AFAIK Germany doesn’t have an equal. We have state pension.
You pay 9.3% of your gross wage to the state pension and your employer pays an equal quantity. The pension of the retirees is financed by the working technology. You dont have a devoted account, you earn retirement factors that grant you a particular sum in the long run (based mostly on some components).
As you see this method solely works if there are extra working individuals than retirees. Because this isn’t the case anymore the german state is allocation ~150 billion € a yr (almost 25% of the yearly price range) to the state pension, simply to maintain the system operating. Oh and all that is obligatory for many of the employed individuals.