German workplace pensions ‘must double to cover pension gap’

German workplace pensions ‘must double to cover pension gap’

Contributions to German occupational pension plans fail to cover the pension gap arising from cuts to the country’s state pension, according to Willis Towers Watson.

In a study of 200 larger companies with pension plans, Willis Towers Watson found that benefits were insufficient to make up for falling payout-levels from the first pillar.

“To completely fulfill its socio-political role as the second pillar of the retirement provision, contributions to occupational pension plans would have to be doubled,” said Heinke Conrads, head of retirement for Germany and Austria at Willis Towers Watson.She added that this burden could not be carried by the […]

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.