The overall picture is a bit more complex. The conversion rate is a percentage that is used to calculate the amount of the pension. Using the comparison of a cake, the conversion rate defines the number of slices of cake or the size of a slice. What is relevant is how much money can be "converted." A high conversion rate is of no use if there is little to convert. At the same time, high conversion rates have to be financed. If there is too little cake available for retired people, this must be redistributed from the investment income of the working population. Current workers are then penalized twice over: They have less money now and in future, and conversion rates will undoubtedly be lowered subsequently.