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This papers quantifies the redistributive effects on progressivity, poverty and welfare, that would occur if the monetary benefits currently in place in the Spanish system were to be replaced by a neutral alternative in terms of spending, granting a universal basic income (UBI) to everyone. We have calculated two scenarios: one in which the benefit system is replaced by a basic income, and another in which retirement pensions are maintained, with the rest of monetary benefits being distributed via a UBI. The simulations are carried out using EUROMOD. The implementation of a UBI, even a very radical one that eliminates the existing benefits system, could be: economically sustainable; as redistributive as the current one; almost as poverty reducing as the one in force (or more in some dimensions), and a generator of greater welfare.