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 government backs sustainable investing in defence sector
Sustainable investments association FNG says weapons are ‘not compatible with the principles of sustainable investing’
German Spezialfonds record worse capital inflows since 2008/09 financial crisis
Spezialfonds received net cash inflows of €1.7bn in July, but in August and September stood at almost the same amount, so ‘net new business’ came to only €45m
WTW to set up shop in Germany for pension buyout deals
German buyout market is worth potentially €600bn, according to consultancy Lurse
German parties slam FDP’s attempt to reform third pillar pension system
BVI says Germany’s political parties are already in election campaign mode and are using the opportunity to set their own agenda
Germany’s Bundesrat recommends review of second pillar reform
The Bunderat recommends reviewing whether a significant increase in the maximum possible amount of funding beyond a wage adjustment is possible
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 government backs sustainable investing in defence sector
Sustainable investments association FNG says weapons are ‘not compatible with the principles of sustainable investing’
German Spezialfonds record worse capital inflows since 2008/09 financial crisis
Spezialfonds received net cash inflows of €1.7bn in July, but in August and September stood at almost the same amount, so ‘net new business’ came to only €45m
WTW to set up shop in Germany for pension buyout deals
German buyout market is worth potentially €600bn, according to consultancy Lurse
German occupational pension schemes gear up for 2025
Pensionsfonds continue to be one of the most preferred vehicles for companies to outsource direct pension promises
German parties slam FDP’s attempt to reform third pillar pension system
BVI says Germany’s political parties are already in election campaign mode and are using the opportunity to set their own agenda
Germany’s Bundesrat recommends review of second pillar reform
The Bunderat recommends reviewing whether a significant increase in the maximum possible amount of funding beyond a wage adjustment is possible
Sustainable Finance-Beirat expects next government to continue transition finance plans
Chair Silke Stremlau says
Equities: US equity markets expected to gain from Trump’s victory
As the political dust settles following Donald Trump’s victory in the US presidential elections, global equity funds are eagerly eyeing the incoming administration and the opportunities it may offer
Fixed income, rates, currencies: All eyes on Trump’s return
With the Republican Party now in control of both Senate and House, the leeway that President-elect Donald Trump will have to enact his pre-election policies could be considerable.
HypoVereinsbank pension funds: Searching for sustainability in private markets
Markus Schmidt, director of asset management for the pension funds of Germany’s HVB, talks to Carlo Svaluto Moreolo about the schemes’ combination of strict liability and risk management with a broad growth portfolio and sustainability focus
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