Overview
- The government plans to replace the Riester scheme with a new Altersvorsorgedepot that pairs tax‑free accumulation, modest state top‑ups and a 1% annual cost cap for a standard product.
- The Finance Ministry says the depot will start on January 1, 2027 and that private providers must offer a low‑cost standard depot from that date.
- Reporting by Handelsblatt, AFP and other outlets warns the centrally run state depot may not be ready because no one has been chosen to administer accounts or set the investment mandate and an EU procurement could take months.
- Key design and tax details remain unresolved, including how payouts from the planned mandatory Kapitalrente will be taxed and whether current allowances such as the Sparer‑Pauschbetrag will be raised.
- If the state depot is delayed, private banks, savings banks and insurers will still offer standard products but savers could face legal uncertainty about who manages accounts, what fees apply and what they will pay on withdrawals.