Public pay-as-you-go pensions still form the dominant pillar of old-age provision in Germany. This is in marked contrast to the situation in Anglo-Saxon countries. It has advantages if labour markets are strong, e.g., following a quick recovery from the Great Recession. It has disadvantages, as...

How much retirement income is needed in order to maintain one's living standard at old age? As it is difficult to find a firm basis for an empirical treatment of this question, we employ a novel approach to assessing an adequate replacement rate vis- a-vis income in the pre-retirement period. We...

A key figure which can be applied to measuring inter-generational imbalances involved in existing public pension schemes is given by the implicit tax that is levied on each generation s life-time income through participation in these systems. The implicit tax arises from the fact that, quite...

Since its inception, the traditional form of providing survivor benefits within public pension schemes has lost much of its legitimacy. As a result of fundamental changes in marriage behaviour and the typical division of labour between married spouses, offering noncontributory benefits of this...

Germany is being hit relatively hard by demographic aging. The latest round of major pension reforms dates back to the period from 2001 to 2007. The last government tried to prepare a new reform, but failed to reach a consensus. The new coalition government is not pursuing these plans any...

A key figure which can be applied to measuring inter-generational imbalances involved in existing public pension schemes is given by the "implicit tax" that is levied on each generation's life-time income through participation in these systems. The implicit tax arises from the fact that, quite...