Is the Altersvorsorgedepot worth it if you work part time?

Tilman Freyenhagen

Published on 25 July 2026 · Updated on 7 August 2026 · Managing Director & Partner, Alsterspree Verlag GmbH

The pension gap in part-time work and the gender pension gap

Part-time work directly reduces the pension points you earn in the statutory pension insurance scheme, because your gross earnings are lower. Since around 49 percent of working women in Germany are employed part time^[1], a serious gender-based retirement-provision gap results: according to data from the Federal Statistical Office, the gender pension gap stands at around 39.4 percent (excluding survivors' pensions)^[2]. While taking on care work for raising children or looking after relatives limits how much time is available for paid work, the financial need for an adequate standard of living in old age stays the same. We see in this an urgent case for high-return private provision of your own.

Causes of the part-time pension gap and the leverage of the subsidy

Lower earnings from part-time work harm your eventual retirement provision in more than one way. Not only do your annual contributions to the statutory pension fund fall, so does the room you have to build private wealth without state help. The new Altersvorsorgedepot, launching on 1 January 2027, addresses exactly this weak point. Because the contribution logic is tied to income, the state subsidy has an outsized protective effect precisely when your salary is reduced.

• Fewer earnings points: every year worked part time lowers your contribution-liable gross income and permanently reduces your monthly pension entitlement.
• An interrupted compound-interest effect: smaller monthly savings mean valuable capital growth is lost over long investment horizons.
• An outsized allowance lever: with the Altersvorsorgedepot, even small contributions of your own secure the full state allowance, which considerably strengthens your independent financial protection.

Targeted private provision through high-return asset classes such as ETFs is therefore essential for part-time workers who want to close the gender pension gap systematically. Exactly how the subsidy rate works out for your own employment situation is covered in the sections below. (Note: all model calculations are for illustration; not investment advice under § 1 Abs. 1a Nr. 1a KWG.)

How the Altersvorsorgedepot works for part-time employees

The Altersvorsorgedepot, launching in 2027, replaces the existing Riester-Rente (Germany's existing subsidised private pension) and gives part-time employees a return-oriented investment in ETFs and investment funds. Its central principle is a clean split between the state subsidy and a high-return market investment. Where classic contracts often saw product costs from the contribution guarantee eat into returns, the statutory removal of the guarantee requirement will in future allow a higher equity share^[3]. This creates an outsized allowance lever for targeted retirement provision, especially for part-time employees who are particularly hard hit by structural pension gaps in the context of the gender pension gap.

Key points of the new system

• No more guarantee costs: because rigid gross-contribution guarantees are dropped, your payments flow directly into higher-opportunity asset classes, which lowers administrative costs and raises your return potential.
• An outsized allowance lever: because the required own contribution is tied to your reduced part-time income, you achieve the maximum state subsidy with comparatively little outlay of your own.
• Flexible contribution adjustment: your ongoing contribution rate can be adjusted without administrative hurdles to fluctuating income, reduced hours, or a later increase in hours.

Through these mechanisms, the new system helps you effectively cushion the gender-based retirement-provision gap from reduced working hours. The state subsidy has its highest percentage impact precisely on smaller monthly contributions. Not investment advice under § 1 Abs. 1a Nr. 1a KWG.

The subsidy structure: a high allowance lever on low income

The Altersvorsorgedepot offers a disproportionately high subsidy rate precisely on a reduced part-time income, because the state Grundzulage specifically rewards smaller contributions. For the first 360 euros of your own contribution each year, the state grants a subsidy of 50 percent — 50 cents per euro paid in^[4]. This strong allowance lever lets part-time workers counter the gender pension gap with a manageable financial outlay.

How the Grundzulage is tiered, and the minimum contribution

The state subsidy structure distinguishes two tiers of the Grundzulage and requires only a small minimum contribution:

• First tier (50 percent): for contributions up to 360 euros a year, the state adds up to 180 euros as the Grundzulage.
• Second tier (25 percent): for further payments above 360 euros, the state contribution is 25 cents per euro.
• Minimum contribution rate: to keep your entitlement to the full percentage subsidy, all that's required is a base contribution of 120 euros a year (10 euros a month).

This design gives part-time savers a particularly high return on their own capital. Someone who pays in 30 euros a month, for example, receives a state contribution of 180 euros on the annual total of 360 euros — a subsidy rate of exactly 50 percent. Our subsidy calculator helps you work out different savings scenarios precisely. (Illustrative example, not investment advice under § 1 Abs. 1a Nr. 1a KWG.)

Child allowances and subsidy bonuses as a return booster

For working parents in part-time employment, the Altersvorsorgedepot offers an exceptionally strong lever through the linked Kinderzulage. The state adds exactly one euro of Kinderzulage for every euro you pay in yourself, up to a ceiling of 300 euros per child per year^[5]. Because part-time workers with reduced income need to contribute less of their own money, the effective subsidy rate often reaches its highest values. This direct subsidy flows into the chosen ETF portfolio in full and, over the remaining saving period, produces a noticeable compound-interest effect, as we also show in our guide for families.

Targeted allocation within the family, and the Berufseinsteiger-Bonus

In practice, the effect of the Kinderzulage can be optimised by choosing the right allocation within the family. As a rule, the Kinderzulage is tied to Germany's child benefit (Kindergeld) and belongs to whichever parent receives that payment. Married couples can, however, agree to transfer the allowance to the part-time partner's Altersvorsorgedepot. If you are saving on a reduced salary, this transfer produces the maximum percentage subsidy on your own contribution. In addition, working people under 25 secure the one-off Berufseinsteiger-Bonus of 200 euros, as we explain in detail in our guide for young people^[6].

This subsidy structure cushions the lower net income and turns manageable monthly contributions into substantial invested wealth. Especially for women, who statistically work part time more often and are more exposed to the gender pension gap, the combination of the Grundzulage, the child bonus and the state premium forms an effective countermeasure to the looming pension gap. In our overview of the subsidy for the Altersvorsorgedepot, we analyse the exact tiering of every state contribution.

Indirect entitlement for people who are not employed or are in a mini-job

Spouses without their own compulsorily insured income, or in a mini-job, also benefit from the Altersvorsorgedepot through indirect entitlement. This requires that the working partner is directly entitled to the subsidy and pays into a subsidised contract of their own^[4]. This statutory provision lets people in phases of reduced employment build up subsidised retirement provision of their own and directly counter the gender pension gap.

• Entitlement requirements: one spouse holds direct entitlement to the subsidy and pays the subsidised contribution into their own Altersvorsorgedepot.
• Annual minimum own contribution: the indirectly entitled partner pays a minimum own contribution of exactly 120 euros per calendar year into their personal account.
• State allowance: once the minimum own contribution is met, the state pays a Grundzulage of 50 percent of the own contribution directly into the indirectly entitled partner's account; at the minimum own contribution of 120 euros, that is 60 euros a year.
• Allocation of child allowances: parents can also decide to have any Kinderzulage credited to the indirectly entitled partner's account.

The practical combination of part-time and partner subsidies gives families a mathematically efficient way to spread risk. Even at a minimal own contribution of 10 euros a month, the state support remains fully intact. This lets you keep contributing to your personal Altersvorsorgedepot continuously, even during family-related career breaks, without financial strain.

An unsubsidised ETF savings plan versus the Altersvorsorgedepot compared

A direct comparison between an unsubsidised ETF savings plan and the state-subsidised Altersvorsorgedepot makes clear how differently the two models perform on reduced earnings. Whereas returns on a free securities account depend solely on the contributions paid in and market performance, the Altersvorsorgedepot also benefits from direct state allowances^[4]. Precisely for part-time workers, who are more often affected by the gender pension gap because of lower gross incomes, the allowance mechanism has an outsized effect. Even at a reduced own contribution, the subsidy rate relative to your own investment stays exceptionally high. This shows up even with a small contribution, making it possible to close your individual pension gap in a targeted way.

The two paths compared directly

• Subsidy structure: with the Altersvorsorgedepot, the state increases your contribution through direct allowances, which raises the effective return on your own contribution. A free account requires the full contribution from your already-taxed net income.
• Accumulation phase: capital gains, dividends and reallocations remain tax-free throughout the accumulation phase in the Altersvorsorgedepot. In an unsubsidised account, the Abgeltungsteuer (flat-rate withholding tax) applies above the saver's tax-free allowance.
• Payout phase: payouts from the Altersvorsorgedepot are taxed in retirement at your personal income-tax rate, under deferred taxation. The free ETF savings plan is taxed on payout under the partial-exemption procedure.
• Cost transparency: under § 7d AltZertG, Altersvorsorgedepot providers must transparently disclose all effective costs, which makes it easier to compare fee structures directly.

In many part-time scenarios, the immediate allowance return on the Altersvorsorgedepot clearly outperforms the tax advantages of an unsubsidised ETF savings plan. While higher earners benefit mainly from the Sonderausgabenabzug (deduction as a special expense), part-time employees secure a reliable boost to their own capital through the allowances, without high financial risk. For an individual assessment, we always recommend weighing up every cost component as well as your likely tax burden in retirement. (Not investment advice under § 1 Abs. 1a Nr. 1a KWG.)

A step-by-step strategy for starting out in part-time work

To get the most out of the new Altersvorsorgedepot while working part time, we recommend a structured approach. Under the funding model that applies from 2027, the state allowance is directly tied to how much you save yourself. A moderate monthly contribution is already enough to make full use of the maximum state subsidy rate in the first tier.

1. Set your own contribution between 10 and 30 euros: the statutory minimum contribution is 120 euros a year, or 10 euros a month. If you raise your monthly contribution to 30 euros (360 euros a year), you secure the maximum 50 percent Grundzulage of 180 euros a year.
2. Use the flexibility to adjust your contribution: if your part-time hours or monthly net income change, adjust your own contribution accordingly. Rebalancing and flexible adjustments to your contribution rate make sure your provision always matches your current budget.
3. Choose a low-cost broker and index funds: pay attention to low account and product fees when implementing your plan. A structured provider comparison helps you identify suitable neobrokers as well as broadly diversified world index funds, so high administrative costs don't eat into your overall return.

With this targeted strategy, you secure noticeable state contributions even on a small contribution, and consistently counter the structural pension gap that comes with part-time work. Note: all worked examples and subsidy figures given serve only as illustrative guidance. Not investment advice under § 1 Abs. 1a Nr. 1a KWG.

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

Once your subsidy entitlement for your part-time situation has been established, the practical implementation is next. For getting started with the Altersvorsorgedepot, two equally valid paths are available to you, depending on your individual need for guidance. The basic choice between an app or personal advice depends above all on how comfortable you are with digital tools and how complex your personal family situation is.

Criteria for your individual path to implementation

• Opening an account yourself: if you like managing your finances digitally, choosing a neobroker or bank gives you a transparent way to invest in ETFs yourself at low product cost.
• Independent professional advice: if your career has moved between full-time, part-time and periods of leave, or your subsidy entitlement is unclear, qualified advice provides legal and financial clarity.
• Digital calculation tools: whichever path you choose, the subsidy calculator helps you simulate the optimal contribution rate in advance, on a source-based footing.

Both paths lead to the goal in a structured way and help close the part-time pension gap in a targeted manner. All calculations and comparisons are for guidance only (not investment advice under § 1 Abs. 1a Nr. 1a KWG).