This book discusses the payout phase of the old-age pension saving scheme, the so-called effective premium, and offers detailed actuarial models and analyses of five old-age pension saving products used in practice. These include the basic permanent monthly annuity, without any benefits for survivors, as well as products which, in addition, also include benefits for survivors or authorized persons in the event of the pensioner’s death. The purpose of the book is to point out the method of determining future old-age pensions from old-age pension savings, and to present the advantages and disadvantages of such a pension. The book also emphasizes the role of the profitability testing of the products and answers questions concerning the effectiveness of old-age pension savings and insurance. The book is primarily intended for students of actuarial and financial mathematics and future economists.