This document concludes that the sustainability of the RPM (Pay-as-you-go, defined benefits public regime) looks fragile and is threatened by massive transfers from the RAIS (defined contributions private regime) to the RPM. The fiscal deficit of the RPM could be rising from 140% of GDP (in NPV)...

Problemstellung: Grundrente und private Vorsorge statt Sozialversicherung? | Gefährdet der Strukturwandel der Arbeitswelt die Leistungs- und Finanzierungsfähigkeit der Sozialversicherung? | Finanzierungsprobleme der Sozialversicherung? | Demographische Belastungen und gesamtwirtschaftliche...

In this paper, we offer an explanation for cyclical reforms to pension systems, based on the experience of countries in Central and Eastern Europe (CEE) over the last three decades. We conclude that in making the transition to funded pension design, governments not only transfer longevity and...