15 years of pension reform in Germany : old successes and new threats

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      <subfield code="a">The article suerveys the state of the German pension system after a sequence of reforms aimed at achieving long-term sustainability. Authors argue that the latest reforms have moved pension provision in Germany in principle froma a defined benefit to a defined contribution scheme, and that this move has stabilised pension finances to a large extent. They argue that the real economy consequences of the global financial crisis create threats to the core success factors of the reforms - cutting pension levels and raising mandatory pension age. Finally the article discusses further possible reform measures, including the option to install a fourth pillar, providing income in retirement through working after pension age</subfield>
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      <subfield code="g">01/10/2009 Tomo 34 Número 4  - 2009 , p. 548-560</subfield>
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