Contributory public pension systems are in disequilibrium, which leads to the need for increased contributions from government. There have been numerous attempts to resolve the difficulties involved through the adoption of a partial or totally capital funded system for public pensions. This study constitutes a contribution to the research Pensiones y prestaciones por desempleo (Pensions and Unemployment Benefits) (Fundación BBV, page 66). Based on an analysis of the provisions of 1994, it argues that it is not viable to transform the system for funding annual pay-as-you-go in Spain into one of collective capital funding, as the cost of such a transformation is not feasible.