I suggest to the Government to stop misleading people by using the term "pension insurance". It is not insurance of any kind, because the basic conditions for insurance are not met:
1. there is no definition of the amount of the payout in the event of an insured event (retirement)
2. there is no definition of when the insured event occurs (e.g. the retirement age has increased by about 10 years in the last 20 years).
3. the amount of the monthly premium is not defined (the premium rate is constantly changing or increasing).
It is therefore not an insurance of any kind, as the State as "insurer" guarantees absolutely nothing! What is more, the State warns us all the time that, even if we pay a minimum of €300 a month for insurance, we should not expect a pension or should take care of it ourselves.
Amazingly, most people still think that the "pension insurance" contributions shown on their pay slip are accumulated in a special account and will be available to them when they retire !
I therefore propose to the Government that the use of the term "pension contributions" on the pay slip be banned and the term "pensioners' contribution" be used instead.