What IF?

Germany’s new Altersvorsorgedepot against a normal depot: what your savings plan could hold at the payout, and what each pays you after tax.

Rules to apply

More countries’ pension accounts will follow.

Saving until the payout

From the first payment on 1 January 2027 to the payout age.

Depot type

Two funds picked by the provider, one return-oriented and one defensive. You set the split; by law it shifts to the defensive fund before payout, and costs are capped at 1.0% a year.

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The payout can start at any age from 65 to 70; the state pension starts at 67 for anyone born from 1964.

The plan starts with the first payment on 1 January 2027 and runs to the payout. Under 25 at the start, the state adds €200 once.

Up to €570 a month (€6,840 a year). The first €150 a month (€1,800 a year) earn the subsidy; anything above grows tax-free and is taxed more lightly at payout. Savings plans are free of order fees, so neither plan pays one.

The two funds
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Glide path

How the Standarddepot shifts from the return-oriented fund into the defensive one before the payout. The law sets a minimum; you may agree other percentages with the provider.

At each step the depot moves money into the defensive fund if the return-oriented share is above the limit, and new payments follow the limit. Inside the Altersvorsorgedepot that is free of tax; in the normal depot the same move is a taxable sale.

Payout phase

From the payout age both plans pay out under the payout-plan rule, shown for the middle future at the return you set.

Your tax rate at payout
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Your personal income-tax rate in retirement on this money. Most savers land between 15% and 35%; we don’t guess yours.

Monthly payouts

Even payments spread the capital over the months to the end of the plan at the assumed return. The legal minimum pays only 80% of the rest divided by the months left, so payments start low, rise, and a large rest comes at the end. The law only guarantees the minimum: whether your provider offers even payments is open until the products launch in 2027, and real payments are reset at least every 3 years from what the depot holds.

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By law the payout starts between 65 and 70, a payout plan runs to at least 85 and pays at least 80% of the remaining capital divided by the months left, reset at least every 3 years; up to 30% may be taken as a lump sum.

More settings Account fee 0% · Inflation 2%
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What the provider charges on the depot’s value, on top of the funds’ own costs, which are already in their prices. By law the two together may cost at most 1.0% a year.

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Like a savings plan with automatic increase: each January both plans pay this much more a month, up to the Altersvorsorgedepot’s €570 a month. Church tax and the saver’s allowance apply to the normal depot. Your income-tax rate while saving shows what your tax return adds on top of the subsidy: above about 23% the deduction is worth more than the subsidy, and the difference comes back to you (not into the depot). Inflation is used when you show the result with inflation.

Promotions
years
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Years counted

For the Altersvorsorgedepot only. Calendar years: one year from 2027 means 2027 only, whenever the plan started. A refunded fund cost builds up daily and is paid each quarter, reinvested in the same fund. The normal depot is assumed free.

An illustration from past prices and published rules, not financial or tax advice.

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