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Research Paper (undergraduate) from the year 2011 in the subject Politics - Political Systems - Germany, grade: 1,0, University of applied sciences, Düsseldorf, course: Economics - MBA, Master of Business Administration, language: English, abstract: This paper surveys the situation of the German pension system after a sequence of reformswhich started as a fully funded system implemented by Bismarck during the 1880s, with amandatory retirement age of 70 years when male life expectancy at birth was less than 45years. Today, life expectancy for men is more than 80 years.After a long and arduous debate in the German Bundestag, agreements on a comprehensivepension reform resulted in the pension reform of 1957, which mainly established changessuch as the normal retirement age at 65, the retirement at the age of 60 for elderlyunemployed, the retirement for women at the age of 60 and, at last, the introduction ofdynamic benefits indexed to gross wages which had an immediate impact on the economicwellness of current retirees.Thereafter, the 1972 reform made the German pension system one of the most generous ofthe world, as it mainly opened the public pension insurance system to all workers withgenerous terms for back-payment of contributions and eased the terms and conditions forearly retirement by the implementation of the so-called 'flexible retirement', as discussed inchapter 1 of this paper.The following pension reforms discussed in this paper are the "Riester reform&#...