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Extra info for Apple Grove Pals - Help! Goat Is Being Helpful
The only difference reserves make in such a case is that pensions are ﬁnanced out of general taxation, rather than earmarked contributions, but the system is effectively pay-as-you-go. It is often taken for granted that pay-as-you-go pension schemes transfer resources from younger to older generations. Strictly speaking, the only intergenerational transfer necessarily implied by a pay-as-yougo pension scheme is that in favor of the very ﬁrst generation. 4). Apart from this inevitable transfer, a pay-as-you-go pension scheme makes it easier for a government to surreptitiously make transfers in favor of current workers and pensioners at the expense of future ones.
Up until now the Rentenversicherung has basically offered a predeﬁned level of beneﬁts. For any given work biography, an individual’s beneﬁt entitlements are a ﬁxed percentage (about 70 percent for an average earner with 45 years in employment) of current average wages. Contribution rates are adjusted annually to collect the funds needed to cover total pension expenditure. In order to maintain this Public Support for the Old 27 strategy, contribution rates had to be increased many times until the early 1990s.
As DB implies that individuals know in advance how much they will get in old age, such a scheme is obliged to adjust contribution rates, or accumulate reserves, in order to honor its commitments. The risk of a fall in the number or contributive capacity of new entrants, or of a low return to the assets held as reserves, is thus born by the generations currently making contributions (those of working age). More recently DC schemes have become more widespread. Subject to minimum pension guarantees, risks in a DC scheme are borne by the generations currently receiving beneﬁts (those of retirement age).