Germany's Pension Reform Push: Mandatory Stock-Based Savings for All Workers
Anja Mikus, the head of Germany’s state nuclear fund Kenfo, is pushing for a major shift in pension reform. She wants a mandatory stock-based system that would cover all insured workers, even those making small contributions. Her proposal comes as she highlights the benefits of greater investment in equities for long-term financial security. Mikus has led Kenfo since 2017, overseeing a fund currently worth around €26.5 billion. The organisation’s role is to finance the storage of radioactive waste from Germany’s decommissioned nuclear plants until 2100.
She argues that a funded pension scheme, similar to Sweden’s state fund AP7, could work well in Germany. According to her, public support for such systems grows once people witness their success. Her plan includes mandatory participation, ensuring even low earners contribute to a stock-based pension.
Mikus also believes a stronger focus on capital markets would benefit the wider population. By expanding equity investments, she claims, future retirees could secure more stable financial returns. The proposal aims to reform Germany’s pension system by making equities a central part of retirement savings. If adopted, it would require all insured individuals to participate, regardless of income level. Mikus’s model draws on international examples, with the goal of improving long-term financial outcomes for workers.
