Comparing Altersvorsorgedepot offers (a state-supported private pension depot, in German) comes down mainly to costs, the type of product and the rules for payouts and switching. Put these points side by side and you quickly see which differences cost money and which only look good on paper.
Short answer: The most important factors are the costs in percent per year, whether the product carries a guarantee, and the payout rules. Over 25 years, a cost difference of 1 percentage point per year has a strong effect. Each provider states its specific costs in its documents. Status: November 2026, reform adopted, start expected on 1 January 2027.
The most important points at a glance
- The costs of a product reduce the return every year and are the most important point of comparison.
- The type of product determines whether a guarantee exists or the market decides the result.
- Payout rules determine how and when the balance can be used later.
- Whether you can switch providers should be checked in the contract and in the statute.
- Offers can only be compared if you use the same assumptions.
What to look for in a cost comparison
Costs are shown in percent per year, often under terms such as effective costs. What counts is the figure your provider states for your product, not a slogan in advertising. Ask for the figure in the same form for every offer, so that the comparison stays fair.
An example shows the effect. Assumption: 2,340 euros are invested every year for 25 years, and the gross return is 5 percent. If 4 percent remain after costs, the final balance is roughly 97.451 euros. If 5 percent remain, it is roughly 111.681 euros. The difference of 1 percentage point is therefore roughly 14.230 euros. The assumption is simplified and not a forecast. It only shows the effect of costs.
Comparison table: the key criteria
| Criterion | What to check | Why it matters |
|---|---|---|
| Costs per year | Figure in percent for your product | Costs reduce the return over all years |
| Product type | Depot with or without guarantee, standard depot | Determines how much security you receive |
| Payout | Rules, duration and form | Determines when and how you use the balance |
| Switching | Whether you can change provider | Decides whether you can move later |
| Documentation | Clear statements on costs and risks | Makes comparison and control easier |
The table does not replace a check of the specific contract. It shows which questions to put to the provider before you sign.
Depot with or without a guarantee?
A depot without a guarantee relies on the market. Returns can rise, but they can also fall. A product with a guarantee offers a minimum value of the payments, and its conditions should be checked in the contract. The question is therefore not only which product is cheaper, but which risk you are willing to carry. A short overview is in Lohnt sich ein Garantieprodukt im Altersvorsorgedepot? (in German).
How important are the payout rules?
Payouts follow statutory rules. A payout plan over many years is one way to use the balance. When comparing, check which payout forms a provider offers and how flexible they are. A product that allows only one form may not fit your life plan.
Frequently asked questions
Which provider is the best?
There is no general answer. The right provider depends on costs, product type, payouts and your personal situation. For that reason this guide names no providers and no ranking.
Which costs should I ask about?
Ask for the ongoing costs in percent per year, all one-off costs and the costs of a switch. Have the figure for your specific product given to you in writing.
Can I switch providers later?
Whether and under which conditions a switch is possible is set out in the statute and the contract. An overview is in Altersvorsorgedepot Anbieter wechseln: Geht das später noch? (in German).
What about existing Riester contracts?
Existing contracts follow their own rules. The comparison with a new depot is described in Riester wechseln: Was der Umstieg ins Altersvorsorgedepot kostet (in German). The general question is covered in Riester-Vertrag weiterlaufen lassen oder kündigen? (in German).
How do I compare with an ETF savings plan?
An ETF savings plan outside the state support follows other rules. The comparison for a savings plan during your studies is in ETF-Sparplan im Studium: So funktioniert er Schritt für Schritt (in German). The state support of the depot then falls away.
Why a single look at the price falls short
A low cost figure says little on its own if the product does not meet your other needs. What matters is how the points work together. Costs, product type, payouts and the option to switch only form a clear picture when read as a whole. Anyone who looks only at one number easily overlooks that a cheaper product may leave less room when it comes to payouts.
Which questions to put to the provider
Ask how the costs are made up over the full term, which costs arise when contributions change, and what a pause in contributions means. Also ask about the conditions for a payout before the start of retirement, and how the balance is transferred when you switch. Keep the answers in writing so that you can refer back to them.
Which documents to read before signing
Read the product information sheet and the statements on costs, guarantees and payouts in full. Pay attention to notes on the term, switching and the ending of the contract. Put any questions in writing, so that you have a basis if something needs clarifying later. A clear record protects you as much as a good calculation does.
A comparison is useful even if you already have a provider in mind. It shows whether the terms fit your plan and protects you from decisions made on impulse. Take the time, because changes to a contract are later only possible with effort.
How to proceed now
- Collect the costs in percent per year for at least three offers in the same form.
- Calculate with the same assumptions for contribution, term and return.
- Check the product type, the payout rules and the switching option.
- Decide only once the rules for your year are settled in the statutory text.
Related articles
- Altersvorsorge 2027: Der Überblick zu Depot, Frühstart-Rente und Riester (in German)
- Altersvorsorgedepot Zulage berechnen: 50 Cent je Euro bis 360 Euro (in German)
- Altersvorsorgedepot Rechner: Was am Ende auf dem Konto steht (in German)
- Altersvorsorgedepot Anbieter wechseln: Geht das später noch? (in German)
- Altersvorsorgedepot 2027: Förderung und Bonus für junge Leute (in German)
Sources: Bundesrat, Drucksache 206/26 on the Altersvorsorgereformgesetz (status 2026) and Deutsche Rentenversicherung, Altersvorsorgereformgesetz (status October 2026)
Last updated: November 2026. This guide is general information, not individual advice.
