Defensive pension products
Assets · SafetyLong-term, guaranteed retirement products with limited access. Guaranteed interest + profit participation, but high costs and lock-in periods push down the effective net return.
Typical positions:Traditional (endowment) life insurance · traditional Riester/Rürup pension · occupational pension (bAV) with guaranteed interest · building-society savings contracts (Bausparvertrag, mainly in the loan phase)
Return:~2.5% p.a. – an optimistic long-term average including profit participation. The effective return after costs is often lower.