TY  - UNPD
A1  - Brühl, Volker
T1  - Plädoyer für einen "Rentenfonds Deutschland" – warum ein kapitalgedeckter Investitionsfonds ein wichtiger Beitrag zu mehr Generationengerechtigkeit sein könnte
T1  - Proposal of a “Pension Fund Germany” – why a capital-backed investment fund could make an important contribution to greater intergenerational equity
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 605
N2  - The German government has recently adopted a reform package for the statutory pension insurance scheme to ensure that the pension level will not fall below 48% and that the contribution rate will not exceed 20% up to 2025. In addition, there are planned improvements in maternal pensions, pensions for people with reduced earnings capacity and relief for low-income earners. The total extra cost of these measures is estimated at approximately EUR 32bn, to be financed by funds of the statutory pension system and by increased federal subsidies. It is currently unclear how the German pay-as-you-go pension system will be reformed for the period after 2025. The author suggests establishing a “Pension Fund Germany” as a capital-backed fund with a highly diversified investment portfolio. A German sovereign wealth fund of this kind could make an important contribution to greater intergenerational equity. Financing could be provided by, for example, retaining part of the solidarity surcharge on German income tax rather than abolishing it entirely, as is currently envisaged.
T3  - CFS working paper series - 605 
Y1  - 2018
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/47412
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-474123
UR  - https://www.ifk-cfs.de/fileadmin/downloads/publications/wp/2018/CFS_WP_605.pdf
IS  - October 24, 2018
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -