For pension advice, prefer not to go to pension insurance

The German pension insurance is supposed to advise employees on pension and private provision. But this advice only gets the school grade 4. A piece of advice from Stiftung Warentest speaks volumes.

Future retirees are best advised to find out what is in the pension notification on their own.

Dhe advice to the German pension insurance on old-age provision shows clear weaknesses according to Stiftung Warentest. “The result was not convincing, we could not award more than one sufficient”, said board member Hubertus Primus on Tuesday in Berlin. “That has to get better in the interest of the 55 million people with statutory pension insurance.” 80 testers had visited information and advice centers of the pension insurance to get advice on their old-age provision.

Pensioners have the right to receive free advice on all pensions from the statutory pension insurance. In addition to the statutory ones, this also includes Riester and Rürup, company and private pension entitlements. This should give insured persons the opportunity to assess their pension income after deducting taxes and social security contributions and receive information on how they can also close pension gaps.

It was above all the information on one’s own statutory pension entitlement that was “still acceptable” in the test, as Stiftung Warentest announced. Far too seldom, however, the consultants determined the total pension income from statutory, company and private pension schemes and gave advice on expanding pension entitlements. The testers therefore rated the sub-area “solving the consultation issue” as unsatisfactory.

In 80 consultations, only 15 consultants included all pensions – statutory, company, private – in the analysis, only 15 consultants used the in-house analysis sheet to systematically record pension entitlements, and only 14 consultants even addressed the topic of the pension gap.

However, there are hardly any alternatives to advice from the pension insurance. Stiftung Warentest advises you to get an idea of ​​your own provisions before the consultation.