With the next federal government, a new pension model is likely to emerge that will replace the Riester pension. It should be simple, secure, inexpensive and cost effective. What this means for savers.
By Thomas Öchsner
Take the right steps now
Klaus Müller, Germany’s biggest consumer advocate, is optimistic: “No matter what the next government constellation looks like, there is a chance for a fresh start,” he says. And it is also clear to him: the private retirement provision subsidized by the State must henceforth generate good returns for the savers, be simple and simple and cost as little as possible. “The insurance industry sells products which are only reasonably lucrative because of the Riester subsidy, but otherwise far too unprofitable,” criticized the head of the Federal Association of All Consumer Centers (VZBV). This is why more and more customers would decide to “no longer register contracts”. So what should pension savers prepare for in the future?