Altersvorsorgedepot: what has changed since the draft bill?

Tilman Freyenhagen

Published on 24 July 2026 · Updated on 7 August 2026 · Managing Director & Partner, Alsterspree Verlag GmbH

Why outdated draft figures keep causing confusion

Numerous online guides and comparison sites still cite the provisional figures from the government draft of December 2025. Anyone who bases their financial planning on these outdated figures is working from false assumptions: the final law brings substantial improvements to state support, along with stricter cost rules. The law sets a state basic allowance of 50 cents per euro paid in for the first 360 euros of own contribution^[1]. The new rules also cap the effective costs of standard products at a maximum of 1.0 percent a year^[2]. Knowing the current legal position means benefiting from support rates well above those envisaged in the early drafts.

Draft history and the spread of outdated information

During the draft phase in late 2025, sample calculations circulated that assumed only a lower basic allowance and discussed considerably higher cost caps. Because many online sources were never revised after the law passed parliament, automated search systems also continue to draw on these outdated data sets. A sound assessment of your own AVD support requires a legally current basis. Avoiding unwanted losses to hidden costs likewise depends on working from the current version of the law.

The comparison makes clear that lawmakers improved the terms significantly during the parliamentary process. A transparent, source-based comparison ensures your retirement-planning decision rests on reliable facts. We help you spot outdated myths and navigate the move into the new Altersvorsorgedepot with up-to-date clarity.

The basic allowance: from the 30-cent draft to 50 percent in the law

Many discussions and older online articles still circulate the support rates from the original draft bill. In the government draft of December 2025, the basic allowance was set at 30 cents per euro for contributions up to 1,200 euros, plus 20 cents for a further 600 euros - a maximum of 480 euros; an increase to 35 cents was only planned from 2029.^[14] With the enacted law, however, lawmakers fundamentally simplified the support structure and raised the allowances markedly^[5]. Anyone planning their private retirement provision today should work strictly from the final parameters, to avoid false assumptions in long-term wealth building.

The new two-tier rate in detail

Rather than a delayed phase-in, a transparent two-tier rate for the basic allowance applies from the system's launch. The model particularly rewards small and medium monthly savings rates, without excluding higher own contributions from support:

• First tier (50 percent support): for the first 360 euros of own contribution per calendar year, the state grants an allowance of 50 cents per euro (equivalent to a maximum of 180 euros of basic allowance at this tier).
• Second tier (25 percent support): for every further euro up to 1,800 euros of own contribution, the state pays a further 25 cents per euro (equivalent to up to 360 euros of additional allowance).

This adjusted tiered rate raises the maximum state basic allowance from the 480 euros originally planned to exactly 540 euros a year^[5]. Dropping the phased introduction also means you benefit from the full state support starting in your very first year of contributions. To calculate your personal support rate, use our digital subsidy calculator for the Altersvorsorgedepot.

The child allowance: the switch to 100 percent support

Earlier draft versions set a flat rate of just 30 cents per euro paid in for the child allowance. The enacted final law makes a key correction here for parents: lawmakers now reward every euro saved for a child with a full euro of state allowance^[5]. This amounts to full 100 percent support and guarantees parents up to 300 euros of state assistance per child per year, once an annual own contribution of 300 euros is made.

The new rule in detail: government draft versus final law

• 1-to-1 support up to 300 euros: whereas the first draft envisaged only 90 euros of child allowance (30 cents per euro) for a 300-euro own contribution, the final law matches the contribution euro for euro, up to a maximum of 300 euros per child.
• The rigid minimum-contribution hurdle is gone: the link to 4 percent of the previous year's pension-insurable income, familiar from the existing Riester system, has been scrapped entirely. State support now applies proportionally from the very first euro saved.
• Advantages for families on a smaller budget: parents no longer have to clear high percentage-of-income hurdles to receive the full child allowance. Every contribution immediately triggers the maximum support leverage.

For families with children, this realignment of the law brings substantial financial relief in building private retirement provision. With two children, for example, an own contribution of just 600 euros a year (equivalent to 50 euros a month) is enough to fully exhaust the maximum child allowance of 600 euros. Combined with the also-increased basic allowance, parents willing to save achieve a support rate that meaningfully underpins long-term wealth building on the capital markets.

We note that all calculation examples and support figures given are illustrative and do not replace an individual tax review (not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG).

Effective cost cap on the Standarddepot lowered to 1.0 percent

The government draft of December 2025 still capped the Standarddepot's effective costs at a maximum of 1.5 percent a year. The enacted law tightened this cap further: the average annual reduction in returns from costs over the full contract term is capped at a maximum of 1.0 percent for the standard product^[5]. This reduction ensures administrative costs and distribution fees do not excessively erode the long-term compounding effect.

Protection against hidden fees and transparency under § 7d AltZertG

Alongside the lower cost ceiling, expanded transparency requirements also apply. The revised § 7d AltZertG obliges providers to comprehensive disclosure duties both before and during the contract term. For investors, this means effective protection against hidden costs, since all account-management, administrative and transaction fees must be shown transparently within the effective cost ratio. The Standarddepot thereby creates a reliable reference framework for the entire retirement-provision market.

Capping effective costs at 1.0 percent leaves a substantially larger share of returns in savers' invested assets. Over long accumulation phases spanning several decades in particular, even small differences in the cost ratio produce noticeable variation in the final capital available. Compliance with these requirements is strictly checked in the official certification process. Note: all calculations and comparisons are for comparative information only. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Berufseinsteiger-Bonus and contribution limits

The final law lays down the special rules for career starters and the maximum contribution limits with binding effect. For young savers under 25, lawmakers provide a one-off career-starter bonus (Berufseinsteiger-Bonus) of 200 euros^[7]. This starter payment is credited in addition to the regular allowances in the first year of saving, to specifically encourage early wealth-building on the capital markets. As sample calculations show, young people benefit disproportionately from this early start, thanks to the long investment horizon and the compounding effect.

How the contribution limits and supported contributions work

Alongside the career-starter bonus, the statutory ceiling on annual contribution payments is another key figure. The law permits payments of up to 6,840 euros per calendar year into the Altersvorsorgedepot^[8]. For well-informed savers, the precise boundary of the state-supported share matters here: direct allowance support applies only to own contributions up to 1,800 euros a year^[9]. Own contributions exceeding this 1,800-euro threshold no longer receive direct allowances, but can still be claimed within the statutory tax ceilings.

This clear separation between allowance eligibility up to 1,800 euros and the extended contribution ceiling up to 6,840 euros gives orientation to trainees and higher earners alike. While career starters can exhaust the full allowance rate with modest monthly contributions, higher earners can use the remaining headroom to specifically optimise tax advantages.

The Sonderausgabenabzug, newly regulated

The enacted Altersvorsorgereformgesetz fundamentally re-regulates the Sonderausgabenabzug (deduction as a special expense), correcting earlier assumptions from the draft versions. Where the original draft still left uncertainty about how exactly own contributions and state support would be offset against each other, the final legislation brings clarity to your tax planning. Going forward, as a saver you can claim your own contributions as special expenses for tax purposes up to 1,800 euros a year. What makes the new system distinctive: the tax-deductible amount is not limited to the own contribution but is topped up by your individual allowance entitlement, which noticeably raises the maximum deductible volume compared with the old Riester-Rente.

New ceiling and the combination of own contribution and allowance

Compared with the previous Riester rule, which had a rigid ceiling of 2,100 euros, the tax planning scope for the Altersvorsorgedepot grows considerably. Anyone who pays in the full own contribution of 1,800 euros and receives the regular basic allowance arrives at a tax-deductible total of at least 2,340 euros. For families with children, this amount rises further still through the additional child allowances. The tax office checks, as part of the automatic favourability check, whether the tax saving from the Sonderausgabenabzug exceeds the direct allowance entitlement. This mechanism provides noticeable relief during the accumulation phase, which particularly benefits higher earners.

Because dividends and capital gains are reinvested tax-free within the account, the compounding effect is fully preserved throughout the entire accumulation phase. Tax is only due in retirement, on payout, at the personal tax rate that applies then. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Guarantees and investment options in the final law

The final law brings fundamental changes to guarantees and investment forms compared with the first draft versions^[5]. Where earlier debates were dominated by rigid contribution guarantees, the enacted law creates flexible freedom of choice. Savers no longer have to take out an expensive contribution guarantee that, in periods of low interest rates, ate up much of the return. Instead, you can decide individually which guarantee level suits your personal risk appetite and investment horizon.

Three guarantee levels and the statutory positive list

To ensure transparency and safeguard access to the capital markets, the final Altersvorsorgereformgesetz distinguishes between different guarantee models and sets out the investment universe with binding effect via a positive list.

• 0% guarantee (pure account): the contribution flows entirely into return-oriented securities such as global equity ETFs. This maximises long-term return potential but requires the willingness to ride out market fluctuations.
• 80% guarantee: a middle path, where 80 percent of the own contributions and allowances paid in are guaranteed at the start of retirement, while the remaining portion is invested for higher returns.
• 100% guarantee: full protection of the amount paid in for safety-focused savers, combined with a lower equity allocation in the portfolio.
• Statutory positive list: only transparently structured financial instruments are permitted, such as broadly diversified ETFs, retail funds and fixed-income securities. High-risk derivatives, crypto-assets or speculative individual stocks are excluded.

This clear structure means the Altersvorsorgedepot suits very different types of saver. If you're unsure which risk profile and implementation form fits your life situation, it's worth comparing the options or seeking personal advice before signing up. The basic choice between guarantee protection and maximum return potential forms the foundation for your later retirement provision.

Statutory timetable and preparing for the 2027 launch

With the successful completion of the parliamentary legislative process in spring 2026, the fundamental reform of private retirement provision now rests on a binding footing. After the Bundestag passed the bill in March 2026, the Bundesrat gave its final approval in May 2026^[10]. That makes 1 January 2027 an unshakeable start date for the new Altersvorsorgedepot. This timetable creates clarity for consumers and product providers alike, but it also makes early orientation necessary.

The 2026 legislative path and the remaining implementation phase

In the months leading up to the 2027 market launch, organisational preparations are in full swing. The financial industry is developing certifiable account models and Standarddepot products, while the supervisory authorities examine the regulatory criteria. For you as an investor, this interim phase is the ideal window to correct outdated figures from the superseded draft versions and work out the real improvement over existing contracts.

1. Take stock of existing contracts: review any Riester policies you hold for the capital accumulated so far, the guarantees, and the effective administrative costs.
2. Calculate your individual support rate: use sound calculations based on the final adopted figures to work out precisely how the 50 percent basic allowance improves your situation.
3. Choose the right implementation strategy: define your preferred route. Investors who prefer to act independently use low-cost neobrokers after launch, while savers who want advice should seek out an independent financial adviser early.

A structured comparison before the cut-off date prevents rushed decisions and enables a seamless transition. Whether you choose the digital self-service route or prefer personal advice: preparation ensures you benefit fully from state support from day one.