The Ifo Institute for Economic Research criticizes the tax-financed pension capital stock of 10 billion euros planned by the traffic light parties.
"This is not a suitable measure to ensure the sustainability of pension finances," said Ifo researcher Joachim Ragnitz on Monday.
The introduction of a capital stock in the statutory pension insurance is placing an additional burden on the working population in particular.
If the fund were later liquidated, each future pensioner would only get around one euro per month.
"Ultimately, this idea will only benefit the sellers of securities in the short term, because the pension fund will invest the 10 billion euros in the capital market," said Ragnitz.
The deeper sense of a capital cover is to build up a capital stock that can then be used later to finance pensions from its liquidation.
"Currently around 41 million insured persons in Germany are entitled to later pension payments," Ragnitz calculated.
"With a capital stock of only ten billion euros, you can pay out a one-time payment of around 240 euros to each retiree."
"Just a drop in the ocean"
Even if one assumes that the pension insurance can generate an above-average return with the money entrusted to it, "that is just a drop in the ocean that is really of no use to any pensioner". In order to actually achieve a stabilization of the statutory pension, one would have to build up a much higher capital stock than is now planned.
The SPD, Greens and FDP have set themselves the goal of strengthening the statutory pension and securing the minimum pension level of 48 percent.
There should be no cuts in pensions or an increase in the statutory retirement age.
The FDP achieved the entry into a "partial funding of the statutory pension insurance": "In a first step, we will add a capital stock of 10 billion euros to the German pension insurance in 2022 from budget funds," says the exploratory paper.