Germany: Pensions and Investment News and Analysis
Latest news and analysis of pensions, asset management, regulation and trends in Germany from our award-winning journalists.
German pension funds pull out of Spezialfonds for first time
Spezialfonds recorded an outlfow worth €1.9bn from pension institutions in the first half of the year, an historic first
BVI favours active account requirements to strengthen EU clearing services
German fund industry association distances itself from EFAMA’s position
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Institutional investors propose key characteristics of credible engagement
Bank für Kirche und Caritas, Shareholders for Change and Union Investment ‘see need to work towards common industry standard’
Country Report – Pensions in Germany (March 2023)
Angela Merkel’s governments largely dodged the political hot potato of first-pillar pension reform, which means the current overhaul to the state system is overdue. But it barely gets to grips with the issues. For one, it does not deal with entitlements or increase the retirement age; second it introduces a funded component that will probably only take effect in the 2030s, when the post-war demographic peak is passing.
German institutional investors plan higher exposure to alternative credit
Versorgungswerke aim for an alternative investment quota of over 50%
German auditors call to reform law discounting occupational pension provisions
IDW proposes fixed discount rate reflecting a long-term average market interest rate
German employers consider de-risking pension promises a ‘key trend’, says Aon
Reducing risks relating to pension promises continues to represent a “key trend” for German employers, according to the Aon’s Market Report 2023.
Germany’s BVV turns full-service second pillar provider
BVV bundles its services in one unit
Germany: Fighting for innovation
The three-party coalition faces important decisions in coming months to reconcile differences over its planned reforms to all three pillars of the pension system
Resistance to Germany’s new buffer fund proposal
Last year, the manager of Germany’s pay-as-you-go first-pillar scheme, Deutsche Rentenversicherung, recorded income of €363bn, the largest share coming from contributions (€275.6bn), and €87.4bn in public subsidies.
North Rhine-Westphalia proposes law to cut Pensionsfonds funds
The state’s expenses will increase from €8.4bn in 2020 to €12.5bn in 2040
VBL hands out Master KGV mandate to HSBC INKA
The asset manager will focus on asset classes including private equity, infrastructure equity, private debt
DACH roundup: German portfolio managers lose ground
Plus: Swiss scheme to increase bond investments; BaFin strips asset management licence fom Adrealis; German pension dashboard adds three providers
German institutional investors slash Spezialfonds allocations
Net inflows into real estate almost halved
German doctors scheme boosts allocations to alternatives
The pension fund has increased allocations in private equity, private debt and infrastructure
Experts from German ministry call for standard occupational pension plan
Experts consider efforts to expand company pensions in small and medium-sized firms a better strategy than setting up a public fund in the third pillar
KENFO to invest assets of reformed first pillar in private markets
KENFO’s managers will invest the assets of the generational capital
DACH roundup: FCA gives go-ahead for GAM takeover by Liontrust
Plus: Universal Investment starts US equity fund with Montrusco Bolton; Ecclesia buys Pension Solution Group
German government moves to boost first pillar equity pension fund to €200bn
The plan is to turn the purely pay-as-you system into a partially capital-funded system
Commerzbank sets up new €10bn asset management firm Yellowfin
Yellowfin invests capital with an active approach, looking at trends on the capital markets
German experts endorse equity-geared public fund for third-pillar reform
Fokusgruppe Altersvorsorge recommendations have not given ‘a clear perspective’ on the future role of capital-funded pensions, says Council of Economic Experts
BASF Pensionskasse tweaks allocation, increasing bonds and private equity
The scheme made new investments in its three bond funds totalling €438m
DACH roundup: Returns on equities boost Swiss pension schemes’ funding ratios
Plus: BaFin lays out classification method for pension funds’ assets according to SFDR
DACH roundup: AllianzGI partners with DBR for pension transfer services
Plus: Pension schemes’ funding ratios of DAX, MDAX companies continues to rise; BaFin shows shortcomings on risk reporting; Swiss fund market’s volume shoots up
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