there are also divergent views on others among the organisations forming the Council. The Council regrets the lack of differentiation between the short-term challenges currently faced by the system chiefly linked to a drop in affiliation in a context of the economic crisis and other structural challenges linked to the aging of the population. Aware of the systems difficult situation, the Council recognises the need for action, though in its view it would be preferable, in the context of social dialogue and the Toledo Pact committee, to take an in-depth look at alternative ways of funding the system with a view to making it sustainable and sufficient. While recognising the trend in social security accounts for the coming years and the fiscal consolidation commitments made, the Council believes it would be appropriate to reopen the relevant channels of social dialogue so as to continue, on the basis of consensus and as on previous occasions, strengthening the systems viability.Remarks on the sustainability factor The Council agrees on the need to develop the sustainability factor, as provided for in the agreement on reforming and strengthening the public pensions system and included in Law 27/2011 [...]. But the bill as drafted does not respect that proposal, either in the concrete formulation of the factor or in the deadline provided for it to enter into force. The Council is concerned at the effects of automatically applying this factor on the sole basis of the trend in life expectancy [...]. Given this indicators variability according to gender, region, socio-occupational and other factors, we recall, as the Council remarked in its opinion 3/2011, that it would be advisable to study the possibility of combining this automatic mechanism with trends in other variables with positive effects on income such as employment, economic activity or labour-force participation.Remarks on the revaluation rate The Council regards the introduction of the new revaluation rate, to be immediately applicable in 2014, as questionable. The Council considers that with this rate, due to enter into force straight away in 2014 as an automatic mechanism for adjusting public social security accounts, there will be a loss of purchasing power in situations of crisis such as at present which will not in principle be recovered. Accordingly the Council considers that the intended reforms should be complemented with measures liable to recover purchasing power when the circumstances so allow in the medium or long term. The Council advises the government to reconsider whether it is advisable to replace the current provisions of article 48 of the Social Security Law, which guarantees the maintenance of pension purchasing power, with this revaluation rate, which could result in a loss of purchasing power.