One feature of recent pension reforms in OECD countries has been that more individual responsibility is transferred to employees and in particular to those approaching the end of their working life. Enlarged freedom of choice concerns the timing of retirement with corresponding consequences for...

The public pension scheme has been an important element of the successful model of 'Rhenish Capitalism' (social market economy) in post-war Germany. On the one hand, the promise to guarantee status maintenance during retirement sustained the incentives of the labor market in that it promoted...

In general, the policy domain of old-age pensions is characterized by institutional continuity and only incremental reforms. Since the late 1980s, in Germany a series of public pension reforms, all initiated in view of imminent population aging, have happened. In this paper it is looked into the...

Social insurance schemes have proved to be rather stable welfare state institutions enjoying broad popular support. It is widely assumed that the high degree of legitimacy is due to the insurance analogy because those schemes provide individually equitable returns on prior contribution payments....

The 2008 financial market crisis, followed by the Great Recession and sovereign debt crises in several EU countries have triggered drastic reforms of old-age security systems. They were supposed to ensure the financial viability of public pension schemes in the short and long run and/or to...

Die Finanzmarktkrise von 2008 und in deren Gefolge die Große Rezession sowie Staatsschuldenkrisen in verschiedenen EU-Ländern haben einschneidende Reformen der Alterssicherungssysteme ausgelöst, die die Finanzierung der Renten kurz- und langfristig sicherstellen, fiskalischen...