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

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  • Bonin, Holger

    ()
    (ZEW Mannheim)

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    Abstract

    The paper surveys the state of 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 stabilized 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 paper 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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    File URL: http://ftp.iza.org/pp11.pdf
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    Bibliographic Info

    Paper provided by Institute for the Study of Labor (IZA) in its series IZA Policy Papers with number 11.

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    Length: 26 pages
    Date of creation: Jul 2009
    Date of revision:
    Publication status: forthcoming in: Geneva Papers on Risk and Insurance, 2009
    Handle: RePEc:iza:izapps:pp11

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    Postal: IZA, P.O. Box 7240, D-53072 Bonn, Germany
    Phone: +49 228 3894 223
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    Web page: http://www.iza.org

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    Postal: IZA, Margard Ody, P.O. Box 7240, D-53072 Bonn, Germany
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    Related research

    Keywords: pension financing; financial crisis; fiscal sustainability survey; Germany;

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    Cited by:
    1. Peter Haan & Victoria Prowse, 2011. "Longevity, Life-Cycle Behavior and Pension Reform," Discussion Papers of DIW Berlin 1140, DIW Berlin, German Institute for Economic Research.
    2. Wolfgang Nagl, 2014. "Lohnrisiko und Altersarmut im Sozialstaat," ifo Beiträge zur Wirtschaftsforschung, Ifo Institute for Economic Research at the University of Munich, number 54.
    3. 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.

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