OBJECTIVES: This study aimed to assess the efficiency of the 13-valent pneumococcal conjugate vaccine (PCV13) administered annually to 65-years-old cohort in Spain versus the alternative of not vaccinating and treating patients only when infected. METHODS: Infections avoided were calculated through a dynamic model based on Anderson and May work. 70% of the 65-years-old cohort was assumed as vaccinated with one PCV13 dose (318,000 subjects). Basecase estimated vaccine efficacy and serotype coverage were as follows (75% and 70% respectively). Disease cost was calculated based on CMBD database and published data. RESULTS: During the 5 years frame, a total of 83,844 infections would be avoided. Net savings of €62 million would be obtained. The distribution of the savings was not homogeneous, starting in the 3rd and increasing until the 5th year. To demonstrate model robustness, analyses of additional scenarios have been performed using extreme values of model parameters (vaccination programme coverage, vaccine efficacy, serotype coverage). Under those scenarios, the net savings results were always achieved. CONCLUSIONS: After three years, 65-year-cohort pneumococcal vaccination campaign appeared to be a cost saving intervention among Spanish population under different scenarios.