Financial security in old age: eight tips for part-time employees

Beyond setting out all the risks, we mainly want to provide specific actions that you can take to avoid falling into the pension pitfall as a part-time employee.

• Adjust the coordination deduction to the level of employment
  Ask your employer to adjust the coordination deduction and the entry threshold for the pension fund to your level of employment. This is possible with many pension funds, including Tellco pk. The adjustment results in a higher pensionable salary in the pension fund and higher retirement capital. This also means, however, that the contributions of the employee (and the employer) are higher, so the monthly salary is lower.
• Insure your entire salary in one pension fund
  If you are employed by different employers, you should check whether it is possible to insure your entire salary in a single pension fund. This would allow you to avoid multiple coordination deductions, which result in a lower pensionable salary and ultimately smaller pension fund contributions.
• Join the Substitute Occupational Benefit Institution
  If you are employed but not insured with a pension fund (e.g. because your income is below the entry threshold), you can insure your salary with the Substitute Occupational Benefit Institution. Your employer is expected to contribute at least 50% of the contribution costs.
• Select savings plans in the pension fund
  Some pension funds have plan options, i.e. you can choose between different savings plans. The ones with the highest contribution rates will improve your pension fund benefits the most. Your monthly salary will be lower, however, as mentioned under point 1.
• Make a buy-in to your pension fund
  You have the option of voluntarily paying a certain amount into your pension fund. You can deduct this buy-in from your taxable income, so it is a way to save money on taxes, too. A buy-in to your pension fund also improves your old-age benefits. Pension fund buy-ins are particularly attractive for people aged 50 and above as a way to increase their income in old age.
• Set up a third pillar
  In addition to occupational pensions, third-pillar private pensions are increasingly important. If possible, set up a third pillar. Tellco, for example, offers an interesting digital solution. You can flexibly set the contribution level, which you can also deduct from your taxable income up to the annual maximum and thus lower your tax bill.
  Find out more about the third pillar.
• Private savings
  If you can manage, private savings are also a good idea. For example, you can invest a savings amount profitably in securities over the long term or invest it in an area of your choice and thus save additional pension capital.
• Work more
  Working more now also means higher pension fund benefits in retirement. Perhaps this is an option for you.