Spendable Finanzbranche - Privatisierte Alterssicherung?

Jörg Sommer and Diana Wehlau

WSI-Mitteilungen, 2012, vol. 65, issue 6, 419-426

Abstract: This paper analyses the influence of the financial sector on German pension policies according to their large donations to parliamentary parties. The financial influence of banks, insurance companies and institutional investors on parties in the German parliament is linked to the paradigm shift in pension policies which have been gradually introduced in the past decade. This redirection is characterized by the reduction of public pension benefits on the one hand and the financial support for private and occupational pension schemes (especially the so-called ‘Riester-Rente’) on the other. The financial industry is the key beneficiary of this trend towards the privatisation of public pensions. Finally, against the background of the empirical data we discuss the perspectives of privatisation of pensions in the face of the threat of old-age poverty and consider the emergence of a new political turn in old age security policy.

Date: 2012
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DOI: 10.5771/0342-300X-2012-6-419

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