German Bundesbank eyes role managing new state pension fund

The German Bundesbank has signalled it is prepared to administer the newly proposed capital‑pension scheme (Kapitalrente) that the government plans as part of a pension reform modelled on Sweden. Vice‑president Sabine Mauderer told the Tagesspiegel that the central bank has the technical and organisational capacity to place additional state money in the capital markets, saying, “Wir sind so aufgestellt, dass wir aus dem Stand weitere Gelder für den Staat investieren können.”

The Bundesbank already manages roughly €140 billion for the federal and state governments, including pension assets of several Länder, the Federal Employment Agency and other social‑insurance bodies. It would invest those funds in liquid assets – equities, government and corporate bonds – but not in real estate, infrastructure or private‑equity, aiming for “a solid return with appropriate risk.” Mauderer added that the capital‑pension would give retirees “eine echte Chance, im Alter ein Leben nach ihren Vorstellungen zu führen,” supplementing the statutory pension with market‑derived earnings.