Germany Opens €1.0%-Capped Pension Channel for Funds Ahead of 2027 Launch

1 articles · Updated · Deloitte · Aug 25

Germany’s pension reform will let asset managers sell ETFs and mutual funds directly in state-subsidized retirement products from January 2027, creating a new tax-advantaged distribution channel without an insurance wrapper.
The biggest opening is the Standarddepot, but its 1.0% effective cost cap and two-fund life-cycle design favor low-cost passive strategies and force early decisions on custody, onboarding, subsidy processing and account administration.
A separate no-guarantee Altersvorsorgedepot offers broader flexibility for ETFs, ELTIFs and fund-of-funds, though access will hinge on bank, neobroker and adviser shelf space, data links and tailored reporting rather than product quality alone.
Up to 15 million existing Riester contracts could be transferred into the new framework, but switching may involve extra costs, no double subsidization in the transfer year and cooperation with current providers.
Certification is expected in the second half of 2026, while distribution slots may be allocated before products launch, pushing managers to lock in channel strategy early; Luxembourg-based UCITS providers are seen as well placed to benefit.