Investment Path Your money, in perspective

Private pensions from 2027 Germany

What changes for private pensions in 2027?

Three reforms, each at a different stage. This page says which is law and which is not yet, and gives the date it was checked.

Short answer

From January 2027 new subsidised private pensions include an Altersvorsorgedepot without a guarantee, with a new allowance; existing Riester contracts keep their rules. The Aktivrente has made up to 2,000 euro a month of pay tax-free since 2026 for people who keep working past the regular retirement age. The Frühstart-Rente is a government bill, not yet law.

The Altersvorsorgedepot (law, from 2027)

The Bundesrat approved the reform of private pensions on 8 May 2026. From 1 January 2027 new contracts can be an Altersvorsorgedepot that invests without the capital guarantee Riester required. According to the Deutsche Rentenversicherung the allowance is 50 cents per euro paid in up to 360 euro, then 25 cents per euro, at most 540 euro a year, up to 300 euro per child, on at most 1,800 euro of contributions.

Existing Riester contracts

Contracts signed before 2027 keep their rules and allowances. The Deutsche Rentenversicherung warns that opening a new contract in addition to an existing one applies the new rules to the existing contract too. A holder can keep the contract, let it rest, move it to another provider or cancel it – and cancelling costs every allowance and tax relief received.

The Aktivrente (law, since 2026)

Since 1 January 2026 employees who keep working after reaching the regular retirement age can earn up to 2,000 euro a month free of income tax. It applies to employment, not to self-employment, and the pension itself remains taxable as before.

The Frühstart-Rente (draft, as of 1 October 2026)

The federal cabinet adopted the bill on 12 August 2026 and it is before the Bundestag. As drafted, the state would pay 10 euro a month for every child living in Germany from age six to eighteen into an investment account, starting with children born in 2020. Until the law is passed, the details can still change.