Short answer: A guarantee product in the Altersvorsorgedepot promises that the capital at the start of the payout phase will not fall below a minimum of 80 or 100 percent of the contributions paid in. The pension reform act, which applies from 1 January 2027, sets this rule (last updated: November 2026). Whether the security is worth its cost depends on fees, time horizon and how much protection against losses you need.
From 2027 the Altersvorsorgedepot is set to be offered in several versions: a depot without guarantee, the standard depot and a guarantee product. The guarantee is the key difference when you choose between them. This guide explains what the guarantee promises, which levels exist and what to check when you compare costs and contract terms.
The most important points
- The guarantee refers to the start of the payout phase, not to the date of each contribution.
- By law, the guarantee can be 80 percent or 100 percent of the contributions paid in.
- A guarantee has a price. It is paid through costs or a more cautious investment, so compare it carefully.
- Whether allowances count towards the guaranteed amount is set out in the contract and should be clear before you sign.
- The guarantee comes from the provider, not from the state.
What the guarantee actually promises
With a guarantee product the provider makes a binding commitment. At the start of the payout phase the balance should not fall below an agreed minimum value. That minimum is 80 or 100 percent of the own pension contributions paid in. The promise therefore relates to the moment you draw the money, not to the market price on individual days before.
The distinction between the guarantee and the performance of the balance matters. The guarantee sets a floor. What lies above it depends on investment and costs. The provision is in the Pension Contract Certification Act (AltZertG) in the version amended by the reform act.
Which guarantee level suits which goal?
| Guarantee level | What the provider commits to | What to check |
|---|---|---|
| 80 percent | A minimum of 80 percent of the contributions paid in | Part of the risk stays with the saver. Check how much growth potential the contract leaves. |
| 100 percent | A minimum of 100 percent of the contributions paid in | Higher security has a price. Compare the total costs with the standard depot. |
Worked example for the floor
Assumption: over the term you pay 10,000 euros of own contributions into the guarantee product. The guaranteed minimum at the start of the payout phase would then be:
| Guarantee level | Minimum with 10,000 euros of own contributions |
|---|---|
| 80 percent | 8,000 euros |
| 100 percent | 10,000 euros |
The example uses only own contributions. Whether allowances count towards the contributions is set by the contract. The example shows no return and no costs.
What does the security cost?
The provider has to price a guarantee. Anyone who wants to protect capital needs a buffer in the investment or in the costs. For this reason the guarantee affects the chances of return. How strongly depends on the product and can only be read from the specific contract.
Compare the total costs of the guarantee product with the standard depot and with a depot without guarantee. The costs are set out in the provider’s product information. Comparing only the administration fee is not enough, because costs can also be hidden in the investment.
Who is a guarantee product suited to?
- If you want little volatility and need a minimum value at the start of the payout phase, check the guarantee closely.
- If you have a long investment horizon and can sit out price swings, compare the costs with a depot without guarantee.
- If you might need the money before age 65, learn the rules for early payout before you commit.
How to check a guarantee product
- Ask for the guarantee level in writing and confirm whether it is 80 or 100 percent.
- Clarify whether allowances count towards the guaranteed amount.
- Compare the total costs with a standard depot and with a depot without guarantee.
- Check when the payout phase starts and how the payout plan works.
Frequently asked questions
Does the state guarantee the money?
No. The promise comes from the provider of the contract, not from the state. The guarantee is therefore only as reliable as the provider that gives it, so checking the provider is part of every decision.
Can I switch later to a depot without guarantee?
The contract sets whether and on which terms a switch is possible. Ask the provider before you sign, because later changes are not regulated the same way everywhere.
Is the guarantee the same at every provider?
The statutory levels are the same. Costs, investment strategy and conditions differ from provider to provider, so comparing them is worthwhile.
When does the payout phase start?
Without a different agreement it starts on reaching age 65. This applies to contracts concluded after 31 December 2026. You can fix the start in the contract.
Common misunderstandings
- A guarantee does not mean the balance rises. It only sets a minimum value.
- A 100 percent guarantee does not protect against inflation, because the minimum is a nominal amount.
Reading the guarantee in your own plan
A guarantee answers one question: how much protection do you have at the end of the accumulation phase? It does not answer how much you will earn. Anyone who mixes up the two tends to overestimate the benefit. The chance of return lies in the investment, the security in the minimum value. Both together form the overall picture you should discuss with the provider.
A look at your time horizon until retirement is useful. With a long accumulation phase, price swings can be balanced over the years. With a short remaining term that room is smaller, so the guarantee carries more weight. There is still no general answer, because personal income and other pension provision make the decision.
Clauses on fees for cancellation, switching or changing the investment also deserve attention. Such rules affect the sum available at the end. They belong in the comparison just as much as the ongoing costs, even though they rarely catch the eye in everyday use.
Related articles
- Retirement provision 2027: the overview of depot, Frühstart-Rente and Riester
- Standard depot 2027: what the state provides for the undecided
- Which return is realistic for the Altersvorsorgedepot?
- Comparing Altersvorsorgedepot providers: what matters for costs
- Altersvorsorgedepot early payout: is it possible and what does it cost?
Sources: Pension Contract Certification Act (AltZertG) in the version amended by the pension reform act, section 1 subsection 1 no. 3 (version from 1 January 2027), Bundestag, printed paper 21/4997, report of the budget committee (2026).
Last updated: November 2026. This guide is general information, not individual advice.
