Pensions in Germany Pensions in Germany Pensions in Germany are based on a “three pillar system”. The scheme is based on the pay-as-you-go (or redistributive) model. Funds paid in by contributors (employees and employers) are not saved (or invested) but are used to pay current pension obligations. Civil servants in Germany do not pay any contributions themselves but their salaries are correspondingly lower than those in the private sector. Recent changes to the system mean that from 2012 to 2023 the retirement age will go up to 66 by 2023. From 2023 the retirement age will be increased by two months each year,
Pensions in Denmark pensions. These cover a significant portion of the population, sometimes much more than just the workforce. Supplementary pensions are institutionally and by ways of funding similar to the occupational system. In Denmark, the public pension consists of two tiers. The first tier provides a universal income to people over the age of 65. This pension is paid to anyone that meets its qualifications, regardless of a retiree's contributions. As of 2015, the maximum amount a person could receive was DKK 70.896 (US$10,081). However, it is means-tested, so it can be adjusted for higher income individuals. Normally, the pension is reduced