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# Germany's New Altersvorsorgedepot: Private Retirement Saving via the Capital Market – Part 1
- URL: https://www.waldvorlauternormen.com/en/altersvorsorgedepot-retirement-saving-capital-market-part-1/
- Published: 2026-09-09T13:05:00.000Z
- Updated: 2026-09-09T13:23:44.000Z
- Description: The Altersvorsorgereformgesetz reorders Germany's tax-privileged private retirement provision. At its centre is the Altersvorsorgedepot (retirement investment account) — a certified retirement savings contract with capital market exposure. Part 1: key parameters, classification, requirements.
- Author: Jonas Philipp Burckgard
- Tags: Kapitalmarktrecht, Altersvorsorgedepots, #en

*Update of 9 September 2026: This article originally reflected the status of the government bill. The Altersvorsorgereformgesetz was promulgated on 29 May 2026 in the Federal Law Gazette (BGBl. 2026 I No. 156). The figures on state allowances and on the cost ceiling for the Standarddepot have been brought into line with the enacted version.*

The relevant legislation is the **Act to Reform Tax-Privileged Private Retirement Provision (Altersvorsorgereformgesetz)**. The [government bill](https://dserver.bundestag.de/btd/21/040/2104088.pdf?ref=waldvorlauternormen.com) was published as Bundestag printed paper 21/4088; the Bundesrat gave its consent on 8 May 2026\. The act was promulgated on 29 May 2026 in [BGBl. 2026 I No. 156](https://www.recht.bund.de/bgbl/1/2026/156/VO.html?ref=waldvorlauternormen.com). The principal new rules take effect predominantly on 1 January 2027.

## Background to the reform

The Federal Government justifies the reform by pointing to structural problems in private retirement provision as it stands. The number of private retirement savings contracts has been declining for some years; the bill cites high costs, weak returns, a complex allowance system, limited flexibility and a lack of transparency in product selection among the causes.

The reform aims to make private retirement provision cheaper, more return-oriented, simpler, more flexible and more transparent. Alongside security-oriented guarantee products, a return-oriented Altersvorsorgedepot without any capital guarantee will now also be admitted.

## What is the Altersvorsorgedepot?

The Altersvorsorgedepot is a retirement savings contract within the meaning of the Retirement Savings Contracts Certification Act (Altersvorsorgeverträge-Zertifizierungsgesetz, AltZertG). The AltZertG is being recast by the Altersvorsorgereformgesetz to accommodate the new retirement products. The Altersvorsorgedepot is therefore not a freely structured securities account but a certification-required retirement product subject to statutory structural requirements.

The essence of the new product is that contributions paid in and state allowances may be invested with capital market exposure. Unlike classic guarantee products, no capital guarantee is agreed for the Altersvorsorgedepot. Neither a minimum capital amount at the end of the accumulation phase nor a minimum performance during the accumulation phase is provided for.

Not every investment is permissible, however. The candidates are primarily certain UCITS funds — ETFs in particular — alongside open-ended retail AIFs, European long-term investment funds (ELTIFs) and certain debt securities issued by public-sector issuers. Investment freedom is therefore capital-market oriented but statutorily circumscribed.

## Key parameters

The Altersvorsorgedepot's key parameters can be grouped by the product's three phases.

**Accumulation phase**

| Parameter                       | Value                                                       |
| ------------------------------- | ----------------------------------------------------------- |
| Annual contribution ceiling     | EUR 6,840                                                   |
| Tax-privileged contributions    | as a rule up to EUR 1,800 per year plus allowance           |
| Not counted towards the ceiling | allowances, investment income, certain tax-exempt transfers |

**State allowances (from contribution year 2027)**

| Parameter                                                    | Value                                                           |
| ------------------------------------------------------------ | --------------------------------------------------------------- |
| Minimum own contribution                                     | EUR 120 per year                                                |
| Basic allowance on own contributions up to EUR 360           | 50 cents per euro paid in                                       |
| Basic allowance on further own contributions up to EUR 1,800 | 25 cents per euro paid in                                       |
| Basic allowance, maximum in total                            | EUR 540 per year                                                |
| One-off increase for savers under 25                         | EUR 200                                                         |
| Child allowance                                              | 100 per cent of contributions made, capped at EUR 300 per child |
| Cost ceiling for the Standarddepot                           | maximum 1.0 per cent                                            |

The number of contracts eligible for allowances is also limited: contributions to the third and any further retirement savings contract concluded after 31 December 2026 will generally no longer be treated as subsidised retirement contributions.

**Decumulation phase**

| Parameter                                          | Value                            |
| -------------------------------------------------- | -------------------------------- |
| Earliest start of benefits                         | on reaching the age of 65        |
| Latest first payment of benefits                   | on reaching the age of 70        |
| Freely selectable window for the start of payments | at least five years              |
| Latest end of a drawdown plan                      | on reaching the age of 85        |
| Separately payable lump sum at the start           | up to 30 per cent of the capital |

The retirement provision character is preserved in the decumulation phase. Alongside lifelong benefits, drawdown plans are also possible.

## The Standarddepot

Alongside the general Altersvorsorgedepot, the act provides for a **Standarddepot contract** (standardised retirement investment account). It is designed as a simply structured entry-level product that can be concluded online and operates with statutory default settings.

For the Standarddepot the provider must in particular designate two UCITS funds: one in a lower and one in a higher risk class. The contracting party may decide how contributions are allocated between them; if it does not, the allocation provided for in the contract applies.

The act additionally provides for a de-risking mechanism ahead of the decumulation phase. Five years before the decumulation phase, only a limited share of the capital may be invested in the higher-risk fund; two years before, that share falls further. The Standarddepot thus combines return-oriented saving with a statutory safety mechanism.

## Who stands to benefit?

The Altersvorsorgedepot may be worthwhile above all for savers who provide for the long term, want to use state support and wish to participate more strongly in capital market returns. Forgoing a capital guarantee opens up higher return potential but equally means bearing fluctuations in value during the accumulation phase.

The product is therefore most obviously suited to people with a long investment horizon. For very security-oriented investors who require a contribution guarantee, a guarantee product remains the better fit. The Altersvorsorgedepot may also be attractive for savers on low and middle incomes and for families, because the allowance system is simpler and more closely tied to contributions.

On the provider side, the Altersvorsorgedepot is of interest above all to institutions that already operate capital market, custody, fund or securities infrastructure. These include investment firms, credit institutions, management companies and insurers in particular. For investment firms the product may be especially relevant because it opens access to the market for certified private retirement provision without the product having to be structured as a classic insurance product. The accompanying working paper accordingly frames the Altersvorsorgedepot as a possible entry point into B2B retail retirement business with standardised long-term investment products, a limited product range and a focus on savings plans.

At the same time the product remains demanding in regulatory terms. Providers need not only the appropriate supervisory licence but additionally certification under the recast AltZertG. On top of that come requirements as to product design, cost control, information duties, allowance processes and ongoing compliance.

## Legal classification and transparency duties

The Altersvorsorgedepot cannot be assigned to a single supervisory category. It is first of all a product of tax-privileged private retirement provision. At the same time it has a clear capital market dimension, because investment is made in statutorily admitted financial instruments.

Ongoing supervision does not follow any new special supervisory statute for the Altersvorsorgedepot; it depends on the type of provider. Insurers are subject to insurance supervisory law, credit institutions to the German Banking Act, management companies to the German Investment Code and investment firms to the German Investment Firm Act. The recast AltZertG sets out the product-related requirements and the certification regime alongside these.

A central objective of the reform is greater transparency. Providers must supply a product information sheet before the contract is concluded. Model product information is also to be made publicly available. During the accumulation phase, annual information duties apply, covering among other things contributions, allowances, costs, investment income and expected retirement benefits. Changes in costs must be notified separately.

## Outlook

The Altersvorsorgedepot is intended to align subsidised private retirement provision more closely with long-term capital market saving. It opens up new return potential but remains a regulated, certification-required retirement product with statutorily limited investment options and cost and information duties.

For savers, the product may be of interest above all where they are saving for the long term and consciously wish to forgo a capital guarantee. For providers it opens up new business opportunities but at the same time brings additional requirements as to product design, certification, cost control, information and compliance.

In [Part 2](https://www.waldvorlauternormen.com/en/altersvorsorgedepot-retirement-saving-capital-market-part-2/) of our series we examine the specific product requirements of the Altersvorsorgedepot in more detail. Part 3 then turns to the requirements for providers, certification, distribution and supervision.