Garantieprodukt
When minimum capital at the start of payout matters most.
- Minimum capital at payout start: 80% or 100% of paid-in contributions including allowances — not a return.
- Part of the money must support the promise; the rest can fluctuate.
Retirement 2027
From 2027, subsidised private retirement provision changes.
The Altersvorsorgedepot links state subsidy more closely to capital markets — more choice, more volatility. The first question is not “Which product?” but what changes in the legal frame.
Preparing for 2027
The new subsidised private pension system starts on 1 January 2027. CapitalPath explains the framework — no product selection on this page.
- As of
- Next content review
- around 23 November 2026
Act published (Federal Law Gazette 2026 I No. 156). Providers still implementing offers.
As of October 2026
Contracts from January 2027. The waitlist is open now.
Once contracts can be signed, everyone on the waitlist is contacted to arrange a conversation. That conversation clarifies whether an Altersvorsorgedepot fits, and in which form. A call can also be booked directly.
Join the waitlistBook a call (opens in a new tab)
The waitlist works by email to growth@capitalpath.de, calls are booked via Calendly. No form and no product application on this website.
Reform
What changes from 2027
The pension reform act was published in the Federal Law Gazette on 29 May 2026. New plans start from 1 January 2027, and from then on only the new products can be taken out. Riester closes to new business; existing plans are grandfathered.
Altersvorsorgedepot
Alongside guarantee products, a subsidised depot without capital guarantee becomes possible. Contributions and allowances go into a statutory list of investments.
Allowance on contributions
Basic allowance is contribution-based: 50% on the first €360 of own contributions per year, then 25% up to €1,800. The old income-linked minimum own contribution goes; below €120 a year there is no allowance.
Three forms
Garantieprodukt, Altersvorsorgedepot and Standarddepot share one subsidy frame. None is universally “best”.
Statutory frame only — not a rating of politics or products.
Until end of 2026
From 1 January 2027
Picture
For many, subsidised private provision is Riester, often with a contribution guarantee.
New contracts may be a depot without capital guarantee. Guarantee products remain possible.
Allowance
Full allowance depended on a minimum own contribution linked to prior-year income.
Allowance follows own contributions up to the cap. Below €120 a year it lapses.
New & existing
Running plans continue as they are.
No new contracts on the old Riester model. Legacy can continue or switch — not mandatory.
Three paths
Garantieprodukt, Altersvorsorgedepot, Standarddepot
Same subsidy rules, three contract shapes. None of them predicts fund performance.
Altersvorsorgedepot
When volatility is acceptable and market exposure is wanted.
- No capital guarantee. Permitted funds (including UCITS up to risk class 5) and certain euro bonds.
- The provider chooses unless the contract offers a choice. Value can fall.
Standarddepot
When a simple statutory template is enough.
- Two funds, shift before payout, effective costs capped at 1.0% — a ceiling, not a return promise.
Orientation from the certification act for retirement contracts, Federal Law Gazette 2026 I No. 156, from 1 January 2027. Not an offer. Tied intermediary of ERGO Beratung und Vertrieb AG — this page is not an ERGO tariff.
Path comparison on the private retirement page
How it works → — Understand first. Then decide.
Subsidy calculator
Calculate the allowance — separate from performance
Calculator in the browser, no storage of personal data. Allowance under the enacted statute from the 2027 contribution year. The Growth tab sketches an illustrative path — subsidy is not a return.
- Own contributions
- Basic allowance
- Child allowance
- Own contributions
- €1,800
- Basic allowance
- €540
- Child allowance
- €0
- One-off bonus
- €0
- Entering provision each year
- €2,340
Illustrative tax effect
Off — no tax rate stored.
Basic allowance § 84 EStG: 50% up to €360, then 25% up to €1,800 (max. €540). Child allowance § 85: 100% of own contributions, max. €300 per child. Minimum own contribution § 86: €120. Federal Law Gazette 2026 I No. 156.
Allowance and market path
The basic allowance is credited to the contract — not an interest rate or a capital gain.
“About 40%” in the example is allowance divided by net own outlay at a set tax rate — not market performance.
€150 a month
Basic allowance of €540
€1,800 of own contributions in a year. With a marginal rate set here at 42%, an additional €442.80 of tax relief. About 40% means the allowance divided by net own outlay. That is not a return.
Assumptions. 150 × 12 = 1,800. Allowance: 50% of €360 = €180, plus 25% of €1,440 = €360, total €540. Additional relief: (1,800 + 540) × 42% − 540 = €442.80. Net own outlay: 1,800 − 442.80 = €1,357.20. 540 / 1,357.20 ≈ 39.8%, rounded about 40%. 42% is a set calculation rate, not a personal rate and not a CapitalPath rate. Without solidarity surcharge or church tax, without child allowance. Not tax advice, not performance, not a promise.
Separate illustrative path. Rate is chosen freely — not a CapitalPath forecast. Allowance stays its own block (sum of grants paid in).
- Own contributions
- €36,000
- Allowance, summed
- €0
- Illustrative performance
- €13,368
- Illustrative total
- €49,368
After 20 years at 3.0%: own €36,000, allowance €0, illustrative performance €13,368, total €49,368.
No allowance in this drawing.
Assumptions. Steady monthly amount, optional start balance, allowance spread evenly, monthly compounding, no costs, no withdrawals.
General information, not tax advice. For individual figures, ask a tax adviser.
Illustrative example only, not a forecast, guarantee or advice. Past performance is not a reliable indicator of future results. Inputs are not stored.
Risk & payout
Guarantee, market and later benefits
More guarantee binds capital; more market means more path risk. Payout follows statutory life phases — not a current account.
More guaranteeMore market
01
100%
Minimum capital at payout start: contributions including allowances.
02
80%
At least 80% — minimum capital, not a return.
03
Standarddepot
No capital guarantee; two funds, shift before payout, effective costs max. 1.0%.
04
Altersvorsorgedepot
No guarantee; permitted funds and bonds. Value can fall.
Where a product sits depends on the contract — statutory forms only here.
Payout not before age 65 (unless a statutory pension started earlier), not first after 70. If nothing is agreed, new contracts start at 65.
- 01
Capital
Amount from contributions, allowances, costs and markets — not stated here.
- 02
Up to 30%
At the start up to 30% outside monthly benefits — a cap, not a recommendation.
- 03
Annuity or drawdown
Lifetime annuity or drawdown plan running to at least age 85. Tax falls on the payments, at the personal rate in retirement.
Not tax or social insurance advice. BMF: benefits from private Riester plans are free of statutory health and long-term care contributions for compulsory members.
Contracts & eligibility
Existing Riester plans, family, who qualifies
Riester plans taken out before 1 January 2027 are grandfathered and can continue with the existing subsidy. From 2027, new business is only possible in the new products. An Altersvorsorgedepot can be signed as a new plan from January 2027. Whether and how an existing Riester plan can be changed or transferred is checked individually in a consultation call.
Do not cancel or switch hastily.
01
Keep
Grandfathered: the plan can carry on as before with the existing subsidy.
02
New subsidy only
A declaration to the provider moves the plan to the new subsidy only; its other terms stay. Moving back to the old subsidy is not possible.
03
New contract
Switch into a new plan on the new terms without repaying the subsidy received so far. Switching, set-up and distribution costs may apply. According to the BMF, taking out a new plan ends the grandfathering of the old one.
Depending on the contribution, the allowance under the old rules can be higher than under the new ones. Surrender can trigger repayment of subsidy; check guarantee, costs and tax before any exit.
Book a consultation call (opens in a new tab)
Existing Riester plans are reviewed individually in a consultation call via Calendly.
Child allowance and Frühstart-Rente
In the act
From contribution year 2027: child allowance 100% of own contributions, max. €300 per child with assessed Kindergeld; full €300 needs at least €300 own contributions. Below €120, child allowance lapses too.
Proposal
Frühstart-Rente: planned introduction per BMF — no fixed payment on this page. Ordinance and start date open.
Children provision on CapitalPath
Who can be subsidised?
Existing groups remain — including employees, apprentices and mini-jobbers (unless opted out) in the statutory pension scheme, civil servants, career soldiers and farmers. Self-employed people with income under § 15 or § 18 para. 1 nos. 1–3 EStG who file a tax return may join if under 67.
Mandatory members of professional pension schemes after consent to data transfer. Indirect spouses: allowance capped at €175, linked to the direct beneficiary.
Eligibility follows statutory tests — self-employment alone is not automatic.
Status & sources
Known, open, updated later
Enacted law, BMF/government FAQ and provider information on the signing date. Gaps are not guessed.
Known
- Reform act: enacted 26 May 2026, Federal Law Gazette 2026 I No. 156; new products from 1 January 2027.
- New contracts from January 2027 (provider information, as of October 2026).
- Forms: Altersvorsorgedepot without capital guarantee, Garantieprodukt 80%/100%, Standarddepot (effective costs max. 1.0%).
- Contribution-based basic allowance; minimum own contribution €120; up to 30% capital at payout start.
Still open
- Certified provider products, fund menus, prices beyond the 1.0% Standarddepot cap.
- Ordinance for a publicly organised Standarddepot (BMF: not yet in place).
- Frühstart-Rente: amount and start date.
- Changing or transferring an existing Riester plan: reviewed case by case in a consultation call.
Next content review around 23 November 2026.
Nilesh Kulkarni, sole trader, tied intermediary under § 34d (7) GewO. CapitalPath is a mediation platform, not an ERGO company.
Act text, Federal Law Gazette 2026 I No. 156 (opens in a new tab)
Stay tuned
Page follows developments
Providers and terms are still forming — optional calendar reminder, no newsletter.
Reminder in two months (calendar file)FAQ
Common questions
What is an Altersvorsorgedepot?
A certified retirement contract without capital guarantee; investment in listed funds and certain euro bonds. Subsidised private pension saving — not a free brokerage account.
When does it start?
New plans start from 1 January 2027; from then on, new business is only possible in the new products. Whether every provider is ready on day one is open.
Can an Altersvorsorgedepot be bought today?
Not yet. Contracts can be signed from January 2027 (as of October 2026). Until then, anyone interested can join the waitlist and will be contacted for a conversation once signing opens. There is no application on this page. The conversation clarifies whether an Altersvorsorgedepot fits, and in which form.
Can an Altersvorsorgedepot be opened anywhere?
Yes. Banks, fund companies and insurers can all offer it, and it can be opened with any of them. The legal framework is the same everywhere. What differs is the choice of ETFs and funds, the costs, and how well the investments fit the person: age, years left until retirement, comfort with ups and downs, an existing Riester plan. Getting that choice right takes time, comparison and some study. CapitalPath offers a personal conversation in which ETFs and funds are chosen to suit that situation.
How is it different from Riester?
Contribution-based allowance instead of an income-linked minimum contribution; a depot without capital guarantee is possible. From 2027, no new plans on the old Riester model.
What happens to an existing Riester contract?
Grandfathered: the plan can continue with the existing subsidy. Per the BMF FAQ, switching to the new subsidy only, or into a new plan, is also possible — not mandatory, and costs may apply. Whether and how an existing plan can be changed or transferred is checked individually in a consultation call.
How does the new subsidy work?
50% on the first €360 own contributions, then 25% up to €1,800 (max. €540 basic allowance). Child allowance max. €300 per child. Below €120 it lapses.
How are growth and payouts taxed?
Growth and income inside the plan are not taxed during the saving phase. Tax is deferred to the payout and charged at the personal rate in retirement. Not tax advice.
Can money be withdrawn early or inherited?
Before retirement only in cases set by law, such as owner-occupied housing. Other withdrawals count as harmful use and the subsidy is reclaimed. The pot can be inherited, but the subsidy must then be repaid — unless it moves to a plan in the surviving spouse’s name.
Is the subsidy a return?
No. A grant on contributions — separate from market performance, which can fall.
Can value fall?
Yes without a guarantee. Above a guarantee, the non-guaranteed part can still move.
What is Standarddepot?
Simple Altersvorsorgedepot form: two funds, shift before payout, effective costs max. 1.0%. Public Standarddepot by ordinance still open (BMF).
What is not final yet?
Concrete provider offers, fund sets, prices beyond the 1.0% cap, Frühstart-Rente as a benefit. The legal frame is enacted.
Appointment
Contracts from January 2027. Join the waitlist now.
A conversation beforehand clarifies whether an Altersvorsorgedepot fits, and in which form. Joining the waitlist takes one email; calls can also be booked via Calendly, phone or WhatsApp as on the contact page. No form, not a product application.
As of October 2026. Conversations can be booked before contracts open.