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
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
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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German pension funds need to step up in fight to boost economic growth
Germany’s Christian Democratic Union (CDU) and Christian Social Union (CSU) parties, together with the Social Democratic Party (SPD), have now entered negotiations to form a new ‘grand coalition’ government
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
German dentists’ pension fund demands damages from Baker Tilly
Versorgungswerk der Zahnärztekammer Berlin (VZB), the pension fund for dentists in Berlin, Bremen and Brandenburg, is facing losses of €1.1bn
WTW executes first German pension buyout with Areva liabilities transfer
The transfer covers what WTW described as a ‘significant portfolio’ with a volume in the ‘three-digit million range’
Mubadala ruling offers roadmap as lawyers target BVK’s US property losses
Lawyers cite Mubadala precedent as they seek damages and deeper scrutiny over BVK’s troubled US property investments
Germany’s BVV sacks CIO after five months
Reports suggest disagreements emerged within the management board over BVV’s investment strategy, which Axel-Rainer Hoffmann reportedly considered too risk-averse
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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