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.
private pension insurance
A private insurance contract that guarantees payment of a regular pension upon reaching a certain age. It serves as additional private retirement provision.
Neben der gesetzlichen Absicherung habe ich auch eine private Rentenversicherung abgeschlossen.
In addition to statutory coverage, I have also taken out private 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.
retirement provision
“Die Altersvorsorge” refers generally to all measures taken to ensure financial security in old age. “Die Rentenversicherung,” by contrast, is a specific type of insurance within this provision, either statutory or private. Use “Altersvorsorge” for the overall concept and “Rentenversicherung” when this specific type of insurance is meant.
Für ihre Altersvorsorge zahlt sie jeden Monat in eine private Rentenversicherung ein.
She pays into a private pension insurance plan every month as part of her retirement provision.
Für ihre Altersvorsorge spart sie jeden Monat und verlässt sich nicht nur auf die staatliche Rente.
She saves money every month for her retirement and does not rely solely on the state pension.
