Part 4/12:
Rentenpunkte (Pension Points): Each year, your salary is compared to the national average. If your income matches the average, you earn one pension point; less income yields fewer points, and higher income more.
Zugangsfaktor (Access Factor): This adjusts the pension based on when you retire. If you retire exactly at the standard retirement age, this factor is 1. Early retirement reduces the factor, resulting in a smaller pension.
Aktueller Rentenwert (Current Pension Value): Reflects the monetary value of one pension point, tied to the average net income but also influenced by political decisions.
Rentenartfaktor (Type of Pension Factor): Differentiates types of pensions; for standard old-age pensions, the value is 1.