In short
The retirement savings account is like a savings account for old age in which your money is put into many companies. That way it can grow more strongly – but it can also become less.
Last checked: 11 October 2026 · 5 min read · RenteKannMehr editorial team
Now in more detail
The retirement savings account (Altersvorsorgedepot) is the new core product of subsidised private pension saving. It can be offered from 1 January 2027. Unlike with the Riester pension, the contributions paid in no longer have to be guaranteed. This means a larger part of the money can be invested in funds and ETFs – with higher possible returns, but also with the risk of losses.
Three product types
| Type | Feature | Who it is meant for |
|---|---|---|
| Retirement savings account (Altersvorsorgedepot) | No contribution guarantee; invests in funds, ETFs and certain bonds | People who want to choose for themselves and can live with ups and downs |
| Standard account (Standarddepot) | Two funds set by the provider (one lower-risk, one with higher possible returns); effective costs at most 1%; can be opened online | People looking for a simple solution with capped costs |
| Guarantee product | At the start of the payout, at least 80% or 100% of the contributions and allowances are available | People who give more weight to security than to possible returns |
The standard account in detail
With the standard account, the provider sets two funds: one from the low risk classes 1 or 2 and one from classes 3 to 5. You can decide the split yourself. If you make no choice, the split set out in the contract applies.
Before retirement the risk is reduced step by step: five years before the payout starts, at most 50% may be in the higher-return fund; two years before and at the start of the payout, at most 30%. You can agree different shares.
Rules for paying in
- At most €6,840 a year can be paid into a subsidised contract. Allowances do not count towards this.
- At most two contracts taken out from 2027 onwards are subsidised; contributions to a third contract no longer count as pension contributions (Altersvorsorgebeiträge).
- Acquisition and distribution costs must be spread evenly over the saving phase, unless they are charged as a percentage of the contributions.
Changing provider
You can transfer the capital you have saved to another provider. In the first 5 years after taking out the contract, the previous provider may charge at most €150 for this; after that the change is free of charge.
Payout
As a rule, the payout starts at age 65 at the earliest and at age 70 at the latest. The details are under Payout phase and taxation.
Still open
A publicly run standard account is provided for in the Act, but first has to be set up by statutory order. Whether and when it will be available is not certain.
More questions?
If you have more questions, talk to a personal adviser near you. They can look at your situation in detail. Asking is free and without obligation.