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...

Population Aging poses an evident threat to the financial sustainability of pension systems based on a “pay-as-you-go” (PAYG) scheme. To cope with this threat, pension systems have undergone numerous reforms in many countries in order to keep people longer at work. One crucial element of...

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...