German insurers urge continuation of pension reforms

The German insurance industry, represented by the GDV, is calling for the consistent continuation of pension reforms. At the Insurance Day in Berlin, GDV Managing Director Jörg Asmussen urged policymakers to adhere to the Pension Commission's recommendations despite political pressures.

Asmussen stated that the government's draft proposal is moving in the right direction to stabilize the statutory pension system. Key measures include limiting early retirement options, abolishing the pension at age 63, and linking the retirement age to life expectancy. He suggested that the resulting financial savings should be used to expand capital-funded systems.

Additionally, the industry highlighted a need to expand occupational pensions, particularly for small businesses. While 86 percent of employees in large companies have occupational pension entitlements, only about one in four employees in businesses with fewer than ten people have access to such schemes. Insurers have proposed a standardized basic product to simplify administration and portability for workers changing employers.