[Wirtschaft] Deutsche Rentenversicherung - Was eine Aktienrente bringen könnte und was nicht
Germany has a pay-as-you-go pension systems. So the part of the population of working age pays for people of retirement age. And after joining the pension the former working people are provided by the next generation.
By paying into the statutory pension one acquires the right to receive a pension. This pension is compulsory for employees. Self-employed people, freelancers and those not in employment can make voluntary contributions.
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.
Pension Package (Rentenpaket) II
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] [2]
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] [3]
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] [5]
Mackenroth Theorem
Generally it can bei asserted that a pension can only be generated by the working population. Whether this is collected through taxes or returns on shares is secondary. In economics this is also referred to as the Mackenroth theorem.
Consequences
Outsourcing the burden of pensions to foreign countries is obvious but still not expedient. Although capital imports could be created this would force an unbalanced foreign trade balance. Other countries would then have to take on more debt for Germany in order to finance the capital imports.
In fact the government is offering additional capital to the stock market. The stock market therefore has a victim that is willing and has purchasing power to whom bad stocks can be sold.
And in order to achieve the return the government has created an incentive to tax capital gains ever lower.
[Economics] German Pension System - How well it works despite Sabotage[Economics] German Pension System - Poverty in Old Age
[Economics] German Pension System - Comparison with Austria
Src:
[1] Rentenpaket II 2024-09-27
https://www.deutsche-rentenversicherung.de/DRV/DE/Ueber-uns-und-Presse/Presse/Meldungen/2024/240927-rentenpaket-2-erste-beratung-bundestag.html
[2] Nach monatelanger Debatte - Kabinett beschließt Rentenpaket 2024-05-29
https://www.tagesschau.de/inland/innenpolitik/rentenpaket-114.html
[3] Generationenkapital - So funktioniert die kapital-gedeckte Säule der Rente 2024-03-06
https://www.finanztip.de/aktienrente/#c104673
[4] 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/
[5] 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/
Kommentare
Kommentar veröffentlichen