Savers With Old German Pension Plans Could Lose Out If They Wait Until 2027 to Switch

The countdown to Germany’s new retirement savings depot has begun, and financial advisers are already warning that procrastination could cost existing Riester contract holders thousands of euros in state subsidies. The Altersvorsorgereformgesetz, passed by the Bundestag on March 27, 2026, is set to launch the new system on January 1, 2027 — but the Bundesrat has yet to give its final approval.

For the roughly 16 million Germans holding Riester contracts, the reform offers a clear choice. Keep the old policy under its current terms, or transfer the accumulated capital into a new, depot-based account. The critical incentive: any state allowances already received — including the full Grundzulage of up to €540 per year and a Kinderzulage of up to €300 per child — remain untouched after the switch. Young savers can also claim a one-time Berufseinsteigerbonus of €200.

“The decision to move depends almost entirely on how long you have until retirement,” said a financial analyst familiar with the legislation. A longer investment horizon makes the shift more attractive, because the new depot allows for higher equity exposure than traditional Riester insurance products.

Banks and brokers are already jockeying for position. ING has opened a waiting list for its upcoming Altersvorsorgedepot, hoping to capture early demand. Other providers, such as finanzen.net ZERO, are encouraging customers to open a standard securities account now — not because it qualifies as a retirement depot, but because the identity verification process can be completed in advance. That step alone could save weeks of delay when the official product launches.

Consumer advocates urge caution. A spokesperson for the Verbraucherzentrale NRW stressed that many details remain unresolved. “A reliable cost-benefit analysis is only possible once the law is final and concrete product offers are on the table,” the spokesperson said. Industry experts add that the transition demands more active investment decisions than the old Riester policies, which were largely managed by insurers. Savers should use the coming months to review their existing contract data and assess their risk tolerance.

One operational trap is already clear: a standard brokerage account does not automatically meet the regulatory criteria for an Altersvorsorgedepot. Separate account structures and compliance checks will be required, meaning that early movers who prepare their paperwork now will have a smoother entry in January 2027. Those who wait until the last minute may face bottlenecks — and risk missing out on the full state top-ups from day one.

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