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The Pension ChallengeRisk Transfers and Retirement Income Security$
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Olivia S. Mitchell and Kent Smetters

Print publication date: 2003

Print ISBN-13: 9780199266913

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199266913.001.0001

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Money-Back Guarantees in Individual Pension Accounts: Evidence from the German Pension Reform

Money-Back Guarantees in Individual Pension Accounts: Evidence from the German Pension Reform

Chapter:
(p.187) Chapter 9 Money-Back Guarantees in Individual Pension Accounts: Evidence from the German Pension Reform
Source:
The Pension Challenge
Author(s):

Olivia S. Mitchell (Contributor Webpage)

Kent Smetters (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199266913.003.0009

This chapter examines Germany’s alternative system for retirement financing. The government offers significant tax relief for investment products that guarantee that the cash value of individual pension accounts at the end of the accumulation period will be at least as high as the nominal sum of the contributions. Various strategies aimed at combining potentially return-increasing properties of equity investment with the risk-reducing characteristics of bond investments are analysed.

Keywords:   Germany, pension reform, individual pension accounts, money-back guarantees, bond investments, equity investments

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