With the introduction of the state subsidized private retirement provision, the implementation of the sustainability factor and the increase of the statutory retirement age comprehensive pension reforms have been adopted in Germany in recent years. In this article we outline the insufficiency of...

Die Unzulänglichkeiten der Alterssicherungssysteme in Deutschland und insbesondere der gesetzlichen Rentenversicherung, in ausreichendem Maße auf den demographischen Wandel zu reagieren und sich an diesen - im Sinne der Generationengerechtigkeit - anzupassen, sind seit Jahrzehnten bekannt. Der...

In this paper we analyze exemplarily the volatility of the internal rates of return of the German pension system over the life-cycle of an individual born in 1957. The outcome is compared to an alternative defined-contribution or defined-benefit policy. Based on the actual data, our results show...