Retirement account State allowance of up to €540 per year and tax advantages. |
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Closing the pension gap Through higher return opportunities on the capital market and state subsidies. | |
Additional bonuses €300 per child per year and a one-time bonus of €200. |
The Retirement account
Pension redefined: How the new Retirement account works
With the reform of private retirement provision, you can invest with state support starting January 2027 using a separate securities account.
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ETF focus: Invest cost-effectively in securities for your pension. |
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State support: Attractive state subsidies of up to €540 per year. Additional tax benefits of up to €4971 per year. |
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Full control: Flexible deposits via savings plan or one-off payment. |
The two phases of the retirement account:
1. Savings phase
You pay in during your professional life. The state provides support with subsidies and tax savings.
2. Pay-out phase
During retirement, you can access the capital step by step.
State support
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Basic subsidies: Up to €540 per year from the state. |
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Additional bonuses: €300 per child/year and a one-time €200 for those under 25. |
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Tax advantage: Up to €497 refund per year possible.1 |
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Tax-free growth: No taxes on capital gains until retirement. |
1 Assumptions: €1,800 annual personal contribution, €540 allowances, 42% marginal tax rate, 5.5% solidarity surcharge.
Key points to consider
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Contribution: Personal contributions of up to €1,800 per year are eligible for subsidies. |
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Payout from 65: 30% possible as a lump sum, the rest as a monthly plan (at least until age 85). |
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Early withdrawal: Subsidies are forfeited (Exception: purchase of owner-occupied residential property). |
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Tax: Taxation only in old age, usually at a lower tax rate. |
Current status of the reform
In December 2025, the cabinet agreed on a government draft, which is now undergoing the further legislative process. The subsidised Retirement account is scheduled to launch on 1 January 2027.
Implementation at Scalable Capital
As soon as the Retirement account is legally established, it will be available at Scalable as quickly as possible. Sign-up to our newsletter to stay informed.
Comparison with existing private pension schemes
The planned retirement account is intended to be more attractive and flexible than Riester and Rürup.
Current draft law |
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Riester |
Rürup |
Retirement account |
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State allowances |
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Tax incentives in income tax return |
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Subsequent taxation on withdrawals |
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Payout before retirement start |
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One-time payout with retirement start |
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Payout as monthly pension after retirement start |
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Autonomous securities investments |
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Guaranteed capital |
Obligatory |
Not obligatory |
Not obligatory |
Potential yields |
Low to medium |
Low to medium |
Medium to high |
Already invest now for your retirement
Already provide for your pension now with Scalable: For the whole Family.
FAQ
According to the current status, the tax-subsidised Retirement account is scheduled to launch on 1 January 2027.
In principle, all persons who are compulsorily insured in the statutory pension insurance scheme (e.g. employees, apprentices) as well as self-employed and civil servants are eligible for subsidies.
Based on information from December 2025:
Feature |
Retirement account |
Early Start Pension |
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Who? |
Compulsorily insured adults |
Children (aged 6-18) |
Subsidy |
Allowances + tax bonus |
Direct payment |
Contribution |
Personal contribution required |
Personal contribution possible |
Payout |
From age 65 |
At the child's retirement age |
Since the Retirement account must be state-certified and earmarked for a specific purpose, a special depot type within the Scalable account will likely be required. We are working on an attractive solution.
Investments in the Retirement account are treated as special assets (Sondervermögen). This means that the capital is legally strictly separated from the assets of Scalable Capital. Even in the unlikely event of insolvency, the securities remain your property and are untouchable. Furthermore, the depot is subject to strict supervision by BaFin and is audited according to the new statutory certification criteria for retirement provision products.
