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Lost Riester decade

Manfred Gburek Business Week 28/10/2010

The new investor protection law is to make the pension transparent and fair. The project is doomed to failure.

The Riester pension was not yet a decade old, claimed in late 2009 Gerd Billen, Germany's number one consumer advocates, the search for the right Riester contract is like a lottery. Sorry the man is right. Since, under its goal of retirement, after the former Labour minister has named a lot filled with complicated faulty construction, thanks to government subsidies, especially the coffers of their suppliers and vendors and this served to open doors for sales calls on insurance policies, funds, bank savings accounts and other financial products .
to this next year be the end. Anyway, when it comes to the draft of the new investor protection legislation. One of the key points in it: more transparency. But presumably this means that the state has been funded with tax presents the opposite of transparency: opaque constructs, with the help of which the first Providers have enriched. What is left for future retirees remains, is in the stars. The more so because it has particularly in the crisis year 2009 so many providers used the discontent of many customers with Riester contracts from competitors in order to turn those customers in exchange for the pension products of home.

gooders without a chance to lobby financial

More transparency will now be created on the basis of advice from the Centre for European Economic Research (ZEW). A laudable project - if, indeed if anything could be put as it seems reasonable or as the Riester pension at least at last to a pension can be worthy of the name. At the enforceability is to doubt, however, because neither consumer advocates Billen should still be his colleagues from the consumer centers and other do-gooders in a position to lobby the financial alchemists counter this, what could be the next big hit to investor protection law. For example
is a summary measure provided from which will emerge the yield reduction in the accumulation phase. As shrewd financial mathematicians are even smoking their heads when they should go out to substantiate this requirement: What yield? Reduction of what? Can the accumulation phase of an insurance product with a fund or even with of a bank savings plan compare at all? And all of which will be summarized in the code? What at first simply because reasonable - appears because it is only through a single index expression is not feasible. The lobby of the financial industry will not be missed, the picking apart everything down to the last detail.
addition, a phase in the payments of pensions paid-looking cost ratio are given. Here are back in business savvy financial mathematicians. The latest, however, should be reaching the limits of their arithmetic, if it is to make the tax-funded financial products comparable. About a fund policy of alliance with an equity fund from the House of Deutsche Bank? Or a bank savings plan Raiffeisen Bank with the living Riester of Schwäbisch Hall? Good luck!

not coping or unqualified

addition to investment advisers, so the sellers of financial products in general and Riester pensions in particular, will be added to the chain, primarily by the Financial Supervisory Authority. Only this completely overwhelmed authority grows so far been the work of the head, so they often must settle for a formal review. And if the draft law on savings eventually by the wishful thinking goes on, the investment advice for retirement and capital accumulation may take place but if you please to qualified personnel, it is doubtful whether the BaFin is to be responsible also for the corresponding quality control or whether this task but rather the individual financial firms leaves - to make this, its investment adviser to trim even more than before on sales success .
had quality tests in recent months of banks and savings banks are booming. It was noticeable that institutions devoted to the analysis of needs little attention. This can also be formulated as follows: The sale was in the foreground, recommendations were aimed at the over demand. Something like in the case of a simple stock tips (at banks not already available) just about make the other hand, the non-need-based analysis in the case of a bridge-decades old age lead to poverty in old age.

Attached skepticism

Here the question arises whether the analytical tool of the financial sector is still present. Skepticism is appropriate, otherwise we would be after a decade of Riester-Rente much further than having to go to the Investor Protection Act back to square one. Either way you turn things and objects that the needs assessment are the best, that every (r) for himself - tedious, but effective - even created. The sale between the requirements of their institutions and the needs of customers torn Investment Advisors are certainly in doubt, always follow the guidelines. In this respect, the proposed law can at best be only a tiny step towards retirement. Or you kloppt equal in the bin.