15 Years of Pension Reform in Germany: Old Successes and New Threats

Holger Bonin ()

The Geneva Papers on Risk and Insurance - Issues and Practice, 2009, vol. 34, issue 4, 548-560

Abstract: The article surveys the state of the German pension system after a sequence of reforms aimed at achieving long-term sustainability. We argue that the latest reforms have moved pension provision in Germany in principle from a defined benefit to a defined contribution scheme, and that this move has stabilised pension finances to a large extent. We furthermore argue that the real economy consequences of the global financial crisis create threats to the core success factors of the reforms – cutting pension levels and raising mandatory pension age. Finally the article discusses further possible reform measures, including the option to install a fourth pillar, providing income in retirement through working after pension age.

Date: 2009
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