One pillar crumbling, the others too short: old-age provision in Germany

Abstract

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Public pay-as-you-go pensions still form the dominant pillar of old-age provision in Germany. This is in marked contrast to the situation in Anglo-Saxon countries. It has advantages if labour markets are strong, e.g., following a quick recovery from the Great Recession. It has disadvantages, as Germany will be ageing very rapidly in the near future. Following a series of reforms, benefit levels will decline, while contribution rates still go up, and additional cover from private or occupational pension schemes is urgently needed. Thus far, steps in this direction have been half-hearted, and the financial crisis impedes a further shift. Nevertheless, despite the differing traditions, important aspects in current debates now converge to those discussed in the UK or the US. Terms of use: Documents in EconStor mayJEL-codes: E270, G280, H550, J110, J260.

Gestão de riscos de fundos de pensão: análise das alocações dos fundos de pensão fechados de 2010 a 2017

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