Germany: Digital pension overview before the end of the year

The German Pension Insurance has announced a digital pension overview that will be accessible before the end of this year. In the future, all overview data on expected pensions will be available here in bundled form. The written pension notification will additionally be retained.

Online portal with overview

An online portal is planned for this purpose, which will be accessible via the Deutsche Rentenversicherung website. After successfully logging in via the online function of the ID card, all users should not only receive an overview of the expected pension benefits, but also be able to change personal data. Furthermore, it will be possible to submit applications or contact the German pension insurance with questions. According to the Deutsche Rentenversicherung, the portal will work in a similar way to online banking. Scheduled to launch before the end of summer 2023, the project joins digitization efforts in the public sector.

Overall overview possible?

It was also announced that, in addition to estimating the expected statutory pension, information on occupational and private pension plans would also be retrievable. This would mean that it would actually be possible to obtain an overall view of all the benefits to be expected in old age. However, it is uncertain whether this will come about, as the German pension insurance fund would have to conclude agreements with the providers of private pension plans and exchange data for this purpose. It is not yet clear whether the private companies that offer pension products are willing to do so. Without them, the idea of a comprehensive overview would not be feasible.

It has also been clarified that the written pension notification will be retained. The online portal is intended as an additional service, not as a replacement. So all pensioners will continue to receive a regular letter from the German pension insurance company containing information about their expected pension benefits. From the age of 27, all insured persons who have paid contributions for at least five years will receive such information annually. From the age of 55, insured persons who have paid contributions for at least five years will be sent more detailed information every three years, replacing the annual letter.