Germany Investment and Pensions
The Christian Democrat-led grand coalition has reactivated the process to reform a pension system hit by high costs and an ageing population. The process will follow two main paths: on one side reinforcing statutory pensions, which remain the central and most important pillar, and on the other side nudging people towards occupational and private pension savings.
Pension Funds in Germany - Country Report
Pensions in Germany report 2026: Berlin embarks on DC push
Legislative changes and the reform of private pensions remain hurdles to developing a sound retirement system
TOP GERMAN PENSION FUNDS 2025
Pension fund/entity | Assets (€’000)
- Bayersiche Versorgungskamer (BVK) | 117,000,000
- VBL | 65,000,000
- BVV | 34,789,396
- Siemens AG | 29,063,000
- Daimler AG | 22,550,000
©IPE Research; View the Top 1000 European Pensions Funds 2025 for a comprehensive market overview
Kenfo pitches for role in Germany’s Swedish-style pension reform
Germany’s pension reform could hand management of a new default fund to an experienced institutional investor
APG backs new STOXX ‘investable’ index framework, citing flexibility
Deutsche Börse subsidiary claims manager of Netherlands’ largest pension fund as one of two early adopters of its new IMI framework index product
Growing DC assets drive shift towards private markets in Germany
Rapid DC asset growth is encouraging German employers to increase allocations to growth assets and private markets
Germany picks DWS-led consortium for €6bn corporate bond mandate
German public pension reserves will invest up to €6bn in a DWS-managed Paris-aligned European corporate bond fund
German pension funds drawn into scrutiny over withholding tax fraud investigations
BaFin survey and court proceedings keep pension funds in focus as Germany pursues withholding tax fraud claims
TOP MANAGERS: GERMAN INSTITUTIONAL ASSETS
Company | Assets (€m)
- MEAG | 284,642*
- Union Investement | 229,910**
- Allianz Global Investors | 175,140
- DWS Group | 157,286
- DekaBank | 155,906***
- Generali | 103,665****
- BayernInvest 91,761
- Amundi | 69,027
- BlackRock | 61,408
- AXA Investment Managers | 60,101*
As at 31.12.24, *30.9.24, **29.11.24, ***30.12.24, ****31.12.23
©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report
Interviews
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Today’s pension debates have a nineties vibe
Pension policy was a hot political topic in Sweden in the 1990s – a debate that heralded a landmark policy to invest a small portion of workers’ contributions in capital markets. Some 30 years later, the same ideas are capturing the imaginations of European policymakers and think tanks.
Banks, asset managers poised to benefit from Germany’s pension overhaul
Proposed pension reforms could channel billions into German capital markets, creating opportunities for banks and asset managers
Kenfo pitches for role in Germany’s Swedish-style pension reform
Germany’s pension reform could hand management of a new default fund to an experienced institutional investor
APG backs new STOXX ‘investable’ index framework, citing flexibility
Deutsche Börse subsidiary claims manager of Netherlands’ largest pension fund as one of two early adopters of its new IMI framework index product
Growing DC assets drive shift towards private markets in Germany
Rapid DC asset growth is encouraging German employers to increase allocations to growth assets and private markets
Germany picks DWS-led consortium for €6bn corporate bond mandate
German public pension reserves will invest up to €6bn in a DWS-managed Paris-aligned European corporate bond fund
German pension funds drawn into scrutiny over withholding tax fraud investigations
BaFin survey and court proceedings keep pension funds in focus as Germany pursues withholding tax fraud claims
IPE DACH Briefing: Germany’s pension overhaul marks shift towards funded retirement
In the second pillar, industry experts are urging social partners to discuss ways to expand defined contribution pensions, including through auto-enrolment
Italian, German pension funds warn against compulsory SIU investment
Adepp and ABV reject mandatory pension fund allocations under European Union’s Savings and Investments Union
Today’s pension debates have a nineties vibe
Pension policy was a hot political topic in Sweden in the 1990s – a debate that heralded a landmark policy to invest a small portion of workers’ contributions in capital markets. Some 30 years later, the same ideas are capturing the imaginations of European policymakers and think tanks.
Metzler targets Germany’s emerging pension buyout market
Germany’s emerging pension buyout market is attracting new entrants with competing approaches to de-risking liabilities
IPE BEST PENSION FUND IN GERMANY AWARD WINNERS
- 2025 - Bosch Pensionsfonds
- 2024 - Bosch Pensionsfonds
- 2023 - Bosch Pensionsfonds
- 2022 - Bosch Pensionsfonds
- 2021 - Bosch Pensionsfonds
- 2020 - Bosch Pensionsfonds
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