As private asset‐based welfare like funded occupational pension schemes gain importance, legitimacy concerns arise due to financial market downturns and low investment returns. This paper assesses their input legitimacy by distinguishing between individual‐direct and collective‐representative input possibilities in decision‐making processes. We argue that individual‐direct input possibilities decrease while collective‐representative input possibilities increase with occupational pensions' compulsion. To test these hypotheses, we compare voluntary occupational pension schemes in Austria, Spain, and Ireland with (quasi‐)mandatory schemes in the Netherlands and Denmark, using Germany as a test case due to recent reforms enhancing their importance. Our institutional analysis and novel survey reveal that compulsory occupational pensions are associated with lower individual‐direct and higher collective‐representative input possibilities. These findings underscore the critical role of participatory procedures in establishing legitimacy in private governance, suggesting they may strengthen public trust and satisfaction with non‐state governance.

中文翻译：

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评估欧洲职业养老金的投入合法性


随着基于私人资产的福利（如资助的职业养老金计划）变得越来越重要，金融市场低迷和低投资回报也引发了合法性问题。本文通过区分决策过程中个人直接和集体代表输入的可能性来评估他们的输入合法性。我们认为，随着职业养老金的强制，个人直接输入的可能性降低，而集体代表输入的可能性增加。为了检验这些假设，我们将奥地利、西班牙和爱尔兰的自愿职业养老金计划与荷兰和丹麦的（准）强制性计划进行了比较，以德国为测试案例，因为最近的改革提高了它们的重要性。我们的机构分析和新调查显示，强制性职业养老金与较低的个人直接投入可能性和较高的集体代表投入可能性相关。这些发现强调了参与式程序在建立私人治理合法性方面的关键作用，表明它们可能会增强公众对非国家治理的信任和满意度。