Dekabank will no longer offer any new Riester products in the future.
According to its own information, the Sparkassen securities house will completely cease its new Riester business on June 1, 2022.
The reason is the premium guarantee, which is making it increasingly difficult for savers in the current low interest rate environment to generate a return on amounts paid in, said Deka.
Existing Riester contracts would continue unchanged.
Riester providers are legally obliged to guarantee 100 percent of the contributions paid by pension savers and state allowances.
This is becoming increasingly difficult in the low interest rates, also because of the costs.
In view of the low interest rates, other providers have also said goodbye to new Riester business.
A reform of private old-age provision planned under the old federal government did not take place.
In the future, Deka wants to concentrate on guarantee-free pension solutions, such as securities savings plans.