{"id":101240,"date":"2026-09-14T08:00:00","date_gmt":"2026-09-14T06:00:00","guid":{"rendered":"https:\/\/ru.law\/?p=101240"},"modified":"2026-09-01T16:33:26","modified_gmt":"2026-09-01T14:33:26","slug":"ueberschussbeteiligung-gekuerzt-rentenversicherung","status":"publish","type":"post","link":"https:\/\/ru.law\/en\/ueberschussbeteiligung-gekuerzt-rentenversicherung\/","title":{"rendered":"Profit sharing reduced \u2013 what insurers are allowed to do and what they are not."},"content":{"rendered":"

Why the promised pension often shrinks, which clauses must be transparent, and how large the gap to the forecast can be.<\/strong><\/h2>\n\n\n\n

Is your pension insurance paying out significantly less than promised at the time of purchase? The reason is usually a reduced profit participation. While you are generally entitled to a share of the profits, the amount is not guaranteed and the forecasts are non-binding. Even so, the insurer is only allowed to reduce payments within certain limits. Rogert & Ulbrich will review the policy terms and your actual payout.<\/p>\n\n\n\n

What profit sharing is and why it is decreasing<\/strong><\/h2>\n\n\n\n

The benefits of a private pension insurance policy consist of two parts: a guaranteed benefit and a non-guaranteed profit participation. Profits arise when the insurer earns more from the premiums or when costs and risks are lower than calculated. You participate in these profits.<\/p>\n\n\n\n

According to Section 153 of the German Insurance Contract Act (VVG), you are generally entitled to a share of the profits. However, the amount is not guaranteed. If returns decline, for example during a prolonged period of low interest rates, the profit share will be lower. Attorney Dario Kovac knows from his previous work on the insurance side how significantly this can affect the actual pension.<\/p>\n\n\n\n

Is your pension lower than expected? Don't accept the statement without checking it, because not every pension is correct. Benefit reduction by the insurer<\/a> is justified.<\/p>\n\n\n\n

Non-binding forecast: what the sample calculation is really worth<\/strong><\/h2>\n\n\n\n

At the time of contract signing, insurers often quote an expected pension that includes substantial bonuses in addition to the guaranteed amount. These figures are explicitly labeled as non-binding forecasts. They are based on assumptions valid at the time of signing and do not constitute a binding commitment.<\/p>\n\n\n\n

This means two things. Firstly, you cannot derive a claim to a specific pension solely from a forecast. Secondly, the insurer must not present the forecast in a misleading way. If the non-binding nature of the forecast is obscured or unrealistically high figures are emphasized, this can violate transparency requirements.<\/p>\n\n\n\n

It is therefore crucial to distinguish between guaranteed and projected values. Only then can you assess how much of your expected pension was ever actually guaranteed.<\/p>\n\n\n\n

Did their sample calculation promise a high pension? Have it clarified which part was guaranteed and which was only projected.<\/p>\n\n\n\n

Which clauses regarding profit sharing must be transparent<\/strong><\/h2>\n\n\n\n

Whether a reduction in profits must be accepted depends largely on the clauses in your contract. Case law imposes strict transparency requirements on such clauses. A regulation must clearly and understandably explain how profit sharing is calculated and what it depends on.<\/p>\n\n\n\n

Clauses that grant the insurer unilateral discretion without disclosing the criteria, or that are incomprehensible to policyholders, often fail to withstand scrutiny. Whether a reduction is valid is therefore often a question of... Contract interpretation and breaches of duty<\/a>. No one has to accept non-transparent or ineffective clauses.<\/p>\n\n\n\n

In addition to profit sharing, it is also worth looking at the cost clauses, because high costs reduce the basis from which profits can arise in the first place.<\/p>\n\n\n\n

Are their terms and conditions difficult to understand? Have them checked to ensure the profit-sharing clause is transparent and effective.<\/p>\n\n\n\n

How large the gap between forecast and payout can become<\/strong><\/h2>\n\n\n\n

In practice, the actual pension can be significantly lower than initially projected. There is no fixed upper limit for this deviation, as surpluses naturally fluctuate. Therefore, a shortfall alone does not automatically render a reduction impermissible.<\/p>\n\n\n\n

The decisive factor is not the size of the shortfall, but its cause. If it is based on decreased revenues and the forecast was clearly marked as non-binding, the reduction is generally acceptable. However, if it is based on opaque clauses, excessive costs, or misleading presentation at the time of conclusion, the reduction may be contestable.<\/p>\n\n\n\n

The path therefore always leads via the examination of the contract documents: the terms and conditions, the original sample invoice and the actual invoice.<\/p>\n\n\n\n

Is the difference from the forecast significant? Have the basis for it checked before you accept it.<\/p>\n\n\n\n

Profit sharing and pension factor: the relationship<\/strong><\/h2>\n\n\n\n

Closely linked to profit sharing is the pension factor. It indicates how much monthly pension you will receive for each unit of accumulated capital. Even if sufficient capital has been accumulated, a reduction in the pension factor can lower your pension.<\/p>\n\n\n\n

Some contracts guarantee the pension factor, while others reserve the right to adjust it at the start of the pension. The same transparency standards apply to such adjustments as to profit sharing. A reduction is only valid if the underlying clause is clear and comprehensible. Both factors combined\u2014reduced profits and a lowered pension factor\u2014can effectively reduce the pension twice.<\/p>\n\n\n\n

Has your pension been reduced due to surpluses and the pension factor? Have both of these factors checked together.<\/p>\n\n\n\n

What you should do if your pension is cut<\/strong><\/h2>\n\n\n\n

If your pension falls short of expectations, a structured review is necessary. These steps will help:<\/p>\n\n\n\n