Germany: Pensions and Investment News and Analysis
There has been much talk and little progress in German occupational pensions in recent years – certainly when it comes to DC-style ‘social partner pensions’, introduced in 2018, where takeup has been minimal. Now the government is looking reform the law to make them more attractive. A state buffer fund has been under discussion for several years – this could amass assets of €200bn. The current finance minister, Christian Lindner, is now also looking to boost third-pillar savings. With federal elections in September 2025, time is looking tight.
Pension Funds in Germany - Country Report
Germany Country Report 2024: Unions take a more active role in pensions
Unions have a new role in determining the shape of occupational pensions but are mindful of their duty to protect workers
TOP GERMAN PENSION FUNDS 2024
Pension fund/entity | Assets (€’000)
- Bayersiche Versorgungskamer (BVK) | 111,900,000
- VBL | 59,300,000
- BVV | 34,158,074
- Siemens AG | 26,055,000
- Daimler AG | 21,890,000
©IPE Research; View the Top 1000 European Pensions Funds 2024 for a comprehensive market overview
German insurers create €50bn asset management company
The transfer of assets under the new firm follows the merger of the two insurance companies officially completed last September
SOKA-BAU’s sub-fund to boost international investments
It also plans to invest 5% in private debt – its first investment in the asset class
CSU’s plan to expand mothers’ pensions splits conservatives
According to first pillar manager Deutsche Rentenversicherung, the new Mütterrente would cost around €4.45bn per year
Germany’s AfD backs DC plans as party policies raise deindustrialisation fears
Supporting small companies remains ‘a central political matter’ to amplify the breadth of company pension schemes, the party claims
Germany’s innovation agency calls for pension funds’ backing of tech start-ups
SPRIN-D had €220m available last year, far from enough to turn technological innovation into profitable companies
TOP MANAGERS: GERMAN INSTITUTIONAL ASSETS
Company | Assets (€m)
- MEAG | 261,068
- Union Investement | 211,291**
- Allianz Global Investors | 163,831***
- DWS | 162,690***
- DekaBank | 146,760*
- Generali Asset Management | 103,665***
- BayernInvest 91,462***
- LBBW Asset Management | 71,518**
- AXA Investment Managers | 65,951
- Amundi | 59,951
As at 30.9.23, *29.10.23, **30.11.23, ***31.12.23
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IPE BEST PENSION FUND IN GERMANY AWARD WINNERS
- 2023 - Bosch Pensionsfonds
- 2022 - Bosch Pensionsfonds
- 2021 - Bosch Pensionsfonds
- 2020 - Bosch Pensionsfonds
- 2019 - Ärzteversorgung Westfalen-Lippe | Telekom Pension Fund
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German pension reforms in limbo after coalition government collapse
The collapse of Germany’s three-way ‘traffic light’ coalition in November opens questions about the fate of the pension reforms it had drafted over the past couple of years. The government, led by Olaf Scholz, started in 2021 with a mission to reinforce the capital-funded component of the pension system.
German insurers create €50bn asset management company
The transfer of assets under the new firm follows the merger of the two insurance companies officially completed last September
SOKA-BAU’s sub-fund to boost international investments
It also plans to invest 5% in private debt – its first investment in the asset class
CSU’s plan to expand mothers’ pensions splits conservatives
According to first pillar manager Deutsche Rentenversicherung, the new Mütterrente would cost around €4.45bn per year
Germany’s AfD backs DC plans as party policies raise deindustrialisation fears
Supporting small companies remains ‘a central political matter’ to amplify the breadth of company pension schemes, the party claims
Germany’s innovation agency calls for pension funds’ backing of tech start-ups
SPRIN-D had €220m available last year, far from enough to turn technological innovation into profitable companies
German dentists’ scheme takes €65m hit from investments
The write-off in 2023 is higher than the €45.98m recorded in 2022, and results mostly from private equity investments and investments in ‘affiliated companies’
Briefing: The challenge of investing in Europe’s energy transition
The way the European economy powers itself is undergoing a fundamental shift, driven by market forces and policymakers. But while the direction of travel is clear, the path to a different energy mix is tortuous and the shift may be much slower than required to meet Europe’s target to be net zero by 2050.
IPE DACH Briefing: Germany mulls over increasing security/defence spending
Plus: Bundesrat recommends reviewing second pillar pension system; Swiss Federal Supreme Court rejects complaints on pension reform
Amundi builds on multi-layer private markets strategy for DACH region
The next steps in Amundi’s private markets strategy in Germany are to promote ‘healthy growth’ among institutional investors and double AUM to €5bn in the next 3 years
German parties relaunch pensions policies as election campaign starts
The Union plans to introduce mandatory pension schemes for the self-employed, while SPD will continue to support stable pensions at 48% of an early retirement for people with 45 years of contributions
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