English to German Bus/Financial

The report ["EU Pension Reform"...] concludes that the preferred option for pension reform is a shift to 100% funding using a two stage transition path. The first stage would see a shift to partial funding, allowing a stabilisation of the PAYG system (Pay-as-you-go system), followed by a move towards a completely funded system with both private and public pillars.
The public pillar should act as a replacement for the old PAYG and be a compulsory savings and benefit system. The private pillar should be a voluntary, defined contribution system.