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
Germany country report 2025: New government faces choices on pensions reform
The collapse of Germany’s three-party coalition last year left behind a backlog of laws and proposals on pensions. What happens now?
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
German pension consulting market consolidates amid reform and competition
The shift away from guarantees in private pension products is also expected to open the market to new competitors
Germany’s VZB claims previous investments were ‘unlawful’
The German pension fund for dentists is attempting to claw back damages against its €1.1bn loss
German tax court tightens rules on shareholder-financed occupational pensions
Deloitte’s Claudia Veh warns rulings will increase valuation complexity for pension promises
Germany’s VBL sets tailored net zero goals across asset classes
The German public sector supplementary pension fund sets separate net zero targets for equities, bonds and real estate, aiming for 2050
Supervisor expects stricter risk management from German pension funds
Finance ministry expects schemes to apply new standards developed by ABV, the association of professional pension funds in Germany
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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German pension consulting market consolidates amid reform and competition
The shift away from guarantees in private pension products is also expected to open the market to new competitors
Germany’s VZB claims previous investments were ‘unlawful’
The German pension fund for dentists is attempting to claw back damages against its €1.1bn loss
Chart watch: Policy uncertainty, EM spreads, US jobs, German manufacturing
Despite global policy uncertainty, EM spreads have remained tight, and German manufacturers ended 2025 on a high
German tax court tightens rules on shareholder-financed occupational pensions
Deloitte’s Claudia Veh warns rulings will increase valuation complexity for pension promises
Germany’s VBL sets tailored net zero goals across asset classes
The German public sector supplementary pension fund sets separate net zero targets for equities, bonds and real estate, aiming for 2050
Supervisor expects stricter risk management from German pension funds
Finance ministry expects schemes to apply new standards developed by ABV, the association of professional pension funds in Germany
Aon Germany sets up advisory board to streamline operations
The new board will focus on client acquisition, building executive partnerships, talent strategy, strategic growth initiatives, and M&A
German Spezialfonds custody market tightens as top banks deepen dominance
BNP Paribas, HSBC and JP Morgan together hold €1.19trn in Spezialfonds custody mandates, equating to just over 56% of the market, according to Kommalpha
IPE DACH Briefing: Legal disputes intensify for German professional pension funds
Germany’s VZB and BVK are preparing legal cases to claim investment losses
Germany’s reform spurs possible pension shake-up by global corporates
Second pillar changes provide opportunities for multinationals to tap into social partner model
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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