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
BVK launches new unit to embed 2030 strategy and digital transformation
Germany’s BVK establishes Strategy & Transformation division to implement 2030 strategy while addressing US investment losses
German government, KfW Capital back €1bn Growth Fund II for start-ups
The fund is anchored by €200m from KfW Capital and €120m from the German government
Digital-first rivals push German consultants to adapt amid pension reforms
Germany’s pension reforms accelerate digital and hybrid consulting as neo-brokers capture growing investor demand
Germany passes private pension overhaul to drive equity investment
Germany approves equity-focused pension reform with cost caps, raising concerns over second pillar competition
Record funding ratios prompt DAX firms to rethink pension strategies, allocations
DAX firms achieved a 2.2% return on pension assets through active management, navigating a challenging economic and geopolitical environment, says WTW
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
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BVK launches new unit to embed 2030 strategy and digital transformation
Germany’s BVK establishes Strategy & Transformation division to implement 2030 strategy while addressing US investment losses
German government, KfW Capital back €1bn Growth Fund II for start-ups
The fund is anchored by €200m from KfW Capital and €120m from the German government
Digital-first rivals push German consultants to adapt amid pension reforms
Germany’s pension reforms accelerate digital and hybrid consulting as neo-brokers capture growing investor demand
Germany passes private pension overhaul to drive equity investment
Germany approves equity-focused pension reform with cost caps, raising concerns over second pillar competition
Record funding ratios prompt DAX firms to rethink pension strategies, allocations
DAX firms achieved a 2.2% return on pension assets through active management, navigating a challenging economic and geopolitical environment, says WTW
Dental pension fund swaps Apollo loan for direct financing in de-risking move
VZB, Berlin’s dental pension fund, replaces Apollo loan with direct financing to mitigate economic and legal risks
Mandatory pensions seen as key to boosting SME coverage, German study finds
German SMEs favour mandatory pensions as low-earner coverage weakens and voluntary schemes lose traction
DAX firms push fully funded pensions despite regulatory complexity
German corporates increasingly fund pension liabilities fully, strengthening governance, reducing risk, and supporting profitability amid regulation
Pension funds drive recovery in German Spezialfonds after lean years
German pension funds led a sharp rebound in Spezialfonds inflows, as institutional demand recovered strongly in 2025
Germany eyes boost in pension investment via global equities
Policymakers and industry push to expand occupational and private pensions, eyeing equity markets to drive returns
IPE BEST PENSION FUND IN GERMANY AWARD WINNERS
- 2024 - Bosch Pensionsfonds
- 2023 - Bosch Pensionsfonds
- 2022 - Bosch Pensionsfonds
- 2021 - Bosch Pensionsfonds
- 2020 - Bosch Pensionsfonds
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