Publikation:

The German Retirement Benefit Formula : Drawbacks and Alternatives

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2004

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Kifmann, Mathias

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FinanzArchiv. 2004, 60(1), pp. 63-82. ISSN 0015-2218. eISSN 1614-0974

Zusammenfassung

We identify several objectionable features of the German retirement benefit formula. Groups of insureds with higher than average life expectancy are subsidized by the rest of the members because the formula neglects differences in group-specific life expectancy. Moreover, undesirable long-run effects arise if the earnings ceiling is raised or mandatory membership is extended, or if life expectancy rises or the rate of population growth declines. We present three alternative formulas. In particular, a return-rate formula that rewards contributions with the internal rate of return of the pay-as-you-go pension system is superior to the current formula. This formula corresponds to the concept of ''notional defined contribution'' pensions that has been recently introduced in several countries.

Zusammenfassung in einer weiteren Sprache

Fachgebiet (DDC)
330 Wirtschaft

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Pay-As-You-Go pension systems, implicit taxation, notional defined contributions, intra- and intergenerational equity

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ISO 690BREYER, Friedrich, Mathias KIFMANN, 2004. The German Retirement Benefit Formula : Drawbacks and Alternatives. In: FinanzArchiv. 2004, 60(1), pp. 63-82. ISSN 0015-2218. eISSN 1614-0974
BibTex
@article{Breyer2004Germa-33475,
  year={2004},
  title={The German Retirement Benefit Formula : Drawbacks and Alternatives},
  url={http://www.jstor.org/stable/40913028},
  number={1},
  volume={60},
  issn={0015-2218},
  journal={FinanzArchiv},
  pages={63--82},
  author={Breyer, Friedrich and Kifmann, Mathias}
}
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URL der Originalveröffentl.
http://www.jstor.org/stable/40913028

Prüfdatum der URL

2016-03-31

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