Good Day from Germany, where the state pension system is set for reform. The current pay-as-you-go model is coming under growing pressure: fewer workers are paying in, while more retirees are drawing benefits. To ease the strain, the govt plans to add a funded pillar to the system. Following the Swedish model, employees and employers would each contribute 1% of wages into a share-based sovereign wealth fund, which will inject “at least” €30bn per year into financial markets.