What does the pension scheme of the future look like? A commission set up by the federal government is dealing with this question. First ideas are available.
Citizens should be given new opportunities to provide for their old age, both privately and with government funding. A commission set up by the federal government presented proposals for a fundamental reform of private old-age provision such as the Riester pension.
Accordingly, products with lower guarantees and therefore higher potential returns could also be offered in the future. In addition to an insurance model, customers should also be able to choose a retirement savings account in which the money is invested in exchange-traded index funds (ETFs), for example.
Existing Riester contracts should continue to apply – unless all contracting parties agree to a change. According to the Ministry of Finance, the goal is for the reform to be completed in 2024.
Source: Stern
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