Pension investment account
The new German pension investment account: sort your pension out in just a few clicks and benefit from the stability of one of the safest banks around.
Your benefits with the willbe pension investment account
State-subsidised investment
State-subsidised pension provision with willbe. The proposed pension investment account combines subsidies and tax benefits, offering clear added value compared to plain savings accounts.
Reliable banking since 1861
willbe is offered by LLB, With a very good credit rating and over 160 years of banking expertise, it stands for reliability and is one of the safest banks in the world.
Digital convenience
With willbe, you can manage your pension investment account entirely online. Make contributions under a savings plan or a one-off payment, plus a clear presentation of the support options and overviews – in just a few clicks.
What you need to know about the pension investment account
The reform of private pension provision in Germany is to include the introduction of a separate, state-subsidised pension investment account from January 2027. To access this, you need to open a special retirement savings account that meets the requirements for state support. This will be offered by a large number of certified providers. You will probably be able to hold a range of funds as well as bonds in your pension investment account.
The key elements (Resolution of the Bundestag of 27 March 2026):
- Capital market-oriented investment (e.g. ETF)
- Flexible deposits, with a personal contribution of up to EUR 6'840 per year
- Contributions of at least EUR 120 up to EUR 1'800 per year are eligible for the subsidy. The subsidy is calculated in proportion to your own contribution:
For every euro contributed up to EUR 360, you receive a basic allowance of 50 cents from the state. For every additional euro contributed between EUR 361 and EUR 1'800, you receive a basic allowance of 25 cents. - Basic state allowance of up to EUR 540 per year
- Child allowances of up to EUR 300 per child per year
- Additional tax relief possible
- Tax-free growth during the accumulation phase
The aim is to close the pension gap through the long-term, state-supported generation of private wealth on the capital market.
Two phases: accumulation and payout
1. Accumulation phase
You make contributions during your working life. The state supports you with allowances and potential tax benefits. Capital gains remain tax-free until you retire.
2. Payout phase
You can start drawing on your saved capital as soon as you retire. At present, up to 30 per cent can be withdrawn as a lump sum, the rest either as a payout plan up to the age of 85 or as a monthly annuity.
All details are subject to final legislation.
State support at a glance
According to the government's current draft bill:
- Basic allowance of up to EUR 540 per year
- Children's bonus up to EUR 300 per child per year
- One-off bonus for under-25s of EUR 200
- Tax refunds depending on the personal tax rate
- Taxed only in old age
The support assumes a long-term investment horizon.
"For many people, the state pension alone will no longer be enough. Private pension provision must therefore be, above all, simple and reliable."
Current status of the reforms
The legislative process for the Pension Reform Act is nearing completion. The German Bundestag formally adopted the reform on 27 March 2026; final deliberations in the Bundesrat will follow.
Planned start:
- Early start pension: expected to be retroactive from 1 January 2026
- Pension investment account: from 1 January 2027
All details are subject to final adoption of the draft legislation.
Want to stay up to date? Here's how it works.
- Register for our waiting list – you can secure your place for the pension investment account.
- Updates – we’ll be in touch as soon as the 2027 start date and the product details in Germany are clear.
- Completion – just open an account in the fourth quarter of 2026 and receive support via the Zentrale Zulagenstelle für Altersvermögen (ZfA) from 2027.
Frequently asked questions
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The German government has launched a reform of private pension provision, the core of which is a profit-oriented pension investment account with straightforward government support. The draft legislation is now going through the parliamentary voting process.
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The launch is scheduled for January 2027. The bill is currently going through the parliamentary consultation and voting process in the Bundestag and Bundesrat. In the meantime, we’ll keep you up to date and let you know when you can open an investment account.
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willbe is the clever investment app from Liechtensteinische Landesbank (LLB) – a full-service bank since 1861, with a top credit rating.
