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Your pension amount in the SPS depends on the following factors: contributions paid, duration of payments and retirement age. However, since the contributions are capped, there is a maximum possible upper limit.
For the calendar year 2022, the so-called contribution assessment ceiling is 7050 euros per month or 84,600 euros per year. The contribution assessment ceiling for the East is 6,750 euros per month or 81,000 euros per year.
If you paid this maximum contribution into the pension fund for 45 years, you would have the following pension entitlement:
West: 3,290 euros per month
East: 3,150 euros per month
In reality, however, the average basic pension in Germany is significantly less than 1,500 euros per month.
Therefore, you should plan your pension early and save for your own retirement. A pension planner is very useful for this. This way you can easily determine how much you need to invest in your private pension in order to maintain your standard of living. ETFs or Rürup pensions are suitable for investing in retirement.
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.
Download our app and start gaining insight into your current and future finances.
