Transferring Riester into the Altersvorsorgedepot – can it be done without losing the subsidy
Yes. The transfer is possible without you losing allowances or tax advantages. Millions of people with a Riester contract are asking themselves this right now. There are a few things you should know beforehand, though, or a clever switch turns into an expensive mistake. Here are the most important steps and pitfalls.
The key points at a glance
- The transfer into the Altersvorsorgedepot does not jeopardize the subsidy; allowances and tax advantages are retained.
- It works via an informal letter to the new provider; you do not need the old provider’s consent.
- The switching fee at the old provider is capped at €150 in the first five years; after that the transfer is free. Where applicable, the new provider may also charge up to €150 for the takeover process.
- Take care with Wohn-Riester and with old contracts carrying a high guaranteed interest rate.
Switching in four steps
The process is simpler than many people think. Proceed in this order.
First check whether switching is worthwhile at all. Then choose a suitable Altersvorsorgedepot with the provider of your choice. Next send that provider an informal letter instructing them to transfer your Riester balance, stating only your previous provider, the product and the contract number. The new provider and the allowance office (ZfA) sort out the rest between them. You do not have to cancel the old contract yourself and you do not need the previous provider’s consent.
What switching costs
The transfer is not always free, but it is cheap. If the contract is older than 5 years, transferring the balance from the old Riester provider is free. If the existing contract is 5 years old or younger, the old provider may charge a switching fee of at most €150. Where applicable, the new account provider may also charge a one-off flat fee of up to €150 for the takeover process (depending on the provider this is often cheaper or even free of charge).
Special case: Wohn-Riester
A Wohn-Riester cannot be transferred directly into the Altersvorsorgedepot. The two models work too differently: one sits in your property, the other in a securities account. However, you can leave the Wohn-Riester dormant and still pay into a new Altersvorsorgedepot. That too does not jeopardize the subsidy.
Take care with a high guaranteed interest rate
This is where the biggest stumbling block lies. Anyone with an old Riester contract from before 2004 often has a guaranteed interest rate of 2.75 percent or more locked in. You give up that rate when you switch, and that can be expensive. With newer contracts with a guaranteed rate close to zero, by contrast, this loss barely matters. So be sure to check what your contract says before you switch.
The most common mistakes when switching
Unfortunately, three mistakes are made again and again. The most common is cancelling the old contract instead of transferring it, because anyone who cancels has to repay the subsidy received, whereas with a transfer it stays. Mistake two is the overlooked guaranteed interest rate. Old contracts in particular sometimes carry interest promises that are worth their weight in gold today. And mistake three is blindly following the cheapest provider. Cheap alone is simply not enough.
Is switching worthwhile for you?
Whether the switch pays off depends on three things: the costs of your old contract, the remaining term and any guaranteed interest rate. If you have an expensive contract with weak returns, you often gain considerably with the Altersvorsorgedepot. If you hold a high guarantee, you should do the math carefully. On our page on the Riester switch we help you work out where your own case stands.
Conclusion
The transfer is less complicated than its reputation suggests. An informal letter is enough, the subsidy stays, and the costs are capped. Two cases call for a close look, though: Wohn-Riester and old contracts with a high guaranteed interest rate. If you keep an eye on those two, you can approach the switch calmly as soon as the first Altersvorsorgedepots launch in 2027.
Sources
- extraETF, “Riester behalten oder ins Altersvorsorgedepot wechseln?”
- finanzen.net, “Riester-Rente umwandeln: Übertragung ins Altersvorsorgedepot”
- pfefferminzia.de, “Riester ins AV-Depot übertragen, was zu beachten ist”
This article is for information purposes and does not constitute investment advice.
Do I lose my allowances when I transfer?
No. The transfer into the Altersvorsorgedepot does not jeopardize the subsidy; the allowances and tax advantages you have already received are retained in full.
Do I have to cancel my old contract?
No. An informal letter to the new provider is enough; they take care of the rest. Cancelling would actually be harmful, because you would then have to repay the subsidy.
What does switching cost?
In the first five contract years at most €150; after that it is free. Where applicable, the new provider may also charge up to €150 for the switch.
Can I transfer my Wohn-Riester?
No, a Wohn-Riester cannot be transferred directly into the Altersvorsorgedepot. You can, however, leave it dormant and pay into a securities account alongside it.
From when is the transfer possible?
From 1 January 2027, as soon as the first Altersvorsorgedepots are available.
Jurist & Finanzmarktexperte · AVD Anbieter Vergleich
Rolf Henning Hackel ist Diplom-Jurist und seit über 22 Jahren als Vorstand und Geschäftsführer für unterschiedliche Softwaredienstleister der Finanzbranche sowie als Unternehmensgründer tätig. Als absoluter Marktexperte kennt er nicht nur die verschiedenen Anbieter, sondern auch die Produkte der Finanzindustrie mit ihren Stärken und Schwächen sowie deren regulatorischen Rahmen. Beim AVD Anbieter Vergleich schreibt er über das neue Altersvorsorgedepot und erklärt Förderung, Anbieter und Renditechancen in verständlichen Worten – unabhängig und werbefrei.
