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The German Public Pension System: How it Was, How it Will Be
National Bureau of Economic Research [NBER] 
June 3, 2004
Working paper by Axel Boersch-Supan and Christina B. Wilke. Excerpt: Germany still has a very generous public pay-as-you-go pension system. It is characterized by early effective retirement ages and very high effective replacement rates.... The paper delivers an assessment in how far [recent] reform steps will solve the pressing problems of a prototypical pay-as-you-go system of old age provision, hopefully with lessons for other countries with similar problems.
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