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6mo ago

CDU/CSU Criticize Pension Reform Draft as Bundestag Final Debate Nears

Critics argue the 1.5% cost cap risks repeating Riester’s flaws, urging a single publicly run standard product.

Die Federführung bei der Riester-Rente hat Finanzminister Lars Klingbeil (SPD). (Archivbild)
Die Bundesregierung will ein neues Angebot an neuen privaten Altersvorsorgeprodukten ermöglichen. Kurz vor der abschließenden Beratung im Bundestag hat die Union den Gesetzentwurf zur Reform der privaten Altersvorsorge kritisiert.
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Overview

  • The Finance Ministry led by SPD politician Lars Klingbeil authored the bill, which is slated for its final Bundestag debate on Friday.
  • The proposal would allow new private retirement options, including a return‑focused depot without guarantees that can invest in funds and other asset classes.
  • Contracts offered as a designated standard product would face extra requirements and a lifetime cost cap of 1.5%.
  • CDU/CSU labor group chair Stefan Nacke calls the cap too high and proposes a publicly organized standard product that can be concluded online without sales commissions.
  • Union figures and consumer advocates warn the draft could create a confusing market with numerous variants and weak consumer orientation.