Policy and Market Failure in Retirement Pensions

Pension policy with regard to statutory pension insurance can be described as a failure, at least since the Riester pension. It does not secure the standard of living and many pensioners are poor despite their pensions. In addition to a reduction in benefit levels, unemployment and significant inequality in income distribution also contribute to these developments. The author calls for compensating for this market and political failure and for raising the pension back to its original level.