The German Pension Insurance sees itself as "on a really successful path" in digitization – the Digital Pension Overview will be launched in the summer.
Hamburg – The German Pension Insurance is announcing extensive changes in the course of digitization for the summer of 2023. The "Digital Pension Overview" will then be available to the general public on an online portal set up specifically for this purpose. This service has been in its pilot phase since December 2022, according to the German Pension Insurance.
According to the announcement, the portal of the digital pension overview will then show information on the different entitlements to retirement provision – whether statutory, company or private pensions. Thus, for the first time, all information about personal pension entitlements is bundled and mapped centrally.
Digital pension – When can everyone use the digital pension overview?
The results of the pilot phase are still being reviewed and evaluated. The functions of the pension portal will also be tested and evaluated. The digital pension overview will then be accessible to all citizens as early as this summer. At this point, however, not all providers of pension products will participate and not all forms of retirement provision will be displayed.
Retirement provision: Which pension entitlements are presented exactly?
When all entitlements will be visible depends on when all providers of pension products participate in the digital pension overview, according to the German Pension Insurance. Until then, the digital pension overview includes entitlements from statutory, company and private pension schemes.
In detail, these are:
- Pensions from compulsory schemes such as statutory pension insurance
- Occupational pension schemes in the private sector (direct insurance, direct commitment, provident fund, pension funds and pension funds)
- Supplementary pension for the civil service
- Subsidised private pension schemes (Riester pensions, Rürup pensions)
- Private endowment life insurance policies with payouts starting at the age of 60
- Retirement provision contracts in the form of fund savings plans with payouts starting at the age of 60
Digital pension: Is there an obligation to use the digital pension overview?
According to the announcement of the German Pension Insurance, the digital pension overview is initially a supplementary source of information. The use of the online portal is voluntary, free of charge and possible from any common Internet browser. Authentication is carried out with the electronic identity card in order to ensure the necessary data protection and data security.
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In order to allocate their own pension entitlements, users also need their tax identification number. The central office for the digital pension overview is currently examining whether other options for secure authentication can also be offered.
Digital overview of pensions: Is the data secure?
On the one hand, the online offer should be easily accessible, and on the other hand, it should meet the highest security standards. "In order to ensure the protection of personal data, access is only via very secure channels," said President of the German Pension Insurance Association, Gundula Roßbach. The pension insurance company is therefore working closely with the German Federal Office for Information Security (BSI) in the development of its digital offerings.
From summer 2023, the Digital Pension Overview will initially be offered as an additional service. (Symbolic image) © IMAGO/Zoonar.com/Yuri Arcurs peopleimages.com
Digital pension overview: Does the portal show pension gaps in retirement provision?
In order to identify a pension gap in the individual pension, the personal financial needs of the respective user would have to be known. These include, for example, the housing situation, the financial responsibility for other people or the personal lifestyle – information that is not available to the pension portal. Identifying a possible supply gap is therefore still the responsibility of the individual user.
"We are on a really successful path when it comes to digitization and automation," Roßbach emphasized. "Last year, the German Pension Insurance Association saved a total of 2018 million sheets of paper compared to 126, which is 630 tonnes" – also a considerable step in terms of environmental friendliness. (na)
