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15 Years of Pension Reform in Germany: Old Successes and New Threats

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  • Holger Bonin

    ()
    (ZEW Mannheim and IZA, P.O. Box 10 34 43, D-68034 Mannheim, Germany.)

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    Abstract

    The article surveys the state of the German pension system after a sequence of reforms aimed at achieving long-term sustainability. We argue that the latest reforms have moved pension provision in Germany in principle from a defined benefit to a defined contribution scheme, and that this move has stabilised pension finances to a large extent. We furthermore argue that the real economy consequences of the global financial crisis create threats to the core success factors of the reforms – cutting pension levels and raising mandatory pension age. Finally the article discusses further possible reform measures, including the option to install a fourth pillar, providing income in retirement through working after pension age.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal The Geneva Papers on Risk and Insurance Issues and Practice.

    Volume (Year): 34 (2009)
    Issue (Month): 4 (October)
    Pages: 548-560

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    Handle: RePEc:pal:gpprii:v:34:y:2009:i:4:p:548-560

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    Cited by:
    1. Victoria Prowse & Peter Haan, 2011. "Longevity, Life-cycle Behavior and Pension Reform," Economics Series Working Papers 556, University of Oxford, Department of Economics.
    2. Stefan Arent & Alexander Eck & Oskar Krohmer & Robert Lehmann & Wolfgang Nagl & Joachim Ragnitz & Marcel Thum, 2011. "Wirtschaftliche Entwicklung Sachsens im Ländervergleich: Bestandsaufnahme und Perspektiven: Gutachten im Auftrag der Sächsischen Staatskanzlei," ifo Dresden Studien, Ifo Institute for Economic Research at the University of Munich, number 59, October.
    3. Wolfgang Nagl, 2014. "Lohnrisiko und Altersarmut im Sozialstaat," ifo Beiträge zur Wirtschaftsforschung, Ifo Institute for Economic Research at the University of Munich, number 54.

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