We analyze the newly introduced German occupational pension scheme called target pension (“Zielrente”), which links the beneficiaries’ benefits during the retirement phase to the mortality experienced among the pension beneficiaries and the performance of the financial market, from a pension beneficiary’s perspective. We model the contract payoffs related to the target pension according to the new enhancement law on German occupational law. Specifically, we include two parameters in the plan design, one to control the surplus participation and one to control the loss participation. These parameters are chosen in such a way that the initial wealth of the retiree equals the initial value of the target pension. With the help of expected lifetime utility and wealth equivalent, we find that the target pension provides a meaningful supplement to the first and third pillar. Further, we find some comparative advantages of the target pension over the traditional pure defined benefit and some defined contribution plans from a policyholder’s point of view. Our analysis with reasonable parameter choices shows that target pension plans can be outperformed by defined contribution plans with variable annuities, while the latter are accompanied by a considerably higher ruin probability.

我们从养老金受益人的角度分析了新推出的名为目标养老金（“Zielrente”）的德国职业养老金计划，该计划将退休阶段受益人的福利与养老金受益人的死亡率和金融市场的表现联系起来。我们根据德国职业法的新增强法对与目标养老金相关的合同收益进行建模。具体来说，我们在计划设计中包含两个参数，一个控制盈余参与，一个控制损失参与。这些参数的选择方式使得退休人员的初始财富等于目标养老金的初始值。在预期终生效用和财富等价物的帮助下，我们发现目标养老金为第一和第三支柱提供了有意义的补充。此外，从投保人的角度，我们发现目标养老金相对于传统的纯固定收益和一些固定缴款计划具有一些比较优势。我们对合理参数选择的分析表明，具有可变年金的固定缴款计划可以优于目标养老金计划，而后者伴随着相当高的破产概率。