Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/91765
Authors: 
Bonin, Holger
Year of Publication: 
2009
Series/Report no.: 
IZA Policy Paper 11
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 the global financial crisis 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.
Subjects: 
pension financing
financial crisis
fiscal sustainability survey
Germany
JEL: 
H55
J11
Document Type: 
Working Paper

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