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, France target European venture capital platform funded by pension capital
An expert panel led by former French central bank governor, Christian Noyer, and former German finance minister, Jörg Kukies, has delivered recommendations to scale up European venture capital market
IPE DACH Briefing: German professional pension funds wrestle with losses
Plus: VdW Pensionsfonds struggles to appoint internal team; PKBS continues US equity strategy
Market fragmentation exposes German pension funds to losses
German pension market fragmentation, weak oversight, and risky strategies leave funds exposed to huge investment losses
German companies curb support fund contributions
New occupational pensions in support funds fall sharply as employers conserve cash
Germany misses auto-enrolment momentum, experts say
Lawyers and consultants say Germany’s pension reform curbs opt-out models and blocks wider take-up of occupational pensions
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, France target European venture capital platform funded by pension capital
An expert panel led by former French central bank governor, Christian Noyer, and former German finance minister, Jörg Kukies, has delivered recommendations to scale up European venture capital market
IPE DACH Briefing: German professional pension funds wrestle with losses
Plus: VdW Pensionsfonds struggles to appoint internal team; PKBS continues US equity strategy
Market fragmentation exposes German pension funds to losses
German pension market fragmentation, weak oversight, and risky strategies leave funds exposed to huge investment losses
German companies curb support fund contributions
New occupational pensions in support funds fall sharply as employers conserve cash
Germany misses auto-enrolment momentum, experts say
Lawyers and consultants say Germany’s pension reform curbs opt-out models and blocks wider take-up of occupational pensions
BVK members line up lawsuit over failed US real estate investments
BVK has so far disclosed write-downs of €163m for 2024 and has warned of the risk of a further €690m in losses linked to development and renovation projects
DAX pension funding hits record 93% as liabilities shrink
Pension assets at DAX firms rose by €12bn, from €261bn to around €273bn year-on-year, despite a volatile year in financial markets
German dentists pension fund launches lawsuit over €1.1bn investment hole
The case targets ApoBank, audit and consulting firm Forvis Mazars, the city of Berlin, and nine former and current VZB committee members
Members demand government rescue as German dentists’ pension fund faces €1.1bn losses
Members of VZB are calling for political intervention and the creation of a special fund to secure dentists’ pensions
BaFin steps in as German pension fund falls short on management
BaFin says VdW Pensionsfonds was understaffed and unable to guarantee that it would fill vacant managing director position within required timeframe
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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