Asset managers are among those set to benefit from a shift towards capital-funded pensions without costly guarantees across Germany’s three-pillar retirement system.
Benjamin Heinrich, lead analyst at S&P Global Ratings, told IPE that neo-brokers and asset managers with a strong ETF franchise “could benefit more easily” from reforms to strengthen capital-funded pensions.
As reported, from next year existing Riester-Rente private pension arrangements with guarantees will be replaced by individual savings accounts offering lower costs and no capital guarantees.
Providers including DWS, JPMorgan Asset Management and Vanguard are working to launch new products next year.
Fidelity is “in close dialogue with banks and insurers” about partnerships on investment solutions and lifecycle investing, according to Christof Quiring, head of workplace pensions.
Further reforms could include the introduction of a capital-funded component in the first pillar and an expansion of occupational pensions.
The Federal Ministry of Labour and Social Affairs (BMAS) has invited social partners, professional bodies and industry associations to discuss second-pillar reforms, including auto-enrolment.
The first meeting is scheduled for 8 October in Berlin, with stakeholders expected to submit comments on the recommendations of the pension commission (Alterssicherungskommission) by mid-September.
The expansion of social partner-backed defined contribution (DC) plans could provide another source of growth for asset managers.
Assets held in DC plans increased by 98% between 2024 and 2025, prompting German companies to review their investment strategies and seek opportunities across public and private markets.
In Switzerland, pension funds are increasingly looking to invest in infrastructure.
Regulatory changes allowing infrastructure to be treated as a separate asset class within alternatives, combined with pension funds’ growing experience and positive investment results over the past year, are driving demand, according to consultants.
Core infrastructure assets in particular are increasingly viewed by Swiss schemes as a substitute for bonds.
Items to note:
- The IPE Real Assets Infrastructure & Natural Capital Global Conference & Awards 2026 is taking place on 17 and 18 September in Munich.
Luigi Serenelli
DACH Correspondent
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