German pension savings register growth
Evidence suggests that Germans have taken retirement saving more seriously in the last three years, with the amount of funds set aside for retirement growing as a percentage of total funds.
The BVI, Germany’s trade body for fund managers, said the percentage of funds managed by its members for pension provision had grown from 40% three years ago to almost half of the total funds managed now.
Funds managed by BVI members for retirement equalled €1,600 billion in the trade body’s latest survey, representing a €430 billion growth in monetary terms.
€1,110 billion was invested in institutional funds, or ‘spezialfonds’, while €240 billion was invested in open-ended retail funds.
Mandates and closed-ended funds accounted for the rest.Thomas Richter, chief executive of BVI, said a large proportion of “social capital” is invested in funds, even though people can access pension through other means, such as life insurance policies.
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