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Die Bedeutung der Pensionsfonds für Altersvorsorge und Finanzmärkte

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  • Fuest, Winfried
  • Matthes, Jürgen
  • Pfister, Matthias

Abstract

Kapitalgedeckte Alterssicherungssysteme sorgen für niedrigere Beitragssätze bei gleich hohen Sicherungsperspektiven. Sie mindern die Personalzusatzkostenlast. Außerdem steigern sie Effizienz und Ergiebigkeit der Kapitalmärkte, beschleunigen das Wirtschaftswachstum und fördern den Strukturwandel. Doch anders als in den angelsächsischen Volkswirtschaften sind in Deutschland und in den anderen großen kontinentaleuropäischen Ländern die gesetzlichen umlagefinanzierten Rentensysteme immer noch dominant. Deshalb haben hier betriebliche Alterssicherungssysteme und die hierfür bedeutsamen Pensionsfonds nur geringes Gewicht. In Deutschland gibt es zwar inzwischen auch Pensionsfonds, sie werden jedoch anders als in den USA und Großbritannien durch restriktive Vorschriften behindert. Ein Ausbreiten der Pensionsfonds auf angelsächsische Dimensionen würde rechnerisch beispielsweise in Deutschland den Aktienmarkt um rund 50 Prozent und den Risikokapitalmarkt um deutlich über 110 Prozent aufstocken. Inzwischen bemüht man sich auf EU-Ebene um einen Abbau von Regulierungen, die eine europaweite Aktivität von Pensionsfonds behindern, um so auch für diese Finanzdienstleistungen das Binnenmarktprinzip durchzusetzen. Doch vor allem auf der Ebene der Besteuerung der Altersvorsorge ist eine weitergehende Harmonisierung erforderlich. Die Europäische Kommission plädiert in diesem Zusammenhang für eine generell nachgelagerte Besteuerung.

Suggested Citation

  • Fuest, Winfried & Matthes, Jürgen & Pfister, Matthias, 2001. "Die Bedeutung der Pensionsfonds für Altersvorsorge und Finanzmärkte," IW-Trends – Vierteljahresschrift zur empirischen Wirtschaftsforschung, Institut der deutschen Wirtschaft (IW) / German Economic Institute, vol. 28(3), pages 74-92.
    • Handle: RePEc:zbw:iwktre:156805
    DOI: 10.2373/1864-810X.01-03-04
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    1. Günseli Baygan & Michael Freudenberg, 2000. "The Internationalisation of Venture Capital Activity in OECD Countries: Implications for Measurement and Policy," OECD Science, Technology and Industry Working Papers 2000/7, OECD Publishing.
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    1. Matthes, Jürgen, 2002. "Internationale Kapitalströme, Triebkraft der Globalisierung," IW-Trends – Vierteljahresschrift zur empirischen Wirtschaftsforschung, Institut der deutschen Wirtschaft (IW) / German Economic Institute, vol. 29(1), pages 33-39.

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