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
SV SparkassenVersicherung moves into pension administration
SV SparkassenVersicherung invests in Heubeck pen@min to expand bAV capabilities as German pension reforms accelerate market shift
BVK to fight court ruling on real estate chief dismissal
Munich labour court ruling found extraordinary dismissal of BVK’s former head of real estate investment management, Reiner Komenda, unlawful
Germany weighs opt-out model to expand capital-funded pensions
Experts and policymakers debate opt-out mechanisms and reforms to sharply increase capital-funded pension coverage in Germany
Aon launches US-DACH hub for cross-border pensions and risk capital
The consultancy has appointed Matthew Reilly as head of DACH global solutions
German banking industry reworks DC framework to design bespoke pension models
DC plans underpinned by social partner agreements have significant scaling potential within the financial sector, says BVV
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
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SV SparkassenVersicherung moves into pension administration
SV SparkassenVersicherung invests in Heubeck pen@min to expand bAV capabilities as German pension reforms accelerate market shift
BVK to fight court ruling on real estate chief dismissal
Munich labour court ruling found extraordinary dismissal of BVK’s former head of real estate investment management, Reiner Komenda, unlawful
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
Germany’s fragmented pensions landscape heads towards consolidation
Berlin’s attempt to push mergers between pension funds has run into resistance from unions and members
Pension funds line up to fix the Germany's crumbling infrastructure
Investors are ready to commit capital to rebuild Germany’s economy. But the government must first issue much-needed clarity about its long-term plans
Germany’s pension buyout market set to expand
Companies are looking to remove unwanted liabilities from their balance sheets
Siemens Fonds Invest: A holistic approach to pension management
“We have the goal to scale everything we do” - Heiko Fischer and Erik Macharzina. Interview by Luigi Serenelli
Spezialfonds investors sit tight
Investors have become hardened to the many doomsday scenarios and remain undeterred in the face of political upheaval, as shown by an analysis of Spezialfonds holdings
VZB: Anatomy of a scandal
Versorgungswerk der Zahnärztekammer Berlin has faced accusations of mismanagement as the pension fund disclosed losses of €1.1bn
IPE institutional market survey: Managers of German institutional assets 2026
This year’s IPE survey of asset managers of German institutional assets recorded growth of 4% to €2.26trn, while the assets managed on behalf of German pension fund clients rose by just over 16% to €509bn.
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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