As of: March 5, 2024, 9:48 a.m
By: Lisa Mayerhofer
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Your pension can be increased until April 2nd - with voluntary contributions to the pension insurance for 2023. (Symbolic photo) © Jonas Walzberg/imago images
Your pension can be increased until April 2nd - with voluntary contributions to the pension insurance for 2023. But not everyone is allowed to pay in.
An overview.
Munich – Many people rely on statutory pension insurance in old age in order to secure themselves financially.
But the pension you receive in retirement is often smaller than expected.
That's why it's good to take precautions early.
One possibility is to top up the statutory pension through voluntary additional payments.
For the year 2023, this only lasts until April 2nd, the German Pension Insurance North Bavaria announced.
More money through voluntary pension contributions: Who can pay in?
According to the German Pension Insurance (DRV), all people living in Germany who are not employed subject to compulsory insurance and are at least 16 years old can make voluntary contributions - for example, self-employed people.
Germans living abroad can also make the payments.
In addition, retirees who receive an early full old-age pension can also make voluntary contributions until they reach regular retirement age and thus further increase their pension.
Anyone who is compulsorily insured with pension insurance - which applies to most employees - usually cannot make voluntary additional payments.
But no rule without exception: Employees aged 50 and over can make voluntary compensation payments for expected future pension reductions, for example due to early retirement.
The Federal Association of Wage Tax Assistance Associations (BVL) points this out.
How much money can you pay in and how does the pension increase?
Anyone who makes a subsequent payment for 2023 can choose a monthly contribution amount between the minimum contribution of 100.07 euros and the maximum contribution of 1,357.80 euros.
Because this is quite late, there is a disadvantage: At the start of 2024, the amount to be paid for 2023 has increased by around four percent, explains the DRV.
How much more pension can be expected in an individual case can be determined using an online calculator on the information portal
Ihr-sorge.de
.
Free advice can also be obtained from the German Pension Insurance service telephone on 0800/10 00 48 00.
Are there any advantages to additional payments into pension insurance?
Yes.
The additional payments not only increase the subsequent monthly pension, they also help, for example, to meet the waiting period for an old-age pension or the insurance requirements for rehabilitation services.
And if you don't have enough contribution periods, you can use voluntary pension contributions to close gaps in your insurance account.
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How does the payment of voluntary pension contributions work?
The transfer must be directed to the responsible pension insurance provider.
The carrier's account details can be found on the respective website.
If you don't know which provider he or she is insured with, you can find the information in the annual pension information.
It is important to state the insurance number and the period for which the contributions should apply in the subject line of the transfer.
Once the transfer has been received, the pension insurance provider will issue a contribution certificate.
With material from dpa