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
BaFin cautions EU Commission over IORP II review
Germany’s regulator warns IORP II review risks adding complexity, as market fragility and reform pressures intensify
German dentists’ pension fund rejects industry association claims
ABV, Germany’s association of pension funds for professionals, is pressing for faster audit of VZB
IPE DACH Briefing: Compenswiss overhauls asset allocations
Plus: Beate Petry, chair of aba, said the occupational pension association backs further reform to open social partner defined contribution models to third parties
SV SparkassenVersicherung moves into pension administration
SV SparkassenVersicherung invests in Heubeck pen@min to expand bAV capabilities as German pension reforms accelerate market shift
BVK to fight court ruling on real estate chief dismissal
Munich labour court ruling found extraordinary dismissal of BVK’s former head of real estate investment management, Reiner Komenda, unlawful
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
Interviews
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BaFin cautions EU Commission over IORP II review
Germany’s regulator warns IORP II review risks adding complexity, as market fragility and reform pressures intensify
German dentists’ pension fund rejects industry association claims
ABV, Germany’s association of pension funds for professionals, is pressing for faster audit of VZB
IPE DACH Briefing: Compenswiss overhauls asset allocations
Plus: Beate Petry, chair of aba, said the occupational pension association backs further reform to open social partner defined contribution models to third parties
SV SparkassenVersicherung moves into pension administration
SV SparkassenVersicherung invests in Heubeck pen@min to expand bAV capabilities as German pension reforms accelerate market shift
BVK to fight court ruling on real estate chief dismissal
Munich labour court ruling found extraordinary dismissal of BVK’s former head of real estate investment management, Reiner Komenda, unlawful
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
Germany’s fragmented pensions landscape heads towards consolidation
Berlin’s attempt to push mergers between pension funds has run into resistance from unions and members
Pension funds line up to fix the Germany's crumbling infrastructure
Investors are ready to commit capital to rebuild Germany’s economy. But the government must first issue much-needed clarity about its long-term plans
Germany’s pension buyout market set to expand
Companies are looking to remove unwanted liabilities from their balance sheets
Siemens Fonds Invest: A holistic approach to pension management
“We have the goal to scale everything we do” - Heiko Fischer and Erik Macharzina. Interview by Luigi Serenelli
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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