Altersvorsorgedepot or Rürup-Rente?

Tilman Freyenhagen

Published on 15 June 2026 · Updated on 7 August 2026 · Managing Director & Partner, Alsterspree Verlag GmbH

The pension reform: what changes from 2027?

The new Altersvorsorgedepot and the well-established Rürup-Rente support private provision in fundamentally different ways. While the Rürup-Rente offers a very high Sonderausgabenabzug, especially for the self-employed and high earners, it must be paid out as a lifelong pension with no choice over the capital, whereas the Altersvorsorgedepot, launching in 2027, enables a flexible, state-subsidised investment in ETF portfolios with flexible payout options^[1]. For maximum tax savings during the accumulation phase at very high income levels, the Rürup-Rente remains a strong option, while the Altersvorsorgedepot wins out through straightforward allowances, high flexibility and broad market opportunity.

With the law reforming subsidised private pension provision, the Bundesfinanzministerium (Federal Ministry of Finance, BMF) is fundamentally modernising the German pension system. The Altersvorsorgedepot fully replaces the old Riester model for new business. The most important change concerns the disappearance of the rigid 100 percent contribution guarantee, which previously ate up most of the return. On our knowledge section we explain the legal changes in detail, so you can make well-founded decisions for your private pension provision.

• The end of mandatory guarantees: a full contribution guarantee is no longer required, allowing an entirely equity-based investment in high-return ETFs.
• Subsidy for the self-employed: for the first time, straightforward access to state-subsidised account-based pension models, without the tight hurdles of the old Riester rules.
• A variable choice over your payout: a choice between a drawdown plan running to at least age 85 and converting to a classic pension from age 65, plus a lump-sum withdrawal of up to 30 percent.

This new flexibility brings state-subsidised provision closer to modern investment needs. For the self-employed and high earners, however, this raises a new strategic question: is it worth using the direct tax advantages of the Rürup-Rente, or does the newly gained freedom of the Altersvorsorgedepot outweigh them? To answer this question for your own situation, we offer structured guidance on Vorsorgedepot-Lotse and, where useful, arrange an independent advice service to put your pension plan on a solid mathematical footing.

The new Altersvorsorgedepot (AVD) at a glance

With the legislative reform of private pension provision taking effect on 1 January 2027, the federal government is fundamentally overhauling state-subsidised saving^[1]. The new Altersvorsorgedepot (AVD) lets you invest, for the first time, in high-return ETFs and investment funds without the rigid, costly insurance wrappers of conventional pension insurance. For high earners and the self-employed, who become newly eligible for the subsidy, this model offers a flexible alternative to classic insurance products, since you can adjust your contributions to your current liquidity.

A key advantage of the AVD is the choice over how your capital is paid out from age 65: you decide for yourself whether you want the capital you've built up paid out via a drawdown plan running to at least age 85 or as a lifelong pension; up to 30 percent can be withdrawn as a lump sum.^[5] This wealth-building is supported by state subsidy of up to 540 euros a year in the form of a Grundzulage, credited directly to your account. With the subsidy calculator you can work out the precise allowance effects for your own income situation. Further detail can also be found in the knowledge section.

• State subsidy: up to 540 euros in annual Grundzulage (50 percent on the first 360 euros, 25 percent on further own contributions up to 1,800 euros).
• Flexible fund selection: free investment in cost-effective ETFs and investment funds, with no mandatory contribution guarantee, for maximum return potential.
• Payout choice from age 65: no obligation to convert to a pension — a choice between a drawdown plan running to at least age 85 and a classic pension, plus a lump-sum withdrawal of up to 30 percent.
• Dynamic contribution structuring: contributions can be paused, reduced or increased at any time, which is especially ideal for the fluctuating income of the self-employed.

By dropping guarantee requirements, the return-eroding obligation to hedge falls away, letting your savings contributions work fully in the capital market from the very start. This makes the AVD a highly efficient instrument for long-term wealth-building. Please note: these calculations and models are for illustration only and do not constitute investment advice (not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG).

The Rürup-Rente (Basisrente) as an established model

For the self-employed and high earners, the Rürup-Rente (Basisrente) has for years been a well-established building block of private pension provision. Its biggest advantage lies in the tax benefit: contributions can be deducted from taxable income in full as Sonderausgaben (special expenses), which significantly reduces the tax burden during your working life^[2]. In exchange, however, the system is bound by strict statutory conditions. Cancelling or surrendering the contract is ruled out, and in retirement, payout comes exclusively as a lifelong monthly pension, with no choice over the capital.

A key advantage of the Basisrente is the statutory protection against insolvency and seizure during the accumulation phase. If you get into financial difficulty as a self-employed person, the Rürup capital you've saved stays protected from creditors^[2]. Set against this is the complete lack of flexibility: once paid in, money is irrevocably locked in. The Altersvorsorgedepot available from 2027, by contrast, offers a high degree of flexibility, but forgoes this comprehensive protection in return.

Whether you should prefer the high tax efficiency and security of the Rürup-Rente for your own provision, or choose the high-return flexibility of the new account, depends on your individual risk profile and tax burden. In our knowledge section you'll find detailed comparisons of the differences between the systems. For a tailored decision that accounts for your tax and business circumstances, we also recommend our independent advice service, to get neutral guidance from licensed experts.

Disclaimer: the system comparisons shown here serve purely informational purposes and do not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Tax comparison: the Sonderausgabenabzug vs. allowance subsidy

The tax orientation fundamentally distinguishes the Altersvorsorgedepot from the Rürup-Rente. While the Rürup-Rente is primarily designed for high tax relief during the accumulation phase, the new Altersvorsorgedepot, from 2027, combines direct allowances with an additional Sonderausgabenabzug. For the self-employed and high earners, this distinction is decisive, since the optimal pension strategy depends on your personal tax burden and desired flexibility. Our knowledge section helps you identify the structure that suits you.

High earners benefit from an enormous Sonderausgabenabzug with the Rürup-Rente. In 2025, single people can claim up to 29,344 euros for tax purposes^[3]. For jointly assessed married couples, this maximum amount doubles to 58,688 euros. The Altersvorsorgedepot, by contrast, relies on a dual system from 2027: alongside the Sonderausgabenabzug, savers receive a state Grundzulage of up to 540 euros, plus an optional Kinderzulage of up to 300 euros per child. For families with several children, or savers on medium incomes, this shifts the appeal noticeably towards the account. With our subsidy calculator you can easily simulate the exact effect on your savings rate.

For self-employed people who don't pay mandatory contributions into the gesetzliche Rentenversicherung (statutory pension insurance), the Rürup-Rente is often the only subsidised basic product with a strong tax lever. However, you pay for this tax advantage with a strict obligation to convert to a pension in retirement: the capital cannot be cancelled or used as collateral. The Altersvorsorgedepot, by contrast, enables a flexible ETF capital investment, in which you can pay in, pause, and withdraw up to 30 percent of the capital as a lump sum in retirement. The choice between an immediate tax effect and long-term flexibility should therefore be weighed up individually.

Note: the tax framework depends on your personal situation and may change in future. Calculations and comparisons are for illustration only. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Flexibility and payout choice side by side

The decision between the new Altersvorsorgedepot and the classic Rürup-Rente (Basisrente) is shaped decisively by your personal need for flexibility and your preferred form of payout. While the Altersvorsorgedepot offers, from age 65, a choice between a drawdown plan and a lifelong pension plus a lump-sum withdrawal of up to 30 percent, the Rürup-Rente is subject to a statutory obligation to convert to a pension. That means Rürup savings may only be paid out in retirement as a lifelong monthly pension; a one-off lump-sum payout is excluded. There's also no statutory provision for transferring capital from an existing Rürup contract into an Altersvorsorgedepot^[1]. If you're looking for detailed background on the new legal framework and comparisons, you'll find a source-based, neutral write-up on our knowledge section.

Especially for the self-employed and high earners with fluctuating income, the ability to adjust contributions during the year is a key factor in retirement provision. Both routes let you reduce your savings rate during financial squeezes, make top-up payments, or temporarily pause contributions altogether. The main systemic difference therefore doesn't primarily show up in the accumulation phase, but only in the payout phase. While the Rürup-Rente scores mainly through the high tax deductibility of contributions during your working life, the Altersvorsorgedepot offers vastly greater financial self-determination in retirement. To compare the individual effects of different contribution structures on your future capital, on a source-based footing, you can use the subsidy calculator. Please note the legal disclaimer here: all calculations shown are for pure information and guidance; they do not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Target-group analysis: who benefits from which model?

The decision between the new Altersvorsorgedepot and the classic Rürup-Rente (Basisrente) depends decisively on your employment situation, your current tax bracket, and how much flexibility you want. While the Altersvorsorgedepot, from 2027, wins out mainly through state allowances, tax-free reinvestment and flexible payout options^[1], the Rürup-Rente focuses on a lifelong Leibrente (life annuity) protected from seizure. For self-employed people and freelancers not subject to mandatory insurance, the Basisrente is an important foundation, since contributions can be deducted highly effectively for tax purposes under the Sonderausgabenabzug. The new account, by contrast, lets this target group too benefit, for the first time from 2027, from state-subsidised ETF accounts with no rigid obligation to convert to a pension^[1].

For high earners and young families who want to provide for retirement in a long-term, return-focused and self-directed way, the Altersvorsorgedepot proves highly attractive. State allowances of up to 540 euros a year, plus additional Kinderzulagen, can substantially speed up wealth-building^[1]. Anyone with fluctuating income also appreciates the account's flexibility, which, unlike rigid Rürup contracts, prescribes no fixed minimum contributions. For a precise mathematical comparison, you can calculate your individual advantage with our subsidy calculator. If you'd prefer a deeper, personal analysis, our independent advice service puts you in touch with licensed, independent financial advisers.

The system comparison side by side: AVD vs. Rürup as a table

Both the new Altersvorsorgedepot from 2027 and the well-established Rürup-Rente (Basisrente) pursue the goal of funded private pension provision. But the routes there differ fundamentally for the self-employed and high earners. While the Rürup-Rente is primarily aimed at a high Sonderausgabenabzug and prescribes a lifelong Leibrente, the Altersvorsorgedepot relies on flexible capital investments, state allowances and flexible payout options^[1]. This leads to fundamentally different conditions in the areas of tax, inheritance and protection from seizure, which you should factor into your long-term planning.

The decision between these two models depends heavily on your individual income situation and how much flexibility you need. For high earners with a very heavy tax burden, the Rürup-Rente offers the highest immediate tax saving, thanks to the enormous Sonderausgabenabzug. Anyone who, instead, wants to invest flexibly and have free control over their capital in retirement will find a contemporary alternative in the Altersvorsorgedepot. With our subsidy calculator you can work out the expected subsidy effect in detail.

Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Paths to the right decision: deciding for yourself or getting advice

The choice between the new Altersvorsorgedepot and a classic Rürup-Rente depends heavily on your individual life situation and your financial experience so far. While high earners and the self-employed benefit from very substantial tax deduction options with the Rürup-Rente, the Altersvorsorgedepot offers maximum flexibility in fund selection and payout from 2027^[2]. To make this decision process easier for you, we offer two entirely equivalent routes on our platform.

If you like taking your finances into your own hands, you can use our knowledge section to study more in-depth comparisons and legal detail. Our interactive subsidy calculator helps you work out your individual state subsidy and your expected final capital precisely. Once you've decided on the account, our provider comparison gives you a direct comparison of the leading neobrokers, so you can easily find the right partner for your ETF savings plan.

For more demanding situations — for example, if you're self-employed and need to hedge fluctuating income, or want a detailed tax comparison against the Rürup-Rente — a plain online table is often not enough. In such cases, our independent advice service offers the ideal next step. We put you in touch, free of charge, with a licensed, independent financial adviser who analyses your personal pension situation and works out a tailor-made recommendation for you.