During an old age pension insurance the insurant acquires a pension, thus the promise of the insurance company to make regular payments either up to the death of the insured person, who does not have to be identical to the insurant, or up to the expiration of an agreed upon period. It concerns thus a life insurance, more exactly" experiencing insurance ", and there are many details and variations, which can be called here not all.

As with each insurance receives the insurant exactly that back, which it deposits, less the costs (as so-called net premium), (that is the" statistical equivalence principle "). This is the expectancy value (bar value) of the abgezinsten future payments Z_i to dates t_ i:\mathbf {E} \ sum_1^ \ infty {a_i Z_i} = \ sum_1^ \ infty a_i \ mathbf {E} Z_i = \ sum_1^ \ infty a_i w_i z_i, with Abzinsfaktoren a_i, probabilities of experiencing w_i and agreed upon disbursement amounts z_i (it is a so-called" sum insurance "). Frequently one accepts constant amounts z_i = z, therefore is \ sum a_i w_i the so-called life annuity factor.

Because for sufficient large i the product is small a_i w_i, one can secure for a relatively small partial premium a deposit in case of experiencing, therein is based the great importance of the old age pension insurance for the age precaution.

Above formula two conditions enter with the interest rate and the dying board, which are problematic.

See also: Legal old age pension insurance

Variants

An eternal pension is a disbursement plan without Kapitalverzehr. It is not insurance.

Temporary life annuity is granted only for a limited time. Its expectation (bar) value is easy to compute, into one in above formula only terms with <math> i < k</math> considered. It plays a large role against expecting, because always then, if the pension is acquired not against single payment, but against current contributions (premiums), the insurant of the insurance grants such temporary life annuities (if it dies, ends the obligation to pay). Both pensions have the same bar value.

Organization

Insurants and insurance entrepreneurs can be identical (sometimes self-insurance called). This is frequently the case with so-called pensions, thus in the retirement paid purchases, for which by the insured one no premiums were paid.

These obligations, which can achieve a substantial height to evaluate in mathematical procedures and prove in the balance as pension resetting, are fundamental; accordingly the calculatory personnel expenditure increases.

Genossenschaftlich is among other things the legal old age pension insurance organized.

Acquisition-economically most offerers of private life insurances are organized, which offer old age pension insurances frequently as alternative to a single payment during a capital life insurance. Recently there is a genuine old age pension insurance with the Riester pension more frequently.

Interest rate and dying board

A problem with the computation of life annuities is the underlying interest rate. It may not be higher, than durably is to be gained, otherwise is not sufficient the capital; in addition, it may be to small not, so that the insurer does not have unjustified yields at the end (ways out: dynamic pension, surplus participation).

With the computation of the expectancy value the dying board of the insured ones is actually the basis, which one cannot naturally know. One makes do with existing dying boards and careful estimating. Apart from the well-known problem of the extension of the life generally (pension crisis) there is still that one that the respective insured ones do not represent a coincidental sample (bias), but perhaps particularly healthy and long-lived is.

See also

Pension, age precaution, legal old age pension insurance

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