Okotest examined the Riester pension in terms of transparency and cost. The result was a scandal.

Okotest has tested 2011 Riester pension products according to various criteria. Since the legislature has prescribed 2008 for policies of greater transparency and clarity Riester pensions was particularly taken this aspect under the microscope. We tested a total of 114 Riester pensions, including 80 classic and 64 fund savings plan. The result is almost a scandal: the legal requirements were not met, the return is anything but rewarding and concealment tactics should be hidden costs.

Policies for the Riester pension: absolutely incomprehensible

Customers should be able to understand the policies of Riester contracts easily. However, this is not at the tested products are usually been the case. On pages 20-60 customers expect complicated formulations and sometimes even contradictory, and even incorrect information. Even experts often can not decipher the costs immediately. To close the majority of customers from Riester contracts, without knowing exactly what to expect. Complicated formulas for the insurers have two advantages. Firstly, consumers are through the use of many technical terms and foreign words confused, they will gladly hand over the responsibility of the insurance agent. Second, including hidden costs to be concealed.

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The cost of the Riester pension allowances to eat the state

Okotest also comes to the conclusion that it is not worth the most Riester pensions as retirement products. Although the government supports the Riester pension allowances by strong, but they are eaten with most products, more or less by the cost. In effect, this means that tax money that is supposed to be made ​​available to savers, flowing into the coffers of insurance companies. The Riester pension is a billion dollar business for insurance companies, but the returns are usually comparatively thin. Depending on the product feed costs more than 80% of the state supplements.

Recommended is the Riester pension does not actually

The conclusion of the testers could not fail Okotest devastating: the Riester pension is not recommended in principle. The returns are due to the high costs are actually far too low. However, there are some differences, there are bad products and worse. Achieve the best return savers with Hanse merkur 24 with the product “Riester master.” Also somewhat better cut the discount Targo, the HUK24 and PBV from life. The worst rating received the Riester pension “classic” of Alliance Insurance and the Riester pension of Inter.

Conclusion: The Riester pension is considered by many critics now referred to as sham. If you still opt for a Riester pension as retirement, you should compare the offers carefully. Also run only from a policy, if you can overlook the cost and content of the contract are fully understood.