Abstract
Statutory pension schemes, which constitute “pillar one” of the EU pensions system, are financed by the state from current revenue on a pay-as-you-go (PAYG) basis. At present, first pillar pensions are still by far the most important form of retirement provision, with state pensions accounting for an EU average of well over 80% of pension payouts,3 and 75% in Germany.4 The long-term goal of many pension reform initiatives is to grow the second and third pillars of the pension systems to relieve pressure on pillar one (see Table 8).
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© 2003 Otto Loistl and Robert Petrag
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Loistl, O., Petrag, R. (2003). The Scenario Today. In: Asset Management Standards. Finance and Capital Markets Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781403946058_2
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DOI: https://doi.org/10.1057/9781403946058_2
Publisher Name: Palgrave Macmillan, London
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