pension insurance
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statutory pension insurance
The statutory social insurance that provides financial security in old age, in cases of reduced earning capacity, or for surviving dependents, e.g. widows and orphans. In Germany, it is a main pillar of the social security system.
Jeder Arbeitnehmer zahlt monatlich Beiträge in die gesetzliche Rentenversicherung ein.
Every employee pays monthly contributions into the statutory pension insurance.
The word consists of 'Rente' (pension) and 'Versicherung' (insurance). The 'n' in between is a linking element that connects the two words. So the meaning is literally insurance for the pension.
Die Höhe der Beiträge für die Rentenversicherung hängt vom Einkommen ab.
The amount of the contributions for pension insurance depends on income.
To distinguish the two meanings, pay attention to the adjectives. If people speak of 'gesetzliche Rentenversicherung' (statutory pension insurance), they mean the state mandatory insurance. Words like 'privat' (private) or 'zusätzlich' (additional) point to a voluntary contract.
Die gesetzliche Rentenversicherung ist ein wichtiger Teil des Sozialsystems.
The statutory pension insurance is an important part of the social system.
In connection with statutory insurance, typical verbs are 'Beiträge zahlen' (to pay contributions), 'in die Rentenversicherung einzahlen' (to pay into pension insurance), and later 'eine Rente beziehen' (to receive a pension).
Mein Arbeitgeber und ich zahlen jeden Monat in die Rentenversicherung ein.
My employer and I pay into the pension insurance every month.
When it is about a private contract, the verbs 'abschließen' (to take out) or 'sparen' (to save) are often used. For example, you can say 'eine private Rentenversicherung abschließen' (to take out private pension insurance).
Es wird empfohlen, frühzeitig eine zusätzliche Rentenversicherung abzuschließen.
It is recommended to take out additional pension insurance early.
pension
'die Rente' and 'die Rentenversicherung' are closely connected, but they do not mean the same thing. 'die Rente' is the regular payment you receive later. 'die Rentenversicherung' is the system or contract from which this payment can come. This can be statutory pension insurance or private pension insurance. It is easy to confuse the words because both contain the word 'Rente'. Remember: the pension insurance organizes or secures the payment; the pension is the money itself.
Die Rentenversicherung schickt jedes Jahr einen Brief mit wichtigen Informationen.
The pension insurance provider sends a letter with important information every year.
Mein Vater plant genau, wie hoch seine Rente später sein wird.
My father is planning carefully how large his pension will be later.