15 years of pension reform in Germany: old successes and new threats

Holger Bonin ()

No 09-035, ZEW Discussion Papers from ZEW - Leibniz Centre for European Economic Research

Abstract: The paper surveys the state of 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 stabilized pension finances to a large extent. We furthermore argue that the real economy consequences of global financial create threats to the core success factors of the reforms - cutting pension levels and raising mandatory pension age. Finally the paper discusses further possible reform measures, including the option to install a fourth pillar providing income in retirement through working after pension age.

Keywords: Pension Financing; Financial Crisis; Fiscal Sustainability Survey; Germany (search for similar items in EconPapers)
JEL-codes: H55 J11 (search for similar items in EconPapers)
Date: 2009
New Economics Papers: this item is included in nep-age
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Citations: View citations in EconPapers (20)

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Related works:
Journal Article: 15 Years of Pension Reform in Germany: Old Successes and New Threats (2009)
Working Paper: 15 Years of Pension Reform in Germany: Old Successes and New Threats (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:zewdip:09035

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