Cologne City Gazette
Cologne (ots)
The account balances shown by customers with Riester contracts have fallen dramatically in the past year. The reported losses are particularly high for Riester contracts, which rely on a high proportion of fixed-interest securities. “The returns from the fund are not guaranteed with a Riester pension,” said a spokesman for the North Rhine-Westphalia consumer advice center to the “Kölner Stadt-Anzeiger”. The high impairment results from the poor stock market year 2022, one of the worst years in a long time. The leading German share index, the Dax, lost 12.3 percent in just twelve months after making a 16 percent gain in the previous year.
There is a contribution guarantee in the Riester contracts. However, this only means that the contributions paid are protected. “It’s not the returns that are temporarily generated,” says the consumer advice center. How high the reported loss is depends on the individual contract. However, experts assume that thousands of savers have lost 30 percent or more compared to the account statement of the previous year.
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Original content from: Kölner Stadt-Anzeiger, transmitted by news aktuell
