In Germany there is a constant agitation against the pay-as-you-go pension system. Now a stock pension as a funded pension has been introduced. This was decided because the pay-as-you-go pension system supposedly no longer works. But on closer inspection one can see that the pay-as-you-go pension system continues to work perfectly.
As a supposed measure against the demographic change the federal government has passed the so-called pension package (Rentenpaket) II. This is intended to ensure that the pension level does not fall below 48 % of the average wage by 2039. An increase in the pension level though is not planned. A stock pension would be agreed for this purpose. [1]
From the middle of 2030 the pension insurance system will be relieved by the revenue from a 200 billion euro fund. This fund or stock pension is supposed to be the generational capital. The money for this fund will initially be financed by debt. Direct investments from the federal government are promised to be added later. [1] [2]
However this means that the interest reduces the revenue and thus the relieve. Due to interest, administrative costs and inflation the fund must achieve a return of 7.5 % per year. For comparison the German fund for financing nuclear waste disposal (Fonds zur Finanzierung der kerntechnischen Entsorgung/KENFO) only achieved just under 5% per year in the years 2020 to 2022 inclusive. As a result money is being put into the stock market without any relief for the pension insurance system being expected. In addition once the fund reaches a certain total size the federal government can also withdraw money again for example to plug budget holes. [1] [2] [3] [4]
Src:[1] Nach monatelanger Debatte - Kabinett beschließt Rentenpaket 2024-05-29
https://www.tagesschau.de/inland/innenpolitik/rentenpaket-114.html
[2] Generationenkapital - So funktioniert die kapital-gedeckte Säule der Rente 2024-03-06
https://www.finanztip.de/aktienrente/#c104673
[3] KENFO fährt im Jahr 2020 Rendite von 8,3 Prozent ein 2021-07-01
https://www.dpn-online.com/news/institutionelle-investoren/kenfo-faehrt-im-jahr-2020-rendite-von-83-prozent-ein-125925/
[4] JAHRESBILANZ 2022 - Kenfo verliert mehr als 3 Milliarden Euro 2023-06-30
https://www.private-banking-magazin.de/portfolio-aktien-kenfo-verliert-mehr-als-3-milliarden-euro/
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