Zurück zum Heft
Cover von: Distributional Effects of Subsidizing Retirement Savings Accounts: Evidence from Germany
Giacomo Corneo, Carsten Schröder

Distributional Effects of Subsidizing Retirement Savings Accounts: Evidence from Germany

Rubrik: Articles
Jahrgang 74 (2018) / Heft 4, S. 415-445 (31)
Publiziert 10.09.2018
DOI 10.1628/fa-2018-0017
Veröffentlicht auf Englisch.
  • Artikel PDF
  • lieferbar
  • 10.1628/fa-2018-0017
Beschreibung
We empirically investigate the distributional consequences of the Riester scheme, the main private pension subsidization program in Germany. We find that 38 % of the aggregate subsidy accrues to the top two deciles of the income distribution, but only 7.3 % to the bottom two. Nonetheless the Riester scheme is almost distributionally neutral in terms of standard inequality measures. Two effects offset each other: a progressive one stemming from the subsidy schedule and a regressive one due to voluntary participation. Participation is associated not only with high income but also with high household wealth.