Fundamental changes have also been made to provisions for old age. Although compulsory pension insurance remains the single most important pillar of income in old age, in-company and private pension schemes are becoming increasingly important. The so-called “Riester pension” and the “Rürup pension” for the self-employed are models already in existence, enabling by means of tax concessions private pension schemes covered by capital contributions. The Owner-occupied Property Act also encourages residential property. Part of the reform involves raising the mandatory retirement age from 65 to 67: Between 2012 and 2035 the initial retirement age will rise by one month a year.