How a transfer works
Four steps you take yourself – and what happens when.
Stocktaking
Read your latest statement: contract start, balance, allowances so far, costs. The checklist shows where to find them.
Open an Altersvorsorgedepot
At a licensed provider of your choice – as a self-composed account, standard account or guarantee product. The three categories
Request the transfer
You instruct the new provider. It requests the balance from the old one – whose consent is not needed.
Balance arrives
Your allowance account continues. The transferred capital is not subsidised again in the transfer year; ongoing contributions are.
Templates to fill in yourself
Request information, stop contributions, request the transfer – sample letters you fill in in your browser and send yourself.
- Contract start (more or less than 5 years ago?)
- Contract type: insurance, fund or bank savings plan, Wohn-Riester
- Current balance and allowances so far
- Effective costs per statement
- Guarantee level and planned retirement date
- Do you offer the new subsidy scheme within the existing contract?
- What switching costs do you charge on transfer?
- Which form and which desk are responsible?
Transfer request (sample)
[Name, address, allowance number]
To: [new Altersvorsorgedepot provider]
I hereby request the transfer of the accumulated retirement capital from my Riester contract [contract number] at [previous provider] to my Altersvorsorgedepot [account number] under the Retirement Provision Reform Act. Please request the balance from the previous provider and inform the Central Allowance Office. (Letters to German providers should be sent in German – see the generator.)
Please confirm receipt and state any transfer costs (statutory maximum €150).
[Place, date, signature]