Hoffnung trübt den Blick – Ein „Generationenkapital“ ist weder treffsicher noch effizient

Abstract

Abstract The German federal government hopes to generate revenue by investing a capital stock in state hands to slow down the threatening increase in contribution rates in the mandatory pay-as-you-go pension insurance. However, there is not only a lack of capital but also of pension policy targets. Even if one wanted to build up the capital stock financed by credit, a minimum-pension level would benefit not only the needy but all those entitled to it. Instead, the goals can be realised more efficiently with funded private pension provision and means-tested subsidies for households at risk of poverty.