What is it about?
The adopted reform provides for new subsidised retirement products from 1 January 2027, including an investment account without a capital guarantee. This is a market-based retirement investment rather than conventional insurance.
On this page
- What is an Altersvorsorgedepot?
- How does the retirement investment account work?
- Who can qualify for state support?
- Which allowances and tax advantages are available?
- What advantages can the account offer?
- Which risks and costs should you understand?
- How do payouts and taxation work?
- How does it differ from Riester and pension insurance?
- Who might find a retirement investment account suitable?
What is an Altersvorsorgedepot?
The Altersvorsorgedepot is a certified contract for state-supported private retirement saving without a capital guarantee. You invest for retirement and can participate in capital market performance. The money is earmarked for retirement and subject to specific subsidy and payout rules. The reform took effect in 2026; the new products are due to be offered from 1 January 2027.
How does the retirement investment account work?
Your contributions are invested within the contract in legally permitted assets, such as suitable funds and ETFs. The available choices and how you can change them depend on the product. Preset investments make the standard account easier to use. Together we consider investment strategy, diversification and how to manage fluctuations before retirement.
Who can qualify for state support?
Eligible groups include people compulsorily insured in the statutory pension system and, subject to further conditions, civil servants. The reform also extends access to self-employed people with qualifying income and a submitted tax return, and compulsory members of professional pension schemes. Indirect eligibility through a spouse may also be possible. We check your eligibility and the required declarations individually.
Which allowances and tax advantages are available?
From 2027, directly eligible savers receive a basic allowance of 50 percent on their first 360 euros of annual personal contributions and 25 percent on further contributions up to a total of 1,800 euros. This allows up to 540 euros a year in basic allowance. Requirements include a minimum annual personal contribution of 120 euros. Subject to eligibility, up to 300 euros per child may be added. The tax office checks for an additional tax advantage. Separate rules apply to indirectly eligible spouses.
What advantages can the account offer?
Without a capital guarantee, there is more scope for growth-oriented investments. State support and a long-term, diversified approach can help build retirement assets. The standard account simplifies investment choices. How attractive an offer is for you also depends on costs, support, time horizon and your circumstances. Higher returns are not guaranteed.
Which risks and costs should you understand?
Without a capital guarantee, investment losses are possible, including shortly before retirement. We therefore consider your risk tolerance and the planned investment strategy. Effective costs for the standard account are capped at 1.0 percent; this cap does not apply to every retirement investment account. Total contract, investment and payout costs matter, as do the consequences of early access. Certification is not a promise of returns.
How do payouts and taxation work?
Retirement payouts can take the form of a lifelong annuity or a withdrawal plan lasting at least until age 85. With a fixed-term plan, payments stop when the capital is used up; it does not provide lifelong income. Investment returns are not taxed during the saving phase. Benefits funded by subsidised contributions are generally taxed later, during payout. We assess the options in the context of your overall retirement provision.
How does it differ from Riester and pension insurance?
Existing Riester contracts can continue under the previous support rules; there is no automatic cancellation or conversion. From 2027, new contracts under the old Riester model will no longer be available. Moving to the new support system is voluntary and should be assessed against existing guarantees, costs and contractual rights. The account centres on investments and subsidy rules; a lifelong pension depends on the payout option you choose.
Who might find a retirement investment account suitable?
The account is worth considering if you are saving for retirement over the long term, qualify for support and can bear fluctuations in value. Your plan should separately account for money needed for short-term expenses. Together we compare the effect of subsidies, costs, risk and alternatives. Before the 2027 product launch, the focus is on understanding the options; specific offers are assessed once they are actually available.
Who is it for?
For people researching the new subsidised retirement options. We check specific offers and availability at the relevant time.
What we look at together
- Eligibility for subsidies and product availability
- Investment risks, costs and restrictions
- Payout options and existing retirement provision
What helps for our first conversation?
- Existing retirement overview
- Time horizon and risk preferences
- Budget and subsidy questions
Your topic is enough for a first message. We agree on a suitable way to exchange personal documents or medical details later.