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
Dow unifies German pension plans with new auto-enrolment set up
New employees joining any German Dow site from this year are automatically enrolled on the Dow Pension Plan
German companies pressed to fast-track Pensionsfonds transfers before tax cuts
Mercer urges German companies to fast-track any planned expansion of direct pension promises or benefit upgrades
German dentists’ fund faces major losses amid probe into past mismanagement
Pension fund VZB is trying to avoid pension cuts
Pension providers warned to modernise as young savers migrate to markets, digital platforms
Young savers are turning to markets and digital tools, pushing pension funds to engage effectively
Commerzbank reshapes asset management in bid to drive further growth
The reorganisation involved the establishment of Commerz Real Capital as a new distribution company
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
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Denmark’s pension funds offer a template for an innovative defence investments play
The tone of Europe’s political debate on defence expenditure has shifted markedly this year. And as former Netherlands defence minister Kajsa Ollongren, put it in a Chatham House Q&A in early March: “The mindset should be ‘war economy’.”
IPE BEST PENSION FUND IN GERMANY AWARD WINNERS
- 2024 - Bosch Pensionsfonds
- 2023 - Bosch Pensionsfonds
- 2022 - Bosch Pensionsfonds
- 2021 - Bosch Pensionsfonds
- 2020 - Bosch Pensionsfonds
Dow unifies German pension plans with new auto-enrolment set up
New employees joining any German Dow site from this year are automatically enrolled on the Dow Pension Plan
German companies pressed to fast-track Pensionsfonds transfers before tax cuts
Mercer urges German companies to fast-track any planned expansion of direct pension promises or benefit upgrades
German dentists’ fund faces major losses amid probe into past mismanagement
Pension fund VZB is trying to avoid pension cuts
Pension providers warned to modernise as young savers migrate to markets, digital platforms
Young savers are turning to markets and digital tools, pushing pension funds to engage effectively
Commerzbank reshapes asset management in bid to drive further growth
The reorganisation involved the establishment of Commerz Real Capital as a new distribution company
AstraZeneca favours buyouts to offload German DB liabilities
Pharmaceutical group rules out consolidating its German pension plans due to impracticalities
BVV to widen reach in growing German DC markets
‘Focus will be on the digitalisation of our services, the development of modular solutions, and continuous dialogue with social partners and clients, says BVV chair
IPE DACH Briefing: Providers sharpen DC capabilities as private markets debate widens
The number of European Long-Term Investment Funds and exchange-traded funds is expected to rise within German corporate pension schemes
DWS urges pension funds to rethink cashflow strategies as private markets shift
Alternatives can diversify pension portfolios, but private credit currently offers limited extra returns, DWS says
Insolvency surge triples German pension lifeboat levy
The number of corporate insolvencies in Germany has been rising steadily since COVID-19, according to Federal Statistical Office
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