If you do not opt for a one-off payment:
Is the baV also inheritable or can it be deferred to either a spouse/life partner or children?
I don't want to tell you this, but I saved 30k in the Allianz Klassik pension from my first employer and then closed it down 200 times. In my early 20s I had no plan and simply closed it 🫣☺️. There was no real internet back then... 🤓
Is the baV also inheritable or can it be deferred to either a spouse/life partner or children?
I don't want to tell you this, but I saved 30k in the Allianz Klassik pension from my first employer and then closed it down 200 times. In my early 20s I had no plan and simply closed it 🫣☺️. There was no real internet back then... 🤓
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7Mon
@Papiertiger
If you choose the guaranteed pension, you give virtually your entire capital to the insurance company, which then guarantees to pay the pension factor until the end of your life. That's €24 per €10,000 of capital, i.e. just under 3%pa. In the event of death, everything remains with the insurance company, no transfers. So a completely uninteresting option.
The Allianz Klassik Rente is a bAV? That was the name of my private pension plan that my mother took out for me back then. The bAV is actually called Allianz Direktversicherung. Look, maybe you can still get out? After almost 20 years of stock market boom, my Allianz Klassik had only just reached +-0. When I realized that, I was really angry and looked for alternatives. It wasn't easy because nobody gives you proper advice and just wants to push their stuff with half-infos. But in the end I ended up with mylife, which is still quite young on the market.
If you choose the guaranteed pension, you give virtually your entire capital to the insurance company, which then guarantees to pay the pension factor until the end of your life. That's €24 per €10,000 of capital, i.e. just under 3%pa. In the event of death, everything remains with the insurance company, no transfers. So a completely uninteresting option.
The Allianz Klassik Rente is a bAV? That was the name of my private pension plan that my mother took out for me back then. The bAV is actually called Allianz Direktversicherung. Look, maybe you can still get out? After almost 20 years of stock market boom, my Allianz Klassik had only just reached +-0. When I realized that, I was really angry and looked for alternatives. It wasn't easy because nobody gives you proper advice and just wants to push their stuff with half-infos. But in the end I ended up with mylife, which is still quite young on the market.
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11
•@Epi Just rummaged through some emails: you're right, it's Allianz Direktversicherung Klassik. 31k guaranteed capital reached for pension in 2049.
on death 22k
On termination: 21.5k. Whether deductions and taxes are then added - no plan.
After I realized at some point, like you, that only +- 0€ comes out, I simply closed down, the 15% from the employer and tax advantage are all well and good. But with the lousy performance and high running costs + additional taxes + inflation on payout, the Allianz product is close to scam in my opinion 🥸
on death 22k
On termination: 21.5k. Whether deductions and taxes are then added - no plan.
After I realized at some point, like you, that only +- 0€ comes out, I simply closed down, the 15% from the employer and tax advantage are all well and good. But with the lousy performance and high running costs + additional taxes + inflation on payout, the Allianz product is close to scam in my opinion 🥸
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7Mon
@Papiertiger Yes, these key figures from Allianz Versicherungen are no fun. After doing some math, I decided to sell everything, regardless of costs and taxes. Because the capital there is simply dead. Turning 21.5k into 31k by 2049 implies a return of 1.5%pa. Before inflation! You're even better off cashing it all out and putting it in a money market ETF. At 3%pa, you'll have 45k in 2049. A world ETF runs at 7%pa up to 116k. So: if you can, free YOUR capital from this shackle, cash it out and put it in a broad ETF. Then the money works for you and not for the Allianz glass palaces! Just my opinion... 🤷
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11
•7Mon
@Papiertiger But before you press the sell button now: check whether you are allowed to cash out at all (the legislator has set limits) and check what taxes you would have to pay in the event of a payout, which you would have to take into account.
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11
•@Epi Well, that's great. Next week I'll get the documents out and call the Allianz aunt.
She was only able to tell me the real cost ratio (not just what it says) of almost 2.xx to 3.00% effectively on the phone after I insisted massively. Because writing is not possible.
I still don't understand why this baV business from large employers simply goes to Allianz or other expensive exclusives without any checks on profitability and why the products don't actually make much sense.
She was only able to tell me the real cost ratio (not just what it says) of almost 2.xx to 3.00% effectively on the phone after I insisted massively. Because writing is not possible.
I still don't understand why this baV business from large employers simply goes to Allianz or other expensive exclusives without any checks on profitability and why the products don't actually make much sense.
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Background: the employer is liable for a pension commitment to employees. Therefore, a good employer will only offer policies from the providers mentioned in order to have as little liability as possible. The employer doesn't care what the return is, the main thing is little liability!
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