{"id":104280,"date":"2024-01-22T13:52:02","date_gmt":"2024-01-22T12:52:02","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/104280\/"},"modified":"2024-11-07T03:00:28","modified_gmt":"2024-11-07T02:00:28","slug":"ertragsrisken-kapitalgedeckter-pensionssysteme-3","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/104280\/","title":{"rendered":"Profitability Risks of Fully Funded Old-Age Pension Systems"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-104280","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"International studies call for converting the old-age pension scheme from the pay-as-you-go system to a fully funded system. Instead of immediately paying out collected contributions to old-age pensioners, as is the case in a pay-as-you-go scheme, income from contributions is to be invested in pension funds and paid out only at the time of retirement by way of a life annuity. A complete changeover to the fully funded system will cause substantial conversion costs. All old-age pension entitlements by insurees need to be refunded by the state either in cash or by issuing government bonds. This would bring to the fore the national debt hidden in the pension insurance system. The amount of entitlements, however, does not change by conversion to the fully funded system. Depending on whether redemption of pension claims is advanced or delayed, it is possible to redistribute the burden for current and future generations. The burden caused to future generations by the expected ageing of the population can be alleviated by advanced contributions or taxation. The effective yield of contributions paid into the pension insurance system is low for those insured today, but it shows little variation. In contrast, yields from investing in securities are markedly higher. But this gap is linked to a higher risk, i.e., capital investment may produce negative yields for several consecutive years. If Austrian households are rather risk-averse, investment of their pension portfolio in shares will lead to overall welfare loss. The low spread of share ownership and above-average concentration on income-securing measures by the welfare state are indirect indications of the general risk aversion prevailing in Austria.","onlinedate":"2001-02-23 12:00:00","lang":"German","publication_series":"","publication_date":"20010201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Ertragsrisken kapitalgedeckter Pensionssysteme; Profitability Risks of Fully Funded Old-Age Pension Systems\"]","jelcodes":"[]","related_publications":"[]","pdf":311301,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"74","monthly_report_pages":"121-128","monthly_report_pages_sort":"121","issue":"2","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":"2001-02-23 12:00:00","types":[44312],"research_groups":[3500],"collaboration":"","persons":[3899],"persons_data":"[{\"personId\":3899,\"personName\":\"Thomas Url\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Url, T.<\\\/span> (2001). <span>Ertragsrisken kapitalgedeckter Pensionssysteme<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>74<\\\/em>(2), 121-128. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/19674\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/19674<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Url T<\\\/span>. <span class=\\\"title\\\"><span>Ertragsrisken kapitalgedeckter Pensionssysteme<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 2001 Feb;74(2):121-128.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{ff46bf3e0f0a465d9c7db37ec15a828a,<\\\/div><div>  title    = \\\"Ertragsrisken kapitalgedeckter Pensionssysteme\\\",<\\\/div><div>  abstract = \\\"Die Umstellung des bestehenden Pensionsversicherungssystems auf ein Kapitaldeckungsverfahren wurde in den letzten Jahren vor allem in Deutschland mehrfach gefordert. Neben demographischem Wandel werden auch h{\\\\\\\"o}heres Wirtschaftswachstum, positive Besch{\\\\\\\"a}ftigungseffekte und die vergleichsweise hohe Rendite von Kapitalanlagen als Gr{\\\\\\\"u}nde f{\\\\\\\"u}r einen vollst{\\\\\\\"a}ndigen Systemwechsel angegeben. Kritiker bezweifeln die G{\\\\\\\"u}ltigkeit der Annahmen {\\\\\\\"u}ber die Reaktion des gesamtwirtschaftlichen Sparens bzw. des Arbeitskr{\\\\\\\"a}fteangebotes in solchen Modellen. Die \u2013 gemessen an der internen Rendite des Pensionsversicherungssystems \u2013 h{\\\\\\\"o}here Rendite einer Veranlagung auf dem Kapitalmarkt kann f{\\\\\\\"u}r sich allein kein Grund zur vollst{\\\\\\\"a}ndigen Umstellung auf eine Kapitaldeckung sein.\\\",<\\\/div><div>  keywords = \\\"Ertragsrisken kapitalgedeckter Pensionssysteme; Profitability Risks of Fully Funded Old-Age Pension Systems, Ertragsrisken kapitalgedeckter Pensionssysteme; Profitability Risks of Fully Funded Old-Age Pension Systems\\\",<\\\/div><div>  author   = \\\"Thomas Url\\\",<\\\/div><div>  note     = \\\"Kapitalgedeckte Pensionssysteme\\\",<\\\/div><div>  year     = \\\"2001\\\",<\\\/div><div>  month    = feb,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"74\\\",<\\\/div><div>  pages    = \\\"121--128\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Ertragsrisken kapitalgedeckter Pensionssysteme<\\\/p><p>AU  - Url, Thomas<\\\/p><p>N1  - Kapitalgedeckte Pensionssysteme<\\\/p><p>PY  - 2001\\\/2<\\\/p><p>Y1  - 2001\\\/2<\\\/p><p>N2  - Die Umstellung des bestehenden Pensionsversicherungssystems auf ein Kapitaldeckungsverfahren wurde in den letzten Jahren vor allem in Deutschland mehrfach gefordert. Neben demographischem Wandel werden auch h\u00f6heres Wirtschaftswachstum, positive Besch\u00e4ftigungseffekte und die vergleichsweise hohe Rendite von Kapitalanlagen als Gr\u00fcnde f\u00fcr einen vollst\u00e4ndigen Systemwechsel angegeben. Kritiker bezweifeln die G\u00fcltigkeit der Annahmen \u00fcber die Reaktion des gesamtwirtschaftlichen Sparens bzw. des Arbeitskr\u00e4fteangebotes in solchen Modellen. Die \u2013 gemessen an der internen Rendite des Pensionsversicherungssystems \u2013 h\u00f6here Rendite einer Veranlagung auf dem Kapitalmarkt kann f\u00fcr sich allein kein Grund zur vollst\u00e4ndigen Umstellung auf eine Kapitaldeckung sein.<\\\/p><p>AB  - Die Umstellung des bestehenden Pensionsversicherungssystems auf ein Kapitaldeckungsverfahren wurde in den letzten Jahren vor allem in Deutschland mehrfach gefordert. Neben demographischem Wandel werden auch h\u00f6heres Wirtschaftswachstum, positive Besch\u00e4ftigungseffekte und die vergleichsweise hohe Rendite von Kapitalanlagen als Gr\u00fcnde f\u00fcr einen vollst\u00e4ndigen Systemwechsel angegeben. Kritiker bezweifeln die G\u00fcltigkeit der Annahmen \u00fcber die Reaktion des gesamtwirtschaftlichen Sparens bzw. des Arbeitskr\u00e4fteangebotes in solchen Modellen. Die \u2013 gemessen an der internen Rendite des Pensionsversicherungssystems \u2013 h\u00f6here Rendite einer Veranlagung auf dem Kapitalmarkt kann f\u00fcr sich allein kein Grund zur vollst\u00e4ndigen Umstellung auf eine Kapitaldeckung sein.<\\\/p><p>KW  - Ertragsrisken kapitalgedeckter Pensionssysteme; Profitability Risks of Fully Funded Old-Age Pension Systems<\\\/p><p>KW  - Ertragsrisken kapitalgedeckter Pensionssysteme; Profitability Risks of Fully Funded Old-Age Pension Systems<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 74<\\\/p><p>SP  - 121<\\\/p><p>EP  - 128<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.3 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Profitability Risks of Fully Funded Old-Age Pension Systems - 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