What kind of events are protected?
The VBLextra provides the following pension benefits:
For more detailed information, please check the question A1 in the Pension ABC of the VBL
Is there a certain period to qualify for entitlements?
There is no qualifying/waiting period in order to be eligible for a pension.
This means pension benefits are accrued with the very first contribution you pay.
Who pays the contributions?
The contributions for VBLextra (WEST) are solely paid by the employer.
The contributions for VBLextra (OST) are paid both by the employer and the employee. Your part will be deducted from your salary.
What determines how the pension developes?
The pension benefits are accrued according to a point’s model. The pension point model means that you collect points as long as you are contributing. At the time you retire, the points are counted together and are converted into a monthly pension. The younger you are, the higher your income and age factor, and the more pension points will be accrued.
When can you receive regular old-age benefits?
Your old-age pension benefits from the VBLextra are payable, from the moment you are eligible for a statutory pension benefit in Germany. The German standard retirement age is raised from 65 to 67 years, depending on the date of birth.
You will find more information on the following link.
How is your pension benefit paid?
Your occupational pension amount is paid out in advance on a monthly basis. This is also the amount you can find on your annual pension statement.
You could also apply for a partial lump sum payment of your pension in the VBLextra.
Are your pension entitlements being adjusted?
After retirement, there will be no annual adjustment of the pension payment, with exemption of the VBLextra 01 insurance.
