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  1. Knowledge
  2. ›Glossary
  3. ›Statutory Pension Insurance

Retirement

Statutory Pension Insurance

Statutory pension insurance (GRV) is the first pillar of retirement provision in Germany, funded by mandatory contributions from employees and employers.

Statutory pension insurance (GRV) forms the first pillar of retirement provision in Germany and provides income in old age.

It is financed by mandatory contributions that employees and employers pay together.

As the first pillar, the GRV is the foundation of retirement income for many people, yet it does not always fully cover the accustomed standard of living in retirement, so private provision can usefully supplement it. Figures are subject to change and this is not financial advice.

Related terms

Earnings PointsPension Level

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