Скачать или смотреть Retirement Products in Germany and Their Tax Implications

Retirement Products in Germany and Their Tax Implications

Germany’s pension system is built on three main pillars, designed to provide a combination of public, occupational, and private retirement income:
First Pillar: Statutory Pension Insurance (Gesetzliche Rentenversicherung – GRV)
This is the mandatory, state-run pension insurance scheme. Most employees and employers contribute through payroll deductions. The system operates on a pay-as-you-go (PAYGo) basis, meaning current workers’ contributions are used to fund the pensions of current retirees. The pension amount is determined by factors such as the individual’s earnings history and the duration of contributions.
Second Pillar: Occupational Pension Schemes (Betriebliche Altersversorgung – bAV)
These are voluntary, employer-sponsored pension plans. Employers can provide these schemes, and employees often have the option to contribute as well, frequently benefiting from tax advantages. Various structures exist within this pillar, including direct commitments, pension funds, and direct insurance models.
Third Pillar: Private Pension Plans (Private Altersvorsorge)
This pillar consists of individually funded, private retirement savings. The government supports private pension planning through tax incentives and subsidies. Common options include:
• Riester-Rente: A state-subsidized plan, particularly advantageous for families.
• Rürup-Rente (Basisrente): A tax-deductible plan, mainly designed for self-employed individuals and high earners.
Overall, Germany’s pension system combines a strong public foundation with flexible occupational and private options, allowing individuals to tailor their retirement planning based on their employment status and financial goals.

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0:42 Germany pension taxation
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