Working until 70 and losing the right to collect your pension early are among the changes Germany is considering as it tries to stop its retirement payment system becoming unaffordable.
An expert commission has recommended gradually raising the retirement age in line with life expectancy, tightening access to early retirement, and introducing compulsory retirement savings invested through a central fund.
The proposals are designed to reduce pressure on a system that relies heavily on today’s workers funding today’s pensioners.
Shorts
The plans have drawn comparisons with Sweden, which combines a state pension with investment-based retirement saving, and have prompted debate over whether the UK could learn from a similar approach.
