In its 03/2023 issue, the magazine “Finanztest” reports on the “Intensive talks on old-age provision” service offered by the German Pension Insurance Baden-Württemberg (DRV BW).
For more than 10 years, DRV BW has been offering detailed advice on old-age provision in its offices, in which statutory, company and private pension entitlements are analyzed. This range of services has been continuously developed over the past few years and is aimed at everyone who lives or works in Baden-Württemberg. “We offer everyone who is looking for advice on old-age provision in Baden-Württemberg the opportunity to be personally advised at one of our 19 regional service centers for old-age provision,” says Gabriele Frenzer-Wolf, director of DRV BW. “If you wish, we can also conduct the consultation via video,” she adds. This video consultation is increasingly appreciated as a convenient alternative.
Covert practice test performed
According to the article in the “Finanztest”, the old-age provision advice from DRV BW was examined in a practical test in September 2022. The test persons found the advice very helpful. They received an overview of their expected income in old age and assistance in determining their individual financial needs. This showed them whether there was a need for additional precautionary measures. For this purpose, the probable retirement income had to be calculated, taking into account the loss of purchasing power, social security contributions and tax aspects. The conclusion of the test persons of “Finanztest” was consistently positive.
Legal mandate fulfilled
The legislature has given the pension insurance institutions an important function as guides in questions of additional old-age provision. “We and our experts take this job very seriously,” emphasizes Frenzer-Wolf. Therefore, around 90 minutes are planned for the talks in order to include all aspects, for example from other contracts.
The aim of the old-age provision advice is to impart the necessary knowledge for acting independently to build up an additional old-age provision so that the right individual strategy can be taken – depending on age, income, marital status and personal security orientation. In a face-to-face meeting, the current pension situation is determined and the other options for company and/or private old-age provision, the different funding channels and the advantages and disadvantages of the most important types of products are then explained. “Our consultants are doing an excellent job. I am very pleased that this has now been confirmed by the “Finanztest”,” says Frenzer-Wolf.
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