- Old-age pension
- Occupational disability pension
- Survivor’s pension
- Death benefit
- Lump-sum for widows/widowers
- Support of rehabilitation measures
- Income-replacement benefits
The major advantages and features of our benefits are …
Flexible old-age pension
Old-age pension is paid no matter whether you continue to work or dispose of other pension rights or other assets.
Statutory pension age is 67 years. Transitional arrangements apply for those born before 1970.
The Articles (Satzung) allow old-age pension to be claimed prematurely on reaching the age of 62 years. If you were member of a German professional pension scheme before 01.01.2012, the eligible age is 60 years instead of 62 years. In the event of claiming pension prematurely, entitlement is reduced. The reduction depends on the date of the claim and the pension contributions actually paid up until that date.
Every member can waive receipt of the pension on reaching statutory pension age for a maximum of 3 years provided that contributions are not in arrears. By postponing the date of drawing old-age pension, the pension benefits are raised by an actuarial supplement. Contributions can no longer be paid after reaching statutory pension age.
No waiting periods
In contrast to statutory pension insurance, our members have full insurance cover immediately after payment of the first contribution.
Fair contributions
Each member receives the benefit corresponding to his/her contributions. The higher the pension contributions and the earlier membership commenced, the higher your pension will be on your entitlement; accordingly, benefits and consideration are in reasonable proportion to each other
Maternity protection and parental leave
Maternity protection and parental leave as periods without insurance contributions can be given special consideration for the calculation of pension.
Basic amount
The so-called basic amount is paid as additional pension component without any special contributions have to be paid therefor.
Higher insurance independent of age
NÄV grants every insured, without regard to age and without health examination, the possibility of raising the ongoing pension contributions up to the maximum contribution amount without imposing any special actuarial deductions. In contrast to many other pension providers, we take account of the fact that many insured persons are only able to pay the maximum contribution after achieving professional advancement - and therefore normally at a higher age.
Since the pension scheme came into being, the pension assessment basis has constantly increased and is today many times higher than the original value.
NÄV, as a large and effective pension scheme, is also equipped to meet the challenges of the future. Due consideration has already been given in full to the longer life span of members resulting from population changes by building up capital accordingly. As a result, NÄV has achieved a high degree of reliability for the future.
Occupational disability and survivors’ pensions
Occupational disability insurance is available to members as soon as they pay their first contribution. By adding back contribution years and a personal “basic amount” up to the age of 62 years, members immediately receive a high level of pension protection; in which case the latter is increased by a child supplement of 12% if occupational disability pension is drawn. A member who becomes occupationally disabled after reaching the age of 62 years is financially protected by being able to claim old-age pension (prematurely).
The add-back period also influences the survivors’ pension in the event that the member dies before reaching pension age because these are calculated from the member’s claim to occupational disability pension (excluding any child supplements).
Pension amounts are:
- 60% for the pension for widows/widowers or for the survivors of registered life partnerships
- 15% for the half-orphan’s pension
- 30% for the full-orphan’s pension
of the pension expectancy right or pension entitlement of the member. In contrast to statutory pension insurance, income is not taken into account against survivors’ pensions.
Note: In contrast to the statutory pension insurance, NÄV does not pay any contribution towards health insurance when pension is drawn. This disadvantage is, however, normally compensated for by the fact that pensions of NÄV paid for the same amount of contributions are normally higher than in statutory pension insurance.
On the death of the member, NÄV pays a death benefit in the amount of up to 2 monthly pensions.
In the event of remarriage, the widow/widower or the surviving registered life partner receives a lump-sum payment as compensation for the loss of the survivors’ pension.
NÄV supports measures for the preservation, improvement or restoration of ability to work by subsidising rehabilitation measures and granting income-replacement payments.