Pension is granted due to educational achievement.

In a recent announcement, Wolf-Dieter Burde, the spokesperson for the German Pension Insurance, has revealed that contributions can now be paid retroactively for the school years between the ages of 17 and 18. This initiative opens up an opportunity for professionals who have completed a vocational training, attended a general education school, or obtained a university degree to boost their future pension.

According to Burde, the contribution rate in the statutory pension insurance currently stands at 18.6 percent, a figure that has almost multiplied by ten over the past ten years. This increase, combined with the potential returns of the statutory pension insurance, which currently range between 2.5 and 3.5 percent, can significantly increase the yield on pension accounts.

Contributors have the flexibility to choose their monthly contribution amount, ranging from €83.70 to €1,320.60, for the year 2022. The German Pension Insurance also considers up to eight years of vocational training as credit time in the pension account.

Longer illness or child-rearing times can cause the yield to exceed the current range of 2.5 to 3.5 percent. Annual pension increases can further enhance the returns. The number of employees who want to top up their future statutory pension through voluntary contributions is increasing, as stated by Burde. However, it's important to note that the age limit for this action is 45.

Wolf-Dieter Burde also expects the contribution rate to rise in the future. Despite the current returns, he emphasises that this action can increase future pensions, as announced by the German Pension Insurance Fund Braunschweig-Hannover.

It's worth noting that the speaker of the German pension insurance system who stated that the current returns of the statutory pension insurance are between 2.5 and 3.5 percent was not explicitly named in the provided search results. Nonetheless, the information provided by Burde offers a clear path for young adults to secure their future pensions.

The German Pension Insurance encourages those who are eligible to take advantage of this opportunity to secure a more comfortable retirement. More information can be obtained directly from the German Pension Insurance.