Germany: Pensions and Investment News and Analysis
There has been much talk and little progress in German occupational pensions in recent years – certainly when it comes to DC-style ‘social partner pensions’, introduced in 2018, where takeup has been minimal. Now the government is looking reform the law to make them more attractive. A state buffer fund has been under discussion for several years – this could amass assets of €200bn. The current finance minister, Christian Lindner, is now also looking to boost third-pillar savings. With federal elections in September 2025, time is looking tight.
Pension Funds in Germany - Country Report
Germany Country Report 2024: Unions take a more active role in pensions
Unions have a new role in determining the shape of occupational pensions but are mindful of their duty to protect workers
TOP GERMAN PENSION FUNDS 2024
Pension fund/entity | Assets (€’000)
- Bayersiche Versorgungskamer (BVK) | 111,900,000
- VBL | 59,300,000
- BVV | 34,158,074
- Siemens AG | 26,055,000
- Daimler AG | 21,890,000
©IPE Research; View the Top 1000 European Pensions Funds 2024 for a comprehensive market overview
Reform of Pensionskassen investment rules could be approved before elections
The second-pillar reform planned by the government is not a game changer, but some of the proposals represent a step forward, says aba’s Georg Thurnes
German occupational pensions back streamlined sustainability reporting rules
‘The reporting obligations currently in place make services provided via IORPs more expensive, without offering any significant value in return,’ says WTW
German government sees room for improvement in second pillar pensions
The take-up of occupational pension plans among low earners is ‘unsatisfactory’, government says
German dentists scheme faces losses on insolvent insurtech start-up
The pension fund is one of the main investors in the Berlin-based start-up, with a 27.14% stake in the company
VBL to boost private equity and private debt investments
New allocations will be financed through new premiums and a mix of public equities, gold and cash, says CIO Michael Leinwand
TOP MANAGERS: GERMAN INSTITUTIONAL ASSETS
Company | Assets (€m)
- MEAG | 261,068
- Union Investement | 211,291**
- Allianz Global Investors | 163,831***
- DWS | 162,690***
- DekaBank | 146,760*
- Generali Asset Management | 103,665***
- BayernInvest 91,462***
- LBBW Asset Management | 71,518**
- AXA Investment Managers | 65,951
- Amundi | 59,951
As at 30.9.23, *29.10.23, **30.11.23, ***31.12.23
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IPE BEST PENSION FUND IN GERMANY AWARD WINNERS
- 2023 - Bosch Pensionsfonds
- 2022 - Bosch Pensionsfonds
- 2021 - Bosch Pensionsfonds
- 2020 - Bosch Pensionsfonds
- 2019 - Ärzteversorgung Westfalen-Lippe | Telekom Pension Fund
Interviews
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A gloomy outlook for German pension reforms
The collapse of Berlin’s ‘traffic-light’ coalition of Social Democrats (SPD), Greens and the liberal FDP late last year brought to an abrupt end a pension reform process that was proceeding slowly but surely.
Reform of Pensionskassen investment rules could be approved before elections
The second-pillar reform planned by the government is not a game changer, but some of the proposals represent a step forward, says aba’s Georg Thurnes
Europe investment outlook: Search for opportunities amid the gloom
We asked fixed-income managers for their views on Europe’s outlook as Germany and France grapple with structural challenges and political uncertainty.
European equities: Bargains or bear traps amid global headwinds?
Despite record valuation gaps with the US, investors remain cautious about European equities. Political turmoil, geopolitical risks, and fears of tariffs under Trump’s presidency cast a shadow, while fund managers pivot toward stock-specific opportunities
A gloomy outlook for German pension reforms
The collapse of Berlin’s ‘traffic-light’ coalition of Social Democrats (SPD), Greens and the liberal FDP late last year brought to an abrupt end a pension reform process that was proceeding slowly but surely.
German occupational pensions back streamlined sustainability reporting rules
‘The reporting obligations currently in place make services provided via IORPs more expensive, without offering any significant value in return,’ says WTW
German government sees room for improvement in second pillar pensions
The take-up of occupational pension plans among low earners is ‘unsatisfactory’, government says
German dentists scheme faces losses on insolvent insurtech start-up
The pension fund is one of the main investors in the Berlin-based start-up, with a 27.14% stake in the company
VBL to boost private equity and private debt investments
New allocations will be financed through new premiums and a mix of public equities, gold and cash, says CIO Michael Leinwand
German insurance association backs Commission’s plan for ESG omnibus package
‘We need sustainability reporting that focuses less on quantity and more on the quality of the information,’ says Jörg Asmussen, GDV’s chief
BarmeniaGothaer AM ditches third-party managers for corporate bonds
‘The new team we will be able to manage certain types of investments such as corporate bonds in the future,’ says co-CEO
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