Versorgungswerk (pension scheme)

A Versorgungswerk is a specialized pension scheme in Germany designed for professionals like doctors, lawyers, and architects. It functions as a professional retirement fund where members contribute during their working years, and these contributions are invested to generate income for retirement. Unlike general state pensions, Versorgungswerke are tailored to the needs of specific professions, often offering additional benefits and security. They are usually managed by professional associations or chambers, ensuring both the profession’s standards and members' retirement income are protected. In essence, it's a dedicated, profession-specific retirement plan that supplements other pension sources.