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Transparenz von Riester-Produkten: theoretische Fundierung und Befunde einer Anbieterbefragung

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  • Johannes Leinert

Abstract

The market for state-sponsored private pension schemes in Germany ("Riester-Rente") is not transparent. This article explains why the problem of asymmetric information, which disadvantages consumers, needs governmental regulation as the problems cannot be resolved by the market. A survey shows that even Riester pension providers support obligatory information like standardized product information sheets. Further, the current legislative debate concerning these standardized information sheets is outlined. The article concludes that while product information sheets are a good way to increase transparency in the market, it should be accompanied with simplified products, financial education, and elimination of disincentives for pension consultants. Der Markt für Riester-Produkte ist intransparent. In diesem Artikel wird gezeigt, warum die Informationsasymmetrien zu Lasten der Verbraucher nicht durch den Markt aufgelöst werden können, sondern nur durch staatliche Vorgaben. Eine empirische Erhebung verdeutlicht, dass auch die Produktanbieter Informationspflichten wie ein standardisiertes Produktinformationsblatt befürworten. Ein solches wird derzeit vom Gesetzgeber geplant; dazu wird der aktuelle Diskussionsstand zusammengefasst. Im Ergebnis wird das standardisierte PIB als der richtige Weg zur Herstellung von mehr Produkttransparenz angesehen, das jedoch durch ergänzende Maßnahmen wie Produktvereinfachung, finanzielle Bildung und den Abbau von Fehlanreizen in der Vorsorgeberatung begleitet werden sollte.

Suggested Citation

  • Johannes Leinert, 2012. "Transparenz von Riester-Produkten: theoretische Fundierung und Befunde einer Anbieterbefragung," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 81(2), pages 55-69.
  • Handle: RePEc:diw:diwvjh:81-2-5
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    File URL: http://ejournals.duncker-humblot.de/doi/pdfplus/10.3790/vjh.81.2.55
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    References listed on IDEAS

    as
    1. Börsch-Supan, Axel & Gasche, Martin & Haupt, Marlene & Kluth, Sebastian & Rausch, Johannes, 2012. "Ökonomische Analyse des Rentenreformpakets der Bundesregierung," MEA discussion paper series 201205, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
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    More about this item

    Keywords

    Private pension scheme; regulation; information obligation; asymmetric information; adverse selection; principal agent; survey;

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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