What is Bismarck's pension trap?
David Blake is Professor of Pensions Economics and Director of Pensions Institute at the Cass Business School of City University, London. The Pensions Institute (PI) is the first and only U.K. academic research centre focused entirely on pensions research.
Under chancellor Bismarck, Germany introduced old age social security in 1899. With rising life expectancy, Germany today - as well as many other countries - faces the problem to support a growing number of retirees without bankrupting the economy. David Blake, director of the Pensions Institute explains the dilemma in 300 words.
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