Wednesday, October 27, 2010

Reimbursement and voluntary contributions

German citizens have the option to pay voluntary contributions before they reach the age of 65. This could be sensible in order to close gaps for the obligatory 5 year period of contribution payments or in order to increase the future pension. Foreign citizens do not have the option to fill gaps for the 5 year requirement, but if this requirement is fulfilled they may increase their future pension with voluntary contributions. Persons who have paid contribution for less than 5 years and accordingly are not entitled to receive a pension, may claim for reimbursement of their contributions. While foreign citizens can do this at any time, a German citizen can apply for reimbursement only at the age of 65.

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