Pensions and the Capture of Social Reproduction

Abstract

Pensions are the conceptual basis of social welfare. Through contributions from the entire labour force towards the end of each individual’s labour life, the pension system has an underlying effect that binds together the means of social reproduction. Banking on our need for security in future old age, pension funds have captured and supported financialisation of multiple areas for social reproduction. Despite their scale, pensions are failing to secure wellbeing in old age, and elderly poverty has become a political issue exploited by right wing populism in Germany. Looking at the notion of saving for old age as essentially misguided, I argue that a contractual framework of welfare will be fundamentally challenged by the ageing population. Examining the current failings of the PAYGO system, I consider how public provision of care and a capabilities based pension discourse can have much to contribute to economic organisation, the re-design of the pension system and to securing the means of social reproduction.