Steuervorteile durch Versorgungszusagen in Arbeitsverträgen
[Tax benefits from employer-sponsored pension plans]
In Germany, there are four different legal structures for employer-sponsored pension plans. Tax treatment at the firm level as well as at the level of the employee or pensioner differs between these four vehicles. This article evaluates and compares the tax benefit from comparable plans within the four different vehicles in a capital budgeting model which takes into account cash flows of both parties – employer and employee. We abstract from non-tax differences, such as administrative costs, investment rules, or different possible risk-return-profiles. After a brief overview of the literature, in Section 2 the assumptions and the structure of the calculus are presented. Section 3 is devoted to individual retirement savings out of taxed income. These results are used as a benchmark for the employer-sponsored pension schemes. Section 4 presents calculations for all four legal forms of pension plans and illustrates them with an example. A detailed comparison of the alternatives and a discussion of the results are given in Section 5. Section 6 summarizes.
|Date of creation:||Feb 2003|
|Date of revision:|
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- Niemann, Rainer & Kiesewetter, Dirk, 2002.
"Zur steuerlichen Vorteilhaftigkeit von Kapitallebensversicherungen
[The tax advantages of life insurance policies]," MPRA Paper 27277, University Library of Munich, Germany.
- Niemann, Rainer & Kiesewetter, Dirk, 2002. "Zur steuerlichen Vorteilhaftigkeit von Kapitallebensversicherungen," Tübinger Diskussionsbeiträge 239, University of Tübingen, School of Business and Economics.
- Kiesewetter, Dirk, 2001. "Für wen lohnt sich die Riester-Rente?," Tübinger Diskussionsbeiträge 224, University of Tübingen, School of Business and Economics.
- Dirk Kiesewetter & Rainer Niemann, 2002. "Neutral and Equitable Taxation of Pensions as Capital Income," CESifo Working Paper Series 706, CESifo Group Munich.
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