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 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 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
KZVK winds down equity risk derivatives as part of portfolio overhaul
The €36bn German occupational pension provider for employees of the Catholic Church plans to reconfigure its equity risk management framework this year
Metzler targets SMEs with new pensions vehicle
Firm launches Mittelstands Pensionsfonds targeting SMEs, covering a wide range of industries
BVV restructures management as it targets new industries for DC plans
German pension fund appoints CIO and chair of three pension vehicles
German experts warn active pension alone will not solve labour shortages
Germany’s proposed ‘Aktivrente’, or active pension, is a step towards encouraging older workers to remain in employment
ÄVWL boosts bond exposure, US dollar overweight amid shifting market dynamics
The pension fund for German doctors in Germany’s Westphalia-Lippe region has increased its allocation to directly held bonds by nearly €400m year-on-year
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
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 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
KZVK winds down equity risk derivatives as part of portfolio overhaul
The €36bn German occupational pension provider for employees of the Catholic Church plans to reconfigure its equity risk management framework this year
Metzler targets SMEs with new pensions vehicle
Firm launches Mittelstands Pensionsfonds targeting SMEs, covering a wide range of industries
BVV restructures management as it targets new industries for DC plans
German pension fund appoints CIO and chair of three pension vehicles
German experts warn active pension alone will not solve labour shortages
Germany’s proposed ‘Aktivrente’, or active pension, is a step towards encouraging older workers to remain in employment
ÄVWL boosts bond exposure, US dollar overweight amid shifting market dynamics
The pension fund for German doctors in Germany’s Westphalia-Lippe region has increased its allocation to directly held bonds by nearly €400m year-on-year
IPE DACH Briefing: Swiss pension funds seek alternative source of returns
CPEG and PKG shift allocations to riskier assets
Berenberg launches advisory platform for German pension funds
The platform will support institutional investors across entire investment process, from strategic planning through to implementation, administration and monitoring
DWS greenwashing probe examined €20bn fund as ex-CEO Wöhrmann cleared
Prosecutors were unable to confirm suspicions of investment fraud or misleading marketing on the part of former DWS CEO Asoka Wöhrmann
DWS disputes greenwashing link to €20bn fund amid ESG strategy overhaul
German manager is reviewing its sustainability strategy in light of shifting regulatory conditions and client demand
Pensionskasse Rundfunk launches mandatory occupational plan
The auto-enrolment plan will be extended on a mandatory basis to employees in production departments across broadcasters, streaming platforms, and cinema operators
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