Pension reform is not only about retirement: Professor Jörg Rocholl at C-Level Insights
On Tuesday, 6 October 2026, the Centre for European Transformation (CfET) welcomed Professor Jörg Rocholl, President of ESMT Berlin and scientific member of Germany's Alterssicherungskommission (Rentenkommission), at Frankfurt School for the latest C-Level Insights: "From Savings to Sovereignty: The Capital-Funded Pension and Europe's Competitiveness". As the debate on Germany's pension reform continues, the evening offered an expert view from inside the commission. It was hosted together with CfET Co-Directors Professor Sascha Steffen and Professor Eckart Windhagen and brought together students, researchers and experienced leaders.
A central theme was what Germany can learn from countries such as Sweden and Norway, whose pension systems combine public default funds with private investment options. Although Germany is starting its transition towards a stronger capital-funded pension system later, Rocholl highlighted potential advantages, including the scale of its economy and greater flexibility to invest domestically.
Beyond securing retirement income, pension reform could also help address a major challenge for Europe's economy: the lack of growth capital. Germany has no shortage of innovative ideas, but companies often struggle to secure the financing needed to scale their businesses. By channelling more household savings into long-term investments, a stronger capital-funded pension system could support innovation, business growth and European competitiveness.
At the same time, Rocholl stressed that a capital-funded pillar should complement rather than replace the existing pension system. A gradual transition, supported by temporary tax funding, would be necessary to ensure stability for those approaching retirement.
Transparency and Exchange as Key to Successful Reform
Building public trust was another important topic of the evening. Transparency about how pension assets are invested and how financial markets work can help participants maintain confidence during periods of volatility. The example of Norway also highlighted the importance of close cooperation between academic research and investment management.
This exchange between research, policy and practice is central to CfET's mission. The discussion demonstrated how closely pension reform, capital markets and Europe's competitiveness are connected, while also addressing open questions around implementation and potential costs for employers and employees. Participants continued the conversation during a networking reception following the event.
About C-Level Insights
C-Level Insights is a lecture series organised by the Centre for European Transformation (CfET) at Frankfurt School of Finance & Management. The series brings together senior representatives from business, politics and academia to discuss key challenges and opportunities shaping Europe's transformation.