Kapitalgedeckte Altersvorsorge: Welche Chancen und Risiken birgt die Frühstart-Rente?

Abstract This article analyses the “Frühstart-Rente” (early start pension), a funded pension scheme outlined in the 2025 coalition agreement of CDU, CSU, and SPD. The concept proposes state contributions initiated in early childhood from ages 6 to 18. While promising substantial long-term returns and enhanced financial literacy, the concept raises concerns regarding design and social equity, particularly the risk of regressive effects and limited uptake among low-income households. Challenges include product selection, cost control, default structures, and behavioural incentives for sustained saving. The paper evaluates policy options and delineates conditions under which the “Frühstart-Rente” could evolve into an effective additional third-pillar pension scheme.