Cancel or suspend a private pension insurance?

A private pension insurance can be canceled, but that is rarely the best solution. As with life insurance, you only receive the surrender value. For state-subsidized contracts, special consequences are added.

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Your chances of getting your money back

On cancellation of a private pension insurance, the surrender value is paid out (§ 169 VVG); costs reduce it especially at the start. Instead of canceling, you can often make the contract premium-free.

For subsidized contracts (Riester, Rürup), cancellation is particularly disadvantageous: allowances and tax benefits can be reclaimed, and a payout is in part not provided for at all.

What you should do now

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1. Clarify the type of contract
Check whether it is a non-subsidized or subsidized contract (Riester/Rürup).
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2. Ask for the surrender value
Have the current value and possible deductions communicated to you.
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3. Weigh up alternatives
Compare cancellation with premium exemption or suspension.
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4. Check the consequences
For subsidized contracts, clarify the reclaiming of allowances and tax benefits.

How to spot the scam

Subsidized contracts are canceled without regard to reclaims.
The surrender value is far below the payments made in.
Premium exemption as a milder option is not examined.

Frequently asked questions

Is it worth canceling the private pension insurance?

Often not. You only receive the surrender value, which is low especially in the first years. A premium exemption, in which you no longer pay in but keep the amount saved, is frequently the better choice.

What applies to Riester and Rürup contracts?

Here cancellation is particularly unfavorable. With Riester, allowances and tax benefits must be repaid. Rürup contracts are generally not cancelable at all, but can only be made premium-free. Check the consequences carefully.

Can I suspend the contract?

Yes, premium exemption is usually possible. Then you no longer pay premiums, but the capital saved is preserved and continues to earn interest. This way you avoid the losses of a cancellation and keep later options.

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General information for self-help, not legal advice (RDG). In case of a high loss or uncertainty: contact a consumer advice center or a lawyer.