Don't sign a Riester or pension policy before January 2027

On 16 November 2026, the Nordic online broker Nordnet starts a phased launch in Germany for people on its waitlist. The reason is simple. On 1 January 2027, Germany starts a new pension product, and Nordnet wants to be ready for it.

If you earn a salary here, this pension reform matters to you. It could be a cheaper way to save for the long term than the pension policies many of us were sold in our first year.

What is the Altersvorsorge-Depot?

Altersvorsorge-Depot means a retirement savings account where you hold investments. The Bundestag (the main German parliament) passed the law in March 2026. The Bundesrat (the body of the German states) followed in May 2026. The account starts on 1 January 2027.

It replaces the Riester pension, a private pension that experts have criticised heavily. The biggest change is that the 100% capital guarantee (Beitragsgarantie) is gone. That rule forced providers to give back everything you paid in. To do that, they put your money in low-yield bonds, which are loans that pay little interest.

Now you can put your contributions into ETFs and mutual funds. An ETF is a fund that holds many shares at once, so your risk is spread out. The state adds subsidies (extra money from the government) and tax advantages. Your contributions are tax-deductible, which means you can lower your taxable income with them. Your money also grows tax-free during the saving phase.

As of November 2026, our sources do not give the exact subsidy amounts. Check the official provider terms before you decide.

Why are online brokers coming to Germany?

Nordnet's CEO said the German savings market is twice the size of all the Nordic markets together. But a large part of that money sits in low-interest deposits. The move to ETF-based pensions is the main reason foreign brokers are now arriving.

This brings Germany closer to the Nordic model. Sweden, for example, has ISK accounts, which encourage ordinary people to invest in shares for the long term.

Nordnet's phased launch offers €2.95 trades, savings accounts and margin lending (borrowing money to invest). I would skip margin lending for a pension plan. A full public launch follows in January 2027, timed for the new depot.

Nordnet is not alone. ING Germany gives a €50 starting bonus if you join its waitlist by 31 December 2026 and open an Altersvorsorge-Depot by 15 February 2027.

How does it compare with old pension insurance?

What does the reform mean for Indians in Germany?

Many of us don't know if we'll stay in Germany until retirement. Brokers often sold Riester or Rürup policies to expats anyway. These products were inflexible, had high hidden fees and gave poor returns. That makes them a bad fit if you might leave.

The new depot lets you buy globally diversified ETFs, such as the MSCI World (an index that tracks companies around the world). You can do this and still get the German state subsidies. That suits a career that might move.

My view: I would rather own a plain global ETF than a policy I can't read. Modern apps also show you the costs clearly.

One caution. Our sources do not say what happens to your depot if you leave Germany. Read the provider's terms on that point before you sign.

If you might move back to India, read our post on repatriating savings when moving back to India. If you send money home regularly, see how much sending €1,000 to India can cost.

What should you do now?

1. Don't sign a new Riester or private pension insurance before the end of 2026. Wait for the Altersvorsorge-Depot in January 2027.
2. If you already have a Riester contract, don't cancel in a hurry. Finanztip, a consumer advice site, suggests checking if you can pause it (stilllegen). You then send future contributions to the new depot next year. Read their guide on the Altersvorsorgedepot.
3. Join the waitlists. Nordnet's German waitlist is open until early January 2027, through its German website. We could not confirm the exact page, so search for it there. ING's waitlist is on ing.de.

The first date to remember is 31 December 2026, the ING waitlist deadline for the €50 bonus. Still, pick your provider by its yearly costs, not by a starting bonus.

Cover photo: Leonhard_Niederwimmer on Pixabay