[Intergenerational equity is more than pension financing].
Public old age pensions--often termed the "generational contract"--are part of a broader system of exchange among generations which must be assessed in its entirety when issues of generational equity are at stake. The paper discusses the elements of this exchange system on the basis of the German Aging Survey, a large representative survey of the German population aged 40-85. Its empirical foci are two domains that are usually neglected in the public discourse on generational equity: the productive activities of the elderly and the transfers between generations in the family. The results demonstrate that the elderly contribute substantially more to societal welfare than has become visible so far.