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Pension information: Interpretation of the pension numbers
Find out how to read your pension notice correctly and how much pension you are actually entitled to. Experts explain the different amounts and what they mean.
Pension information: Interpretation of the pension numbers
Every year many people receive a pension notice from the German Pension Insurance (DRV), which often causes confusion. The numbers on this letter contain important information about your future pension. The amount that best reflects your future pension is the standard old-age pension, which indicates your expected gross income. However, it is important to note that annual pension adjustments are not taken into account and can have a significant impact on the final pension amount.
If you cannot work until you reach your standard retirement pension for health reasons, the disability pension is relevant for you. This offers protection even if you cannot work until the normal retirement age. The pension notice also contains information about the pension entitlement that will end up in your account from retirement age.
It is important to understand that the amounts on the pension statement are gross values. Contributions to statutory health and nursing care insurance are deducted from these gross pensions. Taxes may also be due, which affect around 6.3 million pensioners in Germany. The exact amount of taxes depends on various factors, such as the amount of the pension, the number of children and the deductible expenses.
Pensioners pay half of the contributions to statutory health insurance and nursing care insurance. Taxes apply to single pensioners, while married pensioners are dependent on the spouse's taxable pension. Time spent raising children and other factors can increase pension entitlements and influence the final pension amount. It is advisable to view the pension documents at the DRV in order to get a precise idea of your own entitlements.