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 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 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
Metzler launches new DC plan to drive social partner model strategy
The arrangement involves trade union Ver.di and WBO, the association for private bus operators in Baden-Württemberg, to launch a DC plan on 1 January 2026
Funding resilience and strategic reallocation drive German pensions
WTW estimates that DAX companies faced a combined cost of €250m in 2024 to adjust pensions for inflation
Frankfurt public prosecutor fines DWS after greenwashing investigation
A €25m fine has been issued against DWS Group and DWS Investment
SOKA-BAU’s chief investment officer to step down
Gregor Asshoff will leave the German pension fund after almost 10 years
SOKA-BAU tweaks strategy as new investment rule comes into force
Construction industry pension fund will increase allocations to infrastructure, private equity, equities, and ‘riskier’ fixed income
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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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
Metzler launches new DC plan to drive social partner model strategy
The arrangement involves trade union Ver.di and WBO, the association for private bus operators in Baden-Württemberg, to launch a DC plan on 1 January 2026
Funding resilience and strategic reallocation drive German pensions
WTW estimates that DAX companies faced a combined cost of €250m in 2024 to adjust pensions for inflation
Frankfurt public prosecutor fines DWS after greenwashing investigation
A €25m fine has been issued against DWS Group and DWS Investment
SOKA-BAU’s chief investment officer to step down
Gregor Asshoff will leave the German pension fund after almost 10 years
SOKA-BAU tweaks strategy as new investment rule comes into force
Construction industry pension fund will increase allocations to infrastructure, private equity, equities, and ‘riskier’ fixed income
German consultant takes over Heubeck
‘The idea is to expand the offering for the clients in all areas of occupational pensions and continue to improve technology and services,’ says Matthias Edelmann
Pension fund for German auditors and accountants eyes 5% infrastructure new foray
Move is a step in the right direction to having a uniform set of rules across Germany, says WPV
Leading German pension fund brands infrastructure rule changes ‘useless’ without stress test
Rule changes also allow five percentage points extra headroom for equity, private equity and riskier debt
IPE DACH Briefing: Germany’s historic deal on €500bn fund
Plus: German Association of Actuaries (DAV) warns industry not to lose sight of pension reform; Switzerland’s custodian mandates
German Pensionskassen want progress to free up capital for private markets
BASF Pensionskasse chair calls for clarity from new government on reforms and for BaFin to speed up on allowing greater risk-taking by Pensionskassen
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