Before signing: check the effective costs in the product information sheet
In brief
A private pension insurance (private Rentenversicherung) pays a lifelong pension in old age; with many contracts you can choose a lump sum instead. There are contracts with a guarantee and fund-linked contracts, which usually have no guarantee (1).
The Verbraucherzentrale points out that costs often eat up a large part of the returns and that early cancellation almost always leads to losses (1). Only sign a contract whose contribution you can pay for many years.
This page explains terms and steps. We do not advise whether to take out pension insurance or which one; the decision is yours.
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We do not broker insurance. The intermediary is the provider named in the form. The form is in German; the terms in the tables will help you fill it in. The Verbraucherzentralen offer independent advice.
Key terms
| Term | Meaning |
|---|---|
| Garantiezins (Höchstrechnungszins) | Guaranteed interest, only on the part of the contributions left after costs. For contracts from 01/2025 at most 1.00% (1). |
| Effektivkosten | By how many percentage points per year the costs reduce the return. Shown in the product information sheet (Produktinformationsblatt) (1). |
| Rentenfaktor | Monthly pension per 10,000 euros of saved capital (1). |
| Kapitalwahlrecht | Lump-sum payment instead of a pension; possible with many contracts (1). |
| Beitragsfreistellung | You stop paying contributions; the contract continues (1). |
What to prepare
| Item | German term |
|---|---|
| Date of birth | Geburtsdatum |
| Monthly contribution you can pay long-term | Beitrag |
| When the pension should start | Rentenbeginn |
| With guarantee or fund-linked | klassisch / fondsgebunden |
| Occupation and type of employment | Beruf |
What to look at
- Costs. Acquisition, sales and ongoing costs reduce the return considerably. Verbraucherzentrale example: 100 euros a month over 40 years, 5% gross return and 2% effective costs give a 56% lower return (1).
- Early cancellation. Because of acquisition costs and cancellation deductions it almost always leads to significant losses (1).
- Guarantees. They apply only to the savings part after costs; guaranteed pension factors can be reduced in some cases (1).
- Tax. Unsubsidised pension insurance usually offers no tax advantage; lifelong pensions are taxed on the income portion (Ertragsanteil) (1).
- Add-on insurance. The Verbraucherzentrale advises taking out risk cover such as occupational disability separately (1).
Steps
- Work out how much you can pay every month long-term and when you need the pension.
- Request offers using the form above. You enter the details yourself.
- Compare the effective costs and the pension factor in the product information sheet (1).
- Check whether add-on insurance you do not need is included (1).
- Ask whether paying annually instead of monthly saves costs (1).
- Keep the application, the product information sheet and the policy.
Your rights in brief
- You can withdraw from the contract within 30 days (2).
- For contracts from 19 June 2026 the right of withdrawal expires at the latest 24 months and 30 days after conclusion, even if the information was faulty; serious errors are an exception (3).
- Instead of cancelling, you can make the contract contribution-free; which is better depends on the contract (1).
Please note
This page provides general information and points to a request form. We do not advise, do not broker insurance and do not recommend any specific insurer. You fill in the form yourself and conclude the contract directly with the provider. We may receive a commission for a request made via the form.
Sources (checked 11 October 2026, in German)
- Verbraucherzentrale – Private Rentenversicherung: Zur Altersvorsorge nicht die erste Wahl (as of 17 Apr 2026)
- Gesetze im Internet – § 152 VVG – Widerruf des Versicherungsnehmers
- Verbraucherzentrale Hamburg – Widerrufsrecht bei Lebens- und Rentenversicherungen: Was ändert sich? (as of 26 May 2026)