«… till death do you part.» We are familiar with this phrase from the wedding ceremony, but we prefer not to think about it. If death does come before your time, your spouse can still rely on a pension from BVK.
The spouse receives money
Money is no substitute for a spouse. But it does at least help financially when you lose a loved one. Only people aged 45 or older are entitled to a spouse's pension. A spouse's pension is also paid out if you have children, if you are supporting a stepchild or foster child at the time of death, or if you are in receipt of at least half of a disability pension. If none of these conditions are met, you will receive a settlement from BVK amounting to five years of pension payments (or at least the savings accumulated to date).
The amount of the pension depends on the insured person's life circumstances and the timing of their death. If an actively insured person dies before reaching the age of 65, the spouse's pension amounts to 40% of the insured salary (or two-thirds of the insured person's disability pension if they were disabled). It is paid out until the deceased person would have turned 65, at which point the pension is calculated anew. It then amounts to two-thirds of the pension that would have resulted if the savings had been maintained until the deceased person turned 65 (under the «Norm» model»).
If an actively insured person dies after turning 65, the spouse's pension amounts to two-thirds of the pension to which the deceased person would have been entitled. Two-thirds of the pension is also paid out if a married pensioner dies. This amount may be reduced to one-third if the «Plus» model is chosen upon retirement.
Different conditions may apply to the pension amount that is used to calculate survivors' benefits depending on the chosen pension model. You can find out more about the different pension models here.
A spouse's pension may also be reduced in the event of a substantial age difference (15 years or more) or a brief marriage.