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
Think tank calls for sovereign wealth funds to jump-start pension funding
Bruegel advocates debt-funded sovereign wealth funds to accelerate pension funding and strengthen capital markets
German reforms could see €400bn private pension boost
Opportunities for investment managers as Berlin looks set to adopt Swedish first-pillar retirement accounts model
IPE DACH Briefing: German unions push mandatory workplace pensions
The German Trade Union Confederation (DGB) supports compulsory workplace pensions, co-financed by employers
Auto-enrolment gains traction in Germany amid persistent pension coverage gaps
Stakeholders debate auto-enrolment and mandatory pensions as German workplace pension participation remains stagnant
Providers position for €56bn opportunity in Germany’s private pensions overhaul
Reform establishing retirement savings accounts could generate €26-56bn of additional annual net inflows, according to S&P Global Ratings
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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Think tank calls for sovereign wealth funds to jump-start pension funding
Bruegel advocates debt-funded sovereign wealth funds to accelerate pension funding and strengthen capital markets
German reforms could see €400bn private pension boost
Opportunities for investment managers as Berlin looks set to adopt Swedish first-pillar retirement accounts model
IPE DACH Briefing: German unions push mandatory workplace pensions
The German Trade Union Confederation (DGB) supports compulsory workplace pensions, co-financed by employers
Auto-enrolment gains traction in Germany amid persistent pension coverage gaps
Stakeholders debate auto-enrolment and mandatory pensions as German workplace pension participation remains stagnant
Providers position for €56bn opportunity in Germany’s private pensions overhaul
Reform establishing retirement savings accounts could generate €26-56bn of additional annual net inflows, according to S&P Global Ratings
MRH Trowe creates pensions holding company after Lurse, Heubeck acquisitions
German consultancy consolidates pensions, benefits and actuarial businesses as competition intensifies in advisory market
German advisory board reset signals softer stance on sustainable finance ambition
Board revamped with smaller membership and industry-heavy focus amid push to simplify sustainable finance rules and boost transition finance
Pressure builds for compulsory German company pensions as DGB signals support
German trade unions back mandatory occupational pensions, intensifying debate over design, costs and employer burden
Janus Henderson bolsters European private credit with Rantum acquisition
Rantum’s expertise in private equity could support future product development as part of Janus Henderson’s wider private markets strategy
Bayer shuns active FX risk with extensive pension asset hedging
German pharmaceutical and biotechnology company Bayer hedges most pension currency exposure to avoid uncompensated risk
IPE BEST PENSION FUND IN GERMANY AWARD WINNERS
- 2025 - Bosch Pensionsfonds
- 2024 - Bosch Pensionsfonds
- 2023 - Bosch Pensionsfonds
- 2022 - Bosch Pensionsfonds
- 2021 - Bosch Pensionsfonds
- 2020 - Bosch Pensionsfonds
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