Tens of thousands want to transfer large sums to the state pension fund in order to retire earlier. This is also a vote of no confidence against banks, insurance companies and investment companies.
It was not so long ago, as was the statutory pension insurance as a kind of phasing out. Too little return, to limited investment opportunity, and in general: everything too dusty and too boring. Does not the principle of social insurance stem from Reich Chancellor Otto von Bismarck's time? On the capital markets, according to the public opinion, there is much more to be had today.
A near-meltdown on the world financial markets later, plus a now felt eternity with mini-interest on bank deposits, and the picture has changed. Suddenly tens of thousands are interested in retiring prematurely – and voluntarily transferring parts of their financial assets to the Deutsche Rentenversicherung in order to avoid the deductions due. These are sizable sums up to the middle five-digit range. If this is not a sign, it even looks like a vote of no confidence against banks, insurance companies and investment companies – people could also deposit their money there. But apparently the state today enjoys more confidence among several citizens. The government helped a bit with the Flexirentengesetz. Since 2016, even 50-year-olds can begin to pay extra money at the pension fund, to go as a 63-year tee-off into retirement.
But even investment professionals admit, albeit reluctantly, that going to the DRV advisers is definitely worthwhile. On the one hand, because bank interest rates are so unattractive and the capital markets are so incalculable in the long term. On the other hand, also because there are no hidden fees or commissions with the state-organized pension fund, no pitfalls that only a few years later or never notice. In addition, there is certainly the benefit of future pension increases; It has just been announced that the pensions for the first of July in West Germany will increase by 3.18 percent and in eastern Germany by 3.91 percent.
But it is also true that most of those who are insured in the statutory pension fund can not afford such high special payments with the best will. For them, this is a luxury issue they will never face. Your reality is different. They feel better off with SPD Social Minister Hubertus Heil. He wants to improve the ground rent significantly. A hairdresser who has earned only minimum wage for 40 years, should no longer be compensated with a gross pension of 514 euros per month. In the future, so the promise, she will get 961 euros. Which is by no means one of the wealthy in this country.
Such employment histories are on the rise as it has become much more difficult for broad sections of the population to find permanently decently paid work. For all these people solid retirement is just an illusion. What offers the policy as an alternative, introduced under SPD Chancellor Gerhard Schroeder Riester pension, hardly helps – too bureaucratic, too complicated, too unattractive.
Especially unimaginative with new concepts is the Union
And those who engage with banks, insurance companies or other investment advisers always encounter the same problem: the information asymmetry between companies and customers. Insurers, for example, have many opportunities to design contracts in their favor – even to unfavorable mortality tables. But also banks and financial advisors enrich themselves by hidden fees and commissions. It is true that the legal obligation to uncover any pitfalls has long since been established. But the result looks so often: The overwhelmed customers are handed a pile of paper with a flood of information – ready to sign.
What can one learn from this? The statutory pension insurance must remain the pillar of the old-age insurance. However, after experiencing the Riester pension, the state has a duty to seek new ways to enable wealth creation at the bottom of the income scale. The Union, not even the Christian-Democratic workers, their socio-political wing, is particularly unimaginative, with its sensible ideas.
The reference to lush earnings opportunities on capital markets is certainly not enough. Anyone who has fortune can multiply their wealth by providing economic diversification; this is not the case when they lose money with securities. Those who have little money can not afford financial adventures.