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The law distinguishes between a full or half orphan’s pension:
1. half-orphan’s pension – if one parent dies:
The SPS pays 10 percent of the pension due to the deceased at the time of death plus an individual supplement. The half-orphan’s pension of the accident insurance is 20 percent of the gross earnings of the deceased parent.
2. full orphan’s pension – if both parents die:
The SPS pays 20 per cent of the pension due to the deceased at the time of death plus an individual supplement. The half-orphan’s pension from the accident insurance is 30 per cent of the deceased parent’s gross earnings.
Note: Currently, the average orphan’s pension in Germany is only 160 euros per month. If you want to provide solid protection for your family, you should urgently supplement this statutory basic pension with private (old-age) provision.
In addition to securing your family, you should also plan early for your pension. It is best to consult a professional pension planner. You can’t invest in your own retirement provision early enough. There are various products for retirement, such as a Rürup pension, exchange-traded funds (ETF) or life insurance. Your pension advisor will tell you which form of saving is best for you. You can even save on taxes with a private pension.
At Horizon65 we can help you to determine if company pensions are worth it for you by using our mobile app to simulate its effect on your future taking into your existing investments and potential impact of inflation and taxation.
We regularly help our clients by comparing all the available company pension products on the market using our comparison portal or you can also directly get in touch with our experts to understand if it can be a good option for you.