What does switching from Riester to the Altersvorsorgedepot cost?

Tilman Freyenhagen

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

Switching from Riester to the Altersvorsorgedepot: a new framework from 2027

Switching from an existing Riester contract into the new Altersvorsorgedepot is generally possible, but it can involve direct and indirect switching costs. Providers' direct transfer fees are tightly regulated by law and generally capped at 150 euros. Whether the move pays off for you financially can be checked in detail with our subsidy calculator, which weighs the switching costs against the expected additional return.

With the Altersvorsorgereformgesetz (the pension reform act), the federal government introduces a fundamentally modernised system of private retirement provision on 1 January 2027. The centrepiece of this reform is the Altersvorsorgedepot (the new state-subsidised retirement investment account), which lets savers invest in ETFs and shares with strong return potential and without rigid contribution guarantees^[1]. For Riester contract holders, this represents a historic opportunity: they can transfer their accumulated subsidised assets into the new, more flexible structure to benefit long-term from the capital market's higher return potential.

• Return potential without the guarantee corset: the new account drops the obligation for a contribution guarantee, so your capital can be invested entirely in higher-return asset classes.
• A simplified subsidy system: instead of complicated allowance calculations, a clear structure with fixed grants per euro paid in applies from 2027.
• Transferability of capital: the legislator allows the existing Riester balance to be transferred into the new pension system without losing its tax or allowance status.

Statutory guardrails for switching contracts

To protect consumers from excessive fees when switching, the legislator has put strict financial guardrails in place for the new Altersvorsorgedepot from 2027. The switching fees that the previous provider may charge for transferring the capital are capped by law. These protective rules keep a switch fair and transparent, as we describe in detail in our knowledge section. Even so, before transferring you should always check whether your old Riester contract still has unoffset acquisition costs outstanding. These often remain with the old provider and reduce the balance to be transferred, which can affect whether the switch pays off.

Direct switching costs: the statutory fee cap of 150 euros

Anyone considering switching from an existing Riester contract into the new Altersvorsorgedepot needs to budget for the associated transfer fees. To protect consumers from disproportionate barriers when switching provider, the legislator drew a clear line as part of the new Altersvorsorgereformgesetz. If you want to transfer your subsidised balance, the outgoing provider may charge a fee of no more than 150 euros as an administrative flat fee^[1]. This limit ensures that accumulated allowances and contributions are not eaten up by excessive cancellation fees.

This statutory ceiling, however, is limited in time and applies only within the first five years after the contract is concluded. From the sixth contract year onwards, switching provider is by law entirely free of charge for you. For Riester savers with long-standing contracts, this rule represents a significant easing, since the immediate switching fees no longer apply when transferring into the new Altersvorsorgedepot.

This statutory framework strengthens competition in the subsidised retirement provision market. Because savers are no longer blocked by prohibitive fees, providers have to keep optimising their terms and returns to retain customers long term. This marks a fundamental improvement compared with the old Riester world, where unprofitable contracts were often kept running because of high cancellation costs. Use our subsidy calculator to work out transparently how possible switching fees would affect your future final capital. Note: this is not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Fee-free from the sixth year: free transfers

A major criticism of the classic Riester-Rente has always been its lack of flexibility. Anyone dissatisfied with their state-subsidised pension, or wanting to switch to a higher-return provider, was often confronted with high cancellation fees. With the new Altersvorsorgedepot from 2027, the legislator clears these hurdles out of the way for good. The aim is to stimulate competition and strengthen the long-term flexibility of your private retirement provision.

The five-year limit on switching costs

Clear time limits apply to switching provider under the new statutory rules^[2]. In the first five years of the contract term, the outgoing provider may charge a fee for transferring the capital, but this is capped by law at a maximum of 150 euros. From the sixth contract year onwards, this switching fee no longer applies at the old provider at all, so the switch can then be made completely free of charge. Internal switches — that is, switching into a different subsidised product with the same provider — may not carry any switching costs at all, even from the very start. This rule ensures that, as a saver, you are not permanently tied to an unprofitable contract but can act flexibly.

Thanks to this consumer-friendly regulation, switching to a higher-return account loses its financial sting. The transferred capital may also not be used by the new provider as a basis for calculating acquisition and distribution costs. If you want to find out how such a transfer would affect your retirement savings in the long run, you can precisely simulate and compare the future performance with the subsidy calculator. That way you can make your decision on a sound, neutral basis of data.

Typical switching fees in practice: what Riester providers have charged so far

If you decide to switch from your existing Riester contract to the new Altersvorsorgedepot, you understandably want to know exactly what hurdles and costs to expect. In practice, conventional Riester providers almost always charge a fee to release and transfer the accumulated balance. These switching fees are an important factor in determining exactly when your switch breaks even. A transparent analysis shows, however, that the legislator has drawn clear limits to protect savers, so that switching provider does not fail because of insurmountable cost barriers.

In current practice, Riester providers usually charge a flat fee of between 50 and 100 euros for transferring the contract balance^[3]. By law, this switching fee may amount to a maximum of 150 euros during the first five contract years, while the transfer must be completely free of charge once five years have passed. According to the Federal Ministry of Finance, the same statutory cap of no more than 150 euros as an administrative flat fee also applies to the receiving provider on the Altersvorsorgedepot^[1].

Besides these direct fees, as a Riester saver you should also keep an eye on possible indirect costs. If you took out your Riester contract only a few years ago, the acquisition and distribution costs were often deducted in instalments spread over the first five years. If you switch early, these already-paid costs remain with the old provider and are not reimbursed. A careful check of your current account balance is therefore advisable. With our interactive subsidy calculator, you can precisely calculate the switching costs and fee impact for your personal situation. For deeper background, our knowledge section is also available to you.

Hidden deductions: the risk of unoffset acquisition costs

Anyone considering a switch from Riester-Rente to the new Altersvorsorgedepot from 2027 often looks first at the direct fees for transferring the contract. These switching costs are capped by law: in the first five years, the outgoing provider may charge a maximum of 150 euros, after which switching is generally even completely free of charge^[1]. But the real financial hurdle is often hidden somewhere else entirely: in the old contract's acquisition and distribution costs that have not yet been fully offset. Anyone who switches too early risks permanently losing fees they have already paid, without these ever having been offset by state subsidies or returns.

The Zillmerung principle in Riester policies

Behind this risk lies the so-called Zillmer method. With classic Riester pension insurance policies, the total acquisition and distribution costs — often up to 2.5 percent of the entire contractual contribution sum — are calculated and spread over the first five contract years and deducted directly from your contributions.^[4] During this initial phase, only part of your money therefore goes into actual wealth-building. If you cancel such a young contract early or transfer the balance, these deducted costs are lost to you. On switching, you receive only the current surrender value, which in the early years can lie well below the contributions you have paid in. With older contracts that have already run for more than five years, by contrast, these costs are fully paid off, so no further deduction of this kind is at risk.

To avoid unpleasant surprises when switching, you should request a precise breakdown of the current capital and remaining costs from your existing provider in advance. Our free subsidy calculator helps you enter your existing Riester capital and compare it against the future benefits of the new account. This way you can see immediately whether the expected extra return offsets any losses. You can find further in-depth detail on the statutory framework in our Altersvorsorgedepot guides. Please note when comparing figures: our calculations are for illustration only and do not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

No repayment obligation: what happens to the state allowances

A regular switch from your existing Riester contract into the new Altersvorsorgedepot from 2027 is entirely neutral for your subsidy status. Concretely, this means: all state allowances and tax benefits you have accumulated for your Riester contract over the years remain fully intact and do not have to be repaid to the state. The legislator explicitly treats this transfer as a subsidised switch, to make your move into higher-return private retirement provision easier^[1].

This subsidised transfer differs fundamentally from a classic, subsidy-damaging cancellation of your Riester contract. If you simply cancel your contract to have the accumulated capital paid out to your current account, or to invest it in an unsubsidised account, the state allowance office reclaims all allowances and any tax relief granted. With a statutory transfer to the Altersvorsorgedepot, by contrast, your balance remains earmarked within subsidised retirement provision, so the protected status of your allowances is preserved without restriction.

• Subsidised switch: the entire accumulated capital is transferred directly to the new Altersvorsorgedepot. Allowances and tax benefits remain secure, and the capital can from then on be invested for higher returns.
• Subsidy-damaging cancellation: the contract is terminated and the balance paid out. In this case all allowances and tax benefits received must be repaid, which sharply reduces the payout amount.
• Contribution-free suspension: the Riester contract remains in place, but you stop paying contributions. The allowances already granted remain intact, though the old contract's annual administration fees continue to apply.

Which path is financially most advantageous for your personal situation can be worked out precisely. With the subsidy calculator you can compare the various options. If you are unsure whether a transfer pays off for your specific existing contract, our knowledge section offers more in-depth guides. For a tailored assessment, our independent advice service is also available to connect you with licensed experts free of charge.

Costs at the new provider: budgeting for account fees and transaction costs

If you are considering switching your Riester contract, you should not only keep an eye on the old provider's switching costs. Charges also arise on the new provider's side for the Altersvorsorgedepot, and these directly affect your long-term return. The legislator does provide for a cost cap of a maximum of 1.0 percent effective costs per year for the Standarddepot of the Altersvorsorgedepot, to protect consumers from overpriced offers^[5]. Even so, a careful comparison is worthwhile, since modern digital providers often undercut this ceiling considerably. The cost structure mainly consists of account administration fees, transaction fees for buying securities, and the ongoing fund costs of the chosen ETFs.

While the switching fee charged by the outgoing Riester provider is capped by law at a maximum of 150 euros and even disappears entirely after five years^[1], the new provider's ongoing terms have a major bearing on your long-term wealth-building. Our provider comparison helps you transparently analyse the various offers on the market. With this neutral tool, you can compare the fees of neobrokers and banks directly. In addition, our subsidy calculator lets you precisely simulate the exact impact of these ongoing fees on your future state subsidy and expected final capital. This way you ensure that your retirement provision grows efficiently and is not eroded by unnecessary administration costs.

When does switching pay off? Break-even and the role of extra return

Looking purely at the numbers, the decisive question for you as a Riester saver is: when does switching to the new Altersvorsorgedepot break even? Even though one-off costs arise on transfer, the long-term leverage of the extra return is usually the decisive factor. Because the Altersvorsorgedepot does without the rigid contribution guarantee, you can invest your savings broadly in low-cost ETFs. Experience shows that the expected annual return from this is noticeably higher than that of a classic Riester contract, which is often held back by high administration costs.

The simple break-even calculation

To work out when the switching costs have been earned back, divide the one-off fees by the expected additional annual return of the new account. Fortunately, a statutory switching-cost cap strongly limits the financial risk here. If your outgoing provider charges a maximum of 150 euros for the switch^[1], then for an existing contract balance of, say, 10,000 euros, a net additional return of just 1.5 percent in the first year is already enough to fully offset these costs. From the second year onwards, every additional percentage point of return flows as pure profit into your retirement savings.

Use the subsidy calculator for this, to work out your individual benefit precisely. For more in-depth background information, our knowledge section is also open to you. If you are unsure when evaluating the numbers, our independent advice service can help, connecting you with qualified experts for a personal conversation.

Note on the calculations: all figures given are illustrative examples and do not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.