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 expands defence allocation amid shifting investor sentiment
Sovereign-style investor Kenfo relaxes defence exclusions as geopolitical pressures and institutional investor demand reshape allocation strategies across Europe
Demand for emerging market equities rises among German pension investors
German pension funds increase emerging markets allocations, favouring selective strategies over broad structural shifts
IPE DACH Briefing: Germany’s third-pillar shake-up draws new entrants to pension market
Plus: German Pensionskassen are looking to pool assets to access specialised investment strategies
Germany’s pension reform to intensify competition and reshape market dynamics
DWS expects fierce competition and warns against state role following Germany’s third pillar pension reform rollout
Asset pooling gains traction as German Pensionskassen consolidate
German Pensionskassen increasingly pool assets and consolidate as costs, regulation and structural pressures intensify
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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Kenfo expands defence allocation amid shifting investor sentiment
Sovereign-style investor Kenfo relaxes defence exclusions as geopolitical pressures and institutional investor demand reshape allocation strategies across Europe
Demand for emerging market equities rises among German pension investors
German pension funds increase emerging markets allocations, favouring selective strategies over broad structural shifts
IPE DACH Briefing: Germany’s third-pillar shake-up draws new entrants to pension market
Plus: German Pensionskassen are looking to pool assets to access specialised investment strategies
Germany’s pension reform to intensify competition and reshape market dynamics
DWS expects fierce competition and warns against state role following Germany’s third pillar pension reform rollout
Asset pooling gains traction as German Pensionskassen consolidate
German Pensionskassen increasingly pool assets and consolidate as costs, regulation and structural pressures intensify
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
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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