Occupational pension assets in Germany are reportedly on track to reach E4 trillion by 2030. Private pensions are also looking strong, with figures anticipated to rise to around the E3 trillion mark by 2030.

The report, published by accounting firm AT Kearney, also noted that despite significant tax privileges, German workers still appeared uncertain about the new ‘second pillar’ pensions being pushed by the government, suggesting that as many as 60% have yet to take advantage.

The report put the failure down to the complexity of the pensions and recommended that the government model a pension on the much simpler ‘401k’ plan in the US.