The earnings potential of a private pension insurance policy depends primarily on how a company invests the customer's money on the capital market. It is therefore particularly important to choose an insurer that is as financially strong as possible. Those who invest their contributions with a top provider often receive twice as much pension as with a weak company. Taking into account the long term of a private pension insurance, the choice of the insurer decides on a small fortune. The test reports from rating agencies, trade journals and other independent institutions provide consumers with an important overview of the best current offers.
6 times the mark "good" at Stiftung Warentest for private pension
In its 10/2014 issue, the magazine Finanztest examined a total of 39 offers for private pension insurance. In the case of the policies tested, customers receive a guaranteed pension commitment at the beginning of the contract. Only classic products without free fund investment were considered. A test from 2016 or even 2017 does not yet exist at the current status.
Those who are still looking for a private pension insurance will find the best offers with the tariffs of Europa (E-R1), Interrisk (SLR1) and Huk-24 (RAGT24). Insured persons receive the highest pension promises here. However, transparency was rated only "poor" for Interrisk and "sufficient" for Europa. In addition to pension commitments (40 percent) and transparency (10 percent), investment performance (40 percent) and flexibility (10 percent) were also taken into account in the overall evaluation.
The model customer was a 37-year-old policyholder who annually pays an amount of 1.pays 200 euros into the contract. For this, Europa Versicherung offers a guaranteed pension of 166 euros. Interrisk pays out a monthly pension of 164 euros and Huk24 of 162 euros. In comparison, the insurer ERGO only offers an annuity payment of 141 euros (overall rating "sufficient").
Best private pension insurance in Finanztest 2014
|Tariff R 2013S
The tested insurers offer their customers a lifelong pension. This is a clear advantage compared to other forms of savings. In addition, customers can still opt for a lump-sum payment until shortly before the start of their pension. In the test, this resulted in differences in benefits of up to 6.000 euros. The amount and duration of the deposit can be freely selected.
New offers from Allianz and ERGO in the test
The German Federal Financial Supervisory Authority (Bafin) has called on pension insurers to launch new products on the market. These are said to offer fewer guarantees and more opportunities for policyholders instead. The insurers ERGO and Allianz are the first to be rated. Their new policies offer no fixed interest rates and, in return, the hope of higher returns. Finanztest issue 05/2014) tested the two offers.
The "Allianz Perspektive" tariff is a classic pension insurance with a reduced guarantee and an increased surplus forecast. The contributions are mainly invested in safe interest-bearing investments. The insurer guarantees a minimum pension and, at the beginning of the pension, at least the amounts paid in. Finanztest considers the offer to be suitable for basic provision. However, this only applies to customers who opt for a lump-sum settlement. For all others a classical pension insurance is better suitable. With the Allianz offer, the monthly pension may be lower than with the classic products despite a higher credit balance.
With its "Rente Garantie" product, the insurer ERGO offers an annuity insurance that invests in funds and secures the guarantee for paid-in customer deposits via a reinsurer. As this is a fund-based offer, there is no minimum interest rate at all. On the other hand, this results in better return opportunities than with classic annuity policies. The experts at Finanztest do not currently recommend ERGO's "Rente Garantie" (guaranteed pension). The reason for this is the unclear quality of the investment funds.
Allianz offers best private pension at DISQ
The German Institute for Service Quality conducted a performance and service analysis of 15 insurers with an intermediary network in 2014. The following classic and unit-linked products were analyzed. The testers found considerable differences between the insurers, in particular in the case of the classic private pension. The provider with the highest payout, for example, was almost 30 percent higher than the provider with the lowest payout when surplus participation is taken into account. Overall, however, the insurers were certified as having quite convincing products. Half of the products evaluated achieved the best possible rating.