Notional defined contribution (NDC) systems have strongly been being debated in the worldwide pension literature in the past years. This paper deals with the feasibility of such NDC systems. The focus is on the German case, where the recent 2004 pension reform introduced a so-called...

Germany still has a very generous public pay-as-you-go pension system. It is characterized by early effective retirement ages and very high effective replacement rates. Most workers receive virtually all of their retirement income from this public retirement insurance. Costs are almost 12% of...

Germany still has a very generous public pay-as-you-go pension system. It is characterized by early effective retirement ages and very high effective replacement rates. Most workers receive virtually all of their retirement income from this public retirement insurance. Costs are almost 12...

German Abstract: Die Rentenpolitik nimmt nach wie vor eine wichtige Stellung im Rahmen der sozialpolitischen Reformagenda auf beiden Seiten des Atlantiks ein. Sowohl in der Europäischen Union (EU) als auch in den Vereinigten Staaten (USA) stellt der demografische Wandel die traditionellen...