In May 2001, Germany adopted a fundamental pension reform cutting back public pensions and introducing personal pension …, necessary beyond 2025. As the enacted savings rate target is conservative, individual pensions keep retirement income sufficient … even if returns to pension funds are low due to legal restrictions on savings vehicles. …

In May 2001, Germany adopted a fundamental pension reform cutting back public pensions and introducing personal pension …, necessary beyond 2025. As the enacted savings rate target is conservative, individual pensions keep retirement income sufficient … even if returns to pension funds are low due to legal restrictions on savings vehicles. …

savings relative to pay-as-you go systems. Our results indicate that more wealth should be transferred from the young to the … implicit return on a pay-as-you-go system and the interest rate on savings should be equal to the growth rate of the economy …