Retirement account State allowance of up to €480 per year and tax advantages. |
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Early Start Pension Up to €1,440 from the state for children under 18. Even without own investment. |
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Closing the pension gap Through higher return opportunities on the capital market and state subsidies. |
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 €480 per year. Additional tax benefits of up to €530 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 €480 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 €530 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, €480 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 for our newsletter to be among the first to get access to our retirement account. |
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 |
Early Start Pension
State tailwind for the next generation
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State starting capital: Up to €1,440 in subsidies – with no obligation to save on your own. |
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Maximum growth: Closing the pension gap early with a 60-year term. |
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Future secured: Capital protected for your child's retirement provision. |
How your child's wealth grows until retirement:
- State start-up aid: €10 monthly (ages 6 to 18).
- Personal savings plan: €10 monthly until retirement (at age 67)
- Your result: At a 7% p.a. return, the capital grows to €112,016
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. The Early Start Pension is to be paid retroactively as of 1 January 2026.
Implementation at Scalable Capital As soon as the Retirement account with the Early Start Pension is legally established, it will be available at Scalable as quickly as possible. Sign-up to our newsletter to stay informed. |
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. Information and details regarding the implementation of the Early Start Pension are already expected in the course of 2026. Sign-up to our newsletter be among the first to be informed.
Retirement account:
In principle, all persons who are compulsorily insured in the statutory pension insurance scheme (e.g. employees, apprentices) are eligible for subsidies.
Early Start Pension:
The Early Start Pension is intended for all children and young people up to the age of 18. However, the introduction will take place by birth year, starting with all children born in 2020. Since the technical implementation of the depots will follow in 2027, the subsidy for 2026 is to be credited retroactively.
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 (also the Early Start Pension) 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.
Scalable Capital does not provide tax advice. The tax treatment is individual and may change.