Steuerung der betrieblichen Altersversorgung in Deutschland: garantierte Sicherheit ? Aus der Sicht eines Fachverbandes

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The reforms of Germany’s pension system (i.e. the fundamental pension reform of 2001 known as the “Riester pension reform”, as well as the implementation of the Pension Sustainability Act and the Retirement Income Act which became operative in 2005), which entailed a reduction of the state benefit level and an increased focus on occupational and private pensions, represented a fundamental socio-political challenge. The framework conditions in tax, social security and labour law in regard to occupational pensions have fundamentally improved in Germany since 2001. Successes have meanwhile become noticeable. The results of official studies have shown that since the pension reform of 2001 a lot has been achieved, even if Germany will still have a long way to go to reach the socio-political goal of a nationwide occupational pension: The share of workers covered by a social security insurance with occupational pension promises in the private industry was at 46% (on 30 June 2004, as compared to 38% as of 31 December 2001). The equivalent share of workers in the private industry and the public service was at 64% (31 December 2007). Trade unions and factory committees are involved in all levels of governance processes as regards occupational pensions. This helps to make sure that the various needs of the employees of the different industries are met. It also helps promote the idea of occupational pensions. An important part of the safety net of the German occupational pension system is the protection against insolvency. In Germany, occupational pensions are reliable – even in the case of insolvency on the part of the employer. The Pension Security Association PSVaG, which guarantees the payment of occupational old-age pension benefits in the event of insolvency, commenced business operations on 1 January 1975. The basis of its activity is the Improvement of Occupational Pension Schemes Act, BetrAVG. The employees’ representatives are members of the consultative panels of the PSVaG. “Safety first” is the motto of German occupational pension systems. Guarantees are typical for those pension plans. Therefore, the investment structures are rather conservative. This has been an advantage in regard to the current financial crisis, since the German system has been coping much better than many other occupational pension systems in Europe.