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
Italian, German pension funds warn against compulsory SIU investment
Adepp and ABV reject mandatory pension fund allocations under European Union’s Savings and Investments Union
Metzler targets Germany’s emerging pension buyout market
Germany’s emerging pension buyout market is attracting new entrants with competing approaches to de-risking liabilities
German pension reform member warns against politicising first pillar investments
Pension commission members stress independent governance, low costs and swift implementation of Germany’s proposed funded first pillar
Germany’s changing pension buyout market sparks foreign investors’ interest
Plans to reform Germany’s pension regulatory and policy system that are expected to boost the country’s pension buyout market have sparked the interest of foreign investors, say industry experts.
BaFin, consumer group and lawyers increase pressure on Deutsche Finance
German financial supervisory authority BaFin escalates oversight of Deutsche Finance as consumer watchdog highlights weaknesses in public alternative investment funds
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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Today’s pension debates have a nineties vibe
Pension policy was a hot political topic in Sweden in the 1990s – a debate that heralded a landmark policy to invest a small portion of workers’ contributions in capital markets. Some 30 years later, the same ideas are capturing the imaginations of European policymakers and think tanks.
Italian, German pension funds warn against compulsory SIU investment
Adepp and ABV reject mandatory pension fund allocations under European Union’s Savings and Investments Union
Today’s pension debates have a nineties vibe
Pension policy was a hot political topic in Sweden in the 1990s – a debate that heralded a landmark policy to invest a small portion of workers’ contributions in capital markets. Some 30 years later, the same ideas are capturing the imaginations of European policymakers and think tanks.
Metzler targets Germany’s emerging pension buyout market
Germany’s emerging pension buyout market is attracting new entrants with competing approaches to de-risking liabilities
German pension reform member warns against politicising first pillar investments
Pension commission members stress independent governance, low costs and swift implementation of Germany’s proposed funded first pillar
Germany’s changing pension buyout market sparks foreign investors’ interest
Plans to reform Germany’s pension regulatory and policy system that are expected to boost the country’s pension buyout market have sparked the interest of foreign investors, say industry experts.
BaFin, consumer group and lawyers increase pressure on Deutsche Finance
German financial supervisory authority BaFin escalates oversight of Deutsche Finance as consumer watchdog highlights weaknesses in public alternative investment funds
German pension associations support venture capital initiative
Newly-launched German Venture & Growth Forum estimates that a 2% allocation to venture capital would unlock around €15bn a year for start-ups
BVV expands full-service pensions strategy with CTA launch
German banking pension institution BVV launches a contractual trust arrangement to support employers restructuring occupational pension liabilities
German pension funds test new underfunding regime with first BaFin filings
German Pensionskassen begin using new funding rules allowing temporary underfunding to expand investment risk budgets and returns
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
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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