Can I change my Altersvorsorgedepot provider later?

Tilman Freyenhagen

Published on 14 June 2026 · Updated on 7 August 2026 · Managing Director & Partner, Alsterspree Verlag GmbH

Basic principle: portability in the Altersvorsorgedepot

Yes, you can change your Altersvorsorgedepot (the new state-subsidised retirement investment account) provider later. The capital you've saved with state support can be transferred to a new Altersvorsorgedepot at another provider without losing the tax subsidy, much like a classic account transfer. This statutory portability takes away savers' fear of a supposedly wrong first decision as part of the private pension reform^[1].

How a provider switch works in practice

1. Open the new Altersvorsorgedepot with your chosen provider.
2. Submit the transfer instruction to your current institution, stating the new account details.
3. The tax-neutral transfer of the securities holdings or cash balance between providers is carried out.
4. Receive final settlement and confirmation that the state subsidy continues uninterrupted.

The statutory rules ensure fair conditions for a switch. In the first five years after the contract starts, the outgoing provider may charge switching fees of no more than 150 euros. From the sixth contract year onward, the transfer must be completely free of charge from the old provider^[2]. The new provider, however, may charge a one-off administration fee of no more than 150 euros for setting up and transferring the account. To compare the best terms across providers and analyse the long-term fee impact, our digital subsidy calculator is available to you. Alternatively, our knowledge section helps you find out, neutrally, about upcoming deadlines.

Because transferred capital may not be counted when new acquisition and distribution costs are calculated, your accumulated savings stay protected. This portability makes entering the new Altersvorsorgedepot from 2027 especially flexible. For choosing the right account, our provider comparison is available, letting you compare neobrokers neutrally. If you'd like personal guidance, our independent advice service is happy to put you in touch with licensed experts, free of charge.

Statutory framework and preserving the state subsidy

Lawmakers built flexibility for savers into the new Altersvorsorgedepot from the outset. A central aspect of the pension reform is the so-called portability of the subsidised capital. The enacted Altersvorsorgereformgesetz provides that you can transfer your Altersvorsorgedepot to another provider at any time without this being classified as a detrimental use^[3]. In plain terms, that means all the state allowances and tax benefits you've accumulated over the years remain fully intact through the transfer. This statutory rule takes the pressure off self-directed investors at the first decision, since the choice of account provider is not an irreversible commitment for your entire working life.

1. Seamless transfer of assets: your entire retirement savings are transferred directly from your previous provider to the new institution, so no taxable inflow reaches your personal current account.
2. Protection of the allowances: because this counts as a transfer that is not a detrimental use, the state does not claw back any allowances or tax benefits.
3. Limited switching costs: the statutory rules aim to strictly cap the fees for switching, to promote competition among providers and remove barriers to switching.

For self-directed investors, this legal framework offers maximum independence. You can start with confidence at a low-cost neobroker and transfer your account to a different provider later, if your investment strategy or market conditions change. Our knowledge section keeps you up to date on all legal developments. If you'd like to compare different scenarios and calculate cost effects, our subsidy calculator is available (calculations are for illustration only, not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG).

The cost: the statutory cap on switching providers

Anyone starting out with private pension provision often worries about making the wrong choice with their first provider. With the new Altersvorsorgedepot, though, this worry is unfounded, since lawmakers explicitly allow a switch that is not a detrimental use. Should your investment goals change, or another provider offer better terms, you can transfer your subsidised capital without having to fear losing the state allowances or tax benefits. This makes getting started considerably more relaxed for self-directed investors, since no irreversible contracts are signed.

The decisive difference from old Riester-Rente contracts (Germany's existing subsidised private pension) lies in the statutory cap on switching fees. While Riester policies often carried high cancellation fees, hidden switching costs or the loss of acquisition fees, the new reform puts a stop to that. Under the guidelines of the Federal Ministry of Finance, the receiving provider may charge no more than 150 euros as an administration fee for the switch^[3]. This statutory ceiling ensures that savers aren't trapped in expensive contracts and that the portability of the capital is preserved.

For working out the long-term effect of costs and returns on your pension, our subsidy calculator is a good choice. If you'd like to dig deeper, our knowledge section offers detailed guides on all the tax and regulatory aspects of the reform. With the right knowledge and transparent tools, you can make your decision confidently and at your own pace.

How long switching takes: the financial regulator's requirements

If you want to change your Altersvorsorgedepot provider, how long the process takes is an important factor for your planning. Many self-directed investors worry that such a switch will be a long drawn-out affair, tying up their capital for months. This worry is unfounded, though, since clear regulatory guardrails apply to the transfer. The entire process can usually be reliably completed within a few weeks, so you can react flexibly to better terms or a more attractive product offer.

The Federal Financial Supervisory Authority, known as BaFin, has issued strict requirements for account transfers. Under these rules, a transfer of securities must generally be completed within a maximum of three weeks. Should processing exceed this deadline, the outgoing provider is legally required to send the customer a comprehensible interim notice about the reasons for the delay within five additional working days. These rules protect you from unnecessary delays caused by the institutions involved.

1. Application: you open the new Altersvorsorgedepot with your chosen provider and instruct it to collect the existing capital.
2. Review and coordination: the new provider contacts your previous institution and initiates the transfer process.
3. Transfer of holdings: the capital or corresponding securities units are transferred to the new account, which, per BaFin's requirement, should take a maximum of three weeks.
4. Completion: you receive confirmation from both institutions and can continue your pension provision seamlessly.

For you as an investor, this regulatory deadline means a high degree of security and flexibility. You don't have to commit permanently to a partner with your first choice; instead, you can watch the market and react flexibly if needed. You'll find comprehensive comparisons and further information on the statutory framework in our knowledge section. For a detailed financial-mathematics comparison, our subsidy calculator is also available.

What happens to your ETFs during an account transfer?

When you switch Altersvorsorgedepot provider, you don't need to worry about tax disadvantages. The savings you've built up stay fully within the tax-protected framework throughout the transfer, and your ETFs are either transferred directly as an in-kind asset or sold as part of a cash transfer and reinvested with the new provider^[4]. Unlike an ordinary account switch, where selling securities would immediately trigger capital gains tax, switching Altersvorsorgedepot provider is therefore tax-neutral. Exactly how your ETFs are transferred depends mainly on whether the new provider's investment products are compatible.

Two routes for the transfer: in-kind or cash

Two different methods are technically available for transferring your assets. Which one applies depends on whether the ETF selection matches between the old and new provider.

This flexibility takes the pressure off you at the outset to immediately find the absolute perfect provider for the entire term of your pension provision^[5]. If you later find that another provider charges lower account fees or offers a better ETF selection, you can initiate the switch without any hassle. For your first comparison, it's best to use our provider comparison to get an overview of the terms on offer. Further details on tax questions are available in our knowledge section. To simulate, with mathematical precision, the long-term effect of fees and state allowances on your final capital, our source-based subsidy calculator is also available.

When switching to a new provider is worthwhile

The worry of choosing the wrong Altersvorsorgedepot at the start of the reform is unfounded. Switching provider is clearly regulated by law and is entirely free of detrimental-use consequences. That means the state allowances and tax benefits you've already received remain fully intact through a transfer and don't have to be repaid to the state^[3]. The capital you've saved can be transferred to another provider much like a classic account transfer. To protect consumers from disproportionate hurdles, the law provides for a switching-cost cap of a maximum of 150 euros for the transfer. This statutory safeguard takes the pressure off you when choosing your first provider and lets you start the new system with confidence.

Typical reasons for switching your Altersvorsorgedepot

• Lower ongoing costs: switching from a traditional branch bank or insurer to a low-cost online broker can mean substantial savings on account fees and trading costs.
• A wider ETF selection: since not every provider carries the same products, switching to a neobroker often gives you access to a broader range of low-cost, globally diversified index funds.
• Better digital management: a modern interface and flexible savings-plan features make it easier for self-directed investors to manage their pension provision independently, without a lot of paperwork.

To compare the different offers on the market in a structured way, you don't have to painstakingly research the terms one by one. Our provider comparison gives you a transparent, neutral overview of the neobrokers available on the market and their terms. In addition, the knowledge section helps you better understand the tax details and statutory deadlines of a switch. That way, you keep full control over your financial future at all times, and can adapt your account flexibly to your life situation.

Step by step: how the switch works

The worry of supposedly making the wrong choice with your first account is unfounded. An Altersvorsorgedepot can later be transferred to another provider at any time without a detrimental-use consequence, so you don't lose the state subsidy. This statutory portability takes the pressure off the first choice and makes entering state-subsidised pension provision considerably more relaxed. The subsidised capital and securities can be transferred via an account transfer, much as you're used to with regular accounts. For guidance, you'll find well-founded analysis in the knowledge section to inform yourself about the exact conditions.

1. 1. Choose a new provider: compare terms, ETF selection and account fees in advance, for example using the provider comparison tool.
2. 2. Open the new Altersvorsorgedepot: open the new subsidised account with your chosen provider. Explicitly designate it as an Altersvorsorgedepot when opening it.
3. 3. Instruct the transfer: give the new provider a formal transfer instruction. This provider then collects the balance directly from your previous provider.
4. 4. Wait for the transfer: the entire process is handled by the providers in the background and usually takes a few weeks.

When you switch, your previous provider may charge switching fees. Under current regulatory guidelines, though, this switching-cost cap is legally limited to a maximum of 150 euros. Citizens can switch providers voluntarily and without hassle, which strengthens competition among brokers and delivers consumer-friendly terms in the long run^[1]. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Conclusion: your first provider choice still matters

The statutory option to flexibly take your saved capital to another provider in the new Altersvorsorgedepot removes investors' worry about an irreversible wrong decision at the outset. Such a switch is defined, under the statutory reform, as a transfer that is not a detrimental use, meaning your accumulated assets, including all state allowances, can be transferred to the new account with full tax protection^[3]. This portability secures healthy competition among brokers and ensures customer-friendly terms in the long run. Even so, your first provider choice isn't a mere formality — it lays the foundation for your long-term wealth building.

• Security through portability: a provider switch doesn't jeopardise the state subsidy, since the saved capital is transferred directly.
• Administrative hurdles: a full transfer can involve administrative effort and, in practice, often takes several weeks.
• Minimising cost risk: even though switching fees can be capped, transaction and transfer costs still reduce your account's initial return.

For self-directed investors who want to structure their pension provision independently through modern brokers, a thorough comparison of fee structures and the ETF portfolios on offer remains essential. To dig deeper into the statutory details and tax rules, our knowledge section is available with detailed analysis. If you're unsure about choosing the right provider or the optimal investment strategy, you don't have to make this decision alone. Through the Vorsorgedepot-Lotse platform, our independent advice service is on hand to put you in touch with licensed experts. With this combination of digital self-determination and professional support, you can make your decision with maximum clarity and keep full control over your financial future.