New pension scheme in Germany - Bundestag votes to "devalue" the unpopular "Riester" system
Germany's parliament has voted to replace the "Riester" pension system with a new state-backed savings model. The current system, introduced in 2002, has proven unpopular because it offered low returns, was complex and costly, and offered limited benefits - especially for people on low incomes. The reform aims to address this by making saving simpler, cheaper and potentially more profitable.
Finance Minister Lars Klingbeil called the reform a "real landmark" and a "game changer," saying it strengthens the third pension pillar along with statutory and occupational schemes.
He said changes agreed in parliament make private pension savings more attractive to low-income earners and families, adding that savings will now bear fruit "from the first euro" and costs have been reduced.
The SPD-CDU/CSU coalition approved the reform, which will effectively phase out new “Riester” contracts. The Left Party voted against it, while the Greens and the far-right AfD abstained.
Benefit entitlement will be expanded to include self-employed workers, while state subsidies will be simplified and increased, especially for families.
Klingbeil also said his ministry would soon present plans for a "starter pension," under which the state would contribute around 10 euros per month to pension accounts for children and young people.
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