Perspektiven der Alterssicherungspolitik in Deutschland –Über Konzeptionen, Vorschläge und einen angestrebten Paradigmenwechsel

The paper outlines different concepts for designing pension policies linked to current reform proposals in Germany. The role of the state, mandatory or voluntary savings for old age and the primary objectives and types of income redistribution aimed at by the design of pension schemes are central. In contrast to the economic debate which is dominated by the topic pay‐as‐you‐go (PAYG) versus funding, the author argues that it is especially important to deal with changes within the major German PAYG‐financed scheme in order to realize positive economic and social effects, especially by a close contribution??benefit link as part of a broader reform concept. There are, however, limits to an overall reduction of the pension level in such a pension scheme, if a close contribution??benefit link is to remain politically acceptable. Here this is demonstrated by current reform proposals for substituting a major part of PAYG pensions by funded pensions in Germany. The paper also points out some hidden, implicit and long‐term effects of such a strategy. Finally, the author refers to some often neglected effects in mainstream proposals for a major shift towards funding.