The three-pillar model splits a public scheme occupational plans and private savings into separate jobs

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Means-tested top-ups cut old-age poverty but erode the return on a lifetime of contributions A minimum pension guarantee tops up a small entitlement and then phases out against other income Germany's point system converts lifetime earnings into pension points rather than a final salary formula Contribution credits for years spent caring for children exist in most systems but are claimed late or never Raising the contribution rate and raising the retirement age solve the same cost from opposite sides A plan freeze stops accruals for new hires and sometimes for everyone already enrolled The PBGC guarantees the monthly benefit up to a statutory cap if a single-employer plan runs out of money Cliff vesting at five years means leaving at four years and eleven months pays nothing from the employer side A defined benefit formula multiplies final average salary by years of service and an accrual rate Withdrawing from a multiemployer plan can trigger a liability payment that a small contractor cannot survive