Pensions in Germany forgo a percentage of their state pension. 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
Public pensions in Greece pensions with an accrual rate of 0.77%, thus collecting less when reaching retirement age. This rate increases progressively based on the number of years worked to a maximum of 2% for those who have contributed a minimum of 40 years. These pensioners are rewarded by being able to retire at the minimum retirement age of 62 while collecting their pensions at the maximum aforementioned rate of 2%, instead of collecting full pension benefits at the normal retirement age of 67. The other component is a state funded national pension based on years of residency. Pension amounts are determined by number