Rürup pensions revoked: Incorrect basic pension contracts – expert tips for early payout

Rürup pensions revoked: Incorrect basic pension contracts – expert tips for early payout

According to a report by amp.focus.de, there are a large number of defective basic pensions taken out between 2008 and 2010. Many self-employed people have taken out a so-called basic pension, also known as the Rürup pension, to provide for their retirement. The legislature offers lavish tax advantages because most of the contributions paid can be deducted from taxes. However, high costs mean that in many cases the value is lower than the sum of the contributions paid, even years after the policy was taken out. Termination is usually not possible, and payments are only made when you reach retirement age, which can be particularly problematic for the self-employed.

According to the Federal Court of Justice (BGH), Allianz Versicherung provided incorrect information about the cancellation period when revoking a basic pension. This error means that the cancellation period does not begin to run and a contract can still be canceled years after it was concluded. This not only affects Allianz, but also numerous other insurance companies, and the BGH ruling relates to tens of thousands of contracts.

The impact on the market and consumers is significant. Insured persons who are interested in reversing and early payment of their basic pension should have their contract checked by a lawyer, for example from the Revocation Interest Group free of charge. This could lead to a flood of reversals, which would result in high costs for insurance companies. There could also be a shift in retirement provision products, as a loss of trust could lead to a change of provider. It is therefore advisable for insurance companies to carefully check their contract documents and correct them if necessary in order to avoid legal consequences.