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The German pension system was the first formal pension system in the world, designed by Bismarck nearly 120 years ago. It has been very successful in providing high and reliable pension levels at reasonable contribution rates. While the generosity of the German pension system is considered a great social achievement, negative incentive effects of past reforms in the 1970s and 1980s and population aging are threatening the very core of the system. This has led to fundamental pension reforms since 1992. Based on a detailed simulation model of the German pension system, this book provides a thorough assessment of the system and its reforms. It shows that the latest reforms have put the system back onto a stable path and moved it from the old monolithic towards a multi-pillar system.
The aging society and threatening old-age poverty are two major political topics in Germany for the next decades. Many modern employment biographies consist of atypical employment and discontinuities; both negatively impact the pension entitlements of the individuals. This work develops an inninnovative approach that offers flexibility to absorb demographic changes as well as labor market developments, without threatening the financial stability of the public pension scheme.
Inhaltsangabe:Abstract: Based on national legislation and past business practices in Germany, this master thesis / management report illustrates a specific German issue of occupational pension schemes by comparing the example of the Cologne-based German subsidiary of INFICON, the company with which I am employed, against INFICON s other subsidiaries in Liechtenstein and in the US. In the past, it was customary for both national and international companies to provide different kinds of occupational pension schemes for employees as an additional incentive. Unlike US and Swiss companies, German corporations retained the money collected from occupational pension schemes in their companies in order to benefit from these low-cost internal funds instead of investing them in external funds. Rating aspects, the increasing internationalisation of the capital markets and Basel II are forcing INFICON GmbH to reduce its balance sheet by outsourcing pension reserves. Anglo-Saxon dominated rating agencies, in particular, are still extremely critical about pension reserves and treat them as "real" debt capital. In addition, the EU Regulation 1606/2002 stipulates that as of 2005 all capital market-orientated corporations with registered offices in EU Member States will have to draw up their group statements in accordance with International Accounting Standards. Furthermore, these long-term contracts (occupational pension schemes based on book reserves, Direktzusage) are increasingly imposing a burden on German companies as human life expectancy has constantly been rising, and business growth rates have been decreasing. Moreover, companies were forced to change their policy because of the pressure resulting from the globalisation of fiscal laws for multinational corporations. Approach: It is the objective of this master thesis / management report to identify INFICON s business issues with regard to its pension book reserves in view of the common German business practices of the past and their changes in light of the internationalisation of the capital markets and of current legal requirements in Germany and the EU and to draw up appropriate recommendations. By explaining INFICON s diverse approaches in its subsidiaries in the USA, Liechtenstein and Germany, the unequal treatment of national occupational pension schemes in Germany and in other countries will be demonstrated. For that reason the national retirement systems in Switzerland (which is very similar [...]
The 2019 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. Moreover, two special chapters focus on non-standard work and pensions in OECD countries, take stock of different approaches to organising pensions for non-standard workers in the OECD, discuss why non-standard work raises pension issues and suggest how pension settings could be improved.
Offers an analysis of the political process involved in the reform of the pension systems in European countries.
The 2021 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the past two years. Moreover, the special chapter focuses on automatic adjustment mechanisms in pensions systems in OECD countries, discusses the usefulness and limitations of these policy instruments, and suggests ways to improve them in order to enhance the capacity of pension systems to fulfil their objectives.
The OECD Pensions Outlook 2016 assesses policy issues regarding strengthening pension systems and, in particular, funded pension plans.
This book is published open access under a CC BY 4.0 license. This open access book provides an overview of childlessness throughout Europe. It offers a collection of papers written by leading demographers and sociologists that examine contexts, causes, and consequences of childlessness in countries throughout the region.The book features data from all over Europe. It specifically highlights patterns of childlessness in Germany, France, the United Kingdom, Finland, Sweden, Austria and Switzerland. An additional chapter on childlessness in the United States puts the European experience in perspective. The book offers readers such insights as the determinants of lifelong childlessness, whether governments can and should counteract increasing childlessness, how the phenomenon differs across social strata and the role economic uncertainties play. In addition, the book also examines life course dynamics and biographical patterns, assisted reproduction as well as the consequences of childlessness. Childlessness has been increasing rapidly in most European countries in recent decades. This book offers readers expert analysis into this issue from leading experts in the field of family behavior. From causes to consequences, it explores the many facets of childlessness throughout Europe to present a comprehensive portrait of this important demographic and sociological trend.
The Greek pension system has been costly, complex, and distortive, which has contributed to Greece’s fiscal problems and discouraged labor force participation. Several attempts to reform the system faltered due to lack of implementation, pushback by vested interests, and court rulings leading to reversals. A series of reforms introduced throughout 2015–17 unified benefit and contribution rules, removed several distortions and reduced fragmentation and costs. If fully implemented throughout the long-term, these reforms can go a long way towards enhancing the pension system affordability. However, reforms faced setbacks and fell short of creating stronger incentives to build long contribution histories, to deliver sustainable growth by improving the fiscal policy mix, and to ensure fairness and equitable burden sharing across generations and interest groups. Policy priorities should aim towards fully implementing the 2015–17 reforms and complementing them with additional reforms to address these remaining objectives.
This edited volume takes a closer look at various European pension-plan models and the recent challenges, trends and predictions related to the design of such schemes. The contributors analyse new ideas, both from national governments and European institutions, and consider current debates on topics such as the Capital Markets Union (CMU) and the so-called ‘European Pillar of Social Rights’ – calling for a new approach to social policy at the European level in response to common challenges, such as ageing and the digital revolution.This interdisciplinary work embraces economic, financial and legal perspectives, while focusing on previously selected coherence aspects in order to ensure that the analyses are comprehensive and globally consistent.