System change in statutory pension insurance does not solve the intergenerational distribution conflict

The present German pension system needs to be reformed. The alternative to the present pay-as-you-go pension system is a fully funded system. This retirement system offers a higher rate of return to the now young. Nevertheless, the paper argues, that a transition to a fully funded system will not solve the fundamental problem of the German pension system, because the hidden debt of the present system would requires a tax rate which equalizes the burden of both systems.

13. December 2000

Authors Olaf Fuchs

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