The statutory pension is payed the moment the insured person has reached a certain age (statutory retirement age) and was at least statutory ensured for 5 years (general waiting period).
Insured, who were born before the 1st of January 1947, can retire when they have completed their 65th year of life. For later age groups, the general statutory retirement age will be steadily increased step by step between 2012-2029, from age 65 to 67.
The amount of the retirement pension depends on how long the statutory insured employment was lasting, as well as how high the achieved monthly income was.
There are also different forms of retirement pensions.