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Zur Eigenmittelunterlegung von Leistungszusagen in der Auszahlphase bei investmentfondsbasierten Altersvorsorgeverträgen: Ein Gestaltungsvorschlag


  • Ivica Dus

    (Goethe-Universität Frankfurt, Investmentlehrstuhl, House of Finance, Grüneburgplatz 1 (UniPF H 23), D-60323 Frankfurt/M)

  • Raimond Maurer

    (Goethe-Universität Frankfurt, Investmentlehrstuhl, House of Finance, Grüneburgplatz 1 (UniPF H 23), D-60323 Frankfurt/M)


The present study focuses on the defined financial benefits capital investors have undertaken to pay to their contracting parties during the withdrawal phase under contracts making provision for old age (also referred to as Riester contracts in Germany). The Alterszertifizierungsgesetz requires product providers to make sure that benefits, equal or even increasing in amount over time, are paid to the holders of such Riester contracts during the entire withdrawal phase. In cases of doubt, investors would be liable in respect of their total assets and therefore be required to hold own funds appropriate in amount. At present, there are not any explicit supervisory-law rules covering own fund requirements during the withdrawal phase under investment-based contracts making provision for old age. The present study is aimed at closing this gap. To this end, it begins by enlisting the special financial and economic characteristics of defined benefits during the withdrawal phase; this is followed by a discussion of a conceptual proposal as well as of specific methodological proposals pertaining to a supervisory law-based own fund system; finally it demonstrates the way such a system would work within the framework of a simulation study.

Suggested Citation

  • Ivica Dus & Raimond Maurer, 2009. "Zur Eigenmittelunterlegung von Leistungszusagen in der Auszahlphase bei investmentfondsbasierten Altersvorsorgeverträgen: Ein Gestaltungsvorschlag," Credit and Capital Markets, Credit and Capital Markets, vol. 42(2), pages 277-312.
  • Handle: RePEc:kuk:journl:v:42:y:2009:i:2:p:277-312

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    References listed on IDEAS

    1. Martin Hellwig, 2009. "Systemic Risk in the Financial Sector: An Analysis of the Subprime-Mortgage Financial Crisis," De Economist, Springer, vol. 157(2), pages 129-207, June.
    2. Hellwig, Martin, 1997. "Unternehmensfinanzierung, Unternehmenskontrolle und Ressourcenallokation: Was leistet das Finanzsystem?," Sonderforschungsbereich 504 Publications 97-02, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
    3. Barry Eichengreen, 2009. "From the Asian crisis to the global credit crisis: reforming the international financial architecture redux," International Economics and Economic Policy, Springer, vol. 6(1), pages 1-22, June.
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    Cited by:

    1. Horneff, Vanya & Kaschützke, Barbara & Maurer, Raimond & Rogalla, Ralph, 2014. "Welfare implications of product choice regulation during the payout phase of funded pensions," Journal of Pension Economics and Finance, Cambridge University Press, vol. 13(03), pages 272-296, July.

    More about this item

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law


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