Germany's Pension Chief Pushes for Stock-Based Retirement Overhaul
Anja Mikus, the head of Germany’s state nuclear fund Kenfo, has called for major changes to the country’s pension system. She wants a shift towards stock-based pensions, arguing that greater investment in equities would help secure future retirement incomes. Her proposals come as she continues to oversee one of Germany’s largest public funds.
Mikus has led Kenfo since 2017, managing assets worth around €26.5 billion. The fund’s main role is to cover the costs of storing radioactive waste from Germany’s decommissioned nuclear plants until 2100. But her focus now extends beyond nuclear waste financing.
She has proposed a mandatory pension system where all insured individuals contribute, even in small amounts. Her vision draws inspiration from Sweden’s state fund AP7, which she sees as a successful model for funded pensions. According to Mikus, such systems gain public trust as people witness their long-term benefits. Her argument centres on broadening access to capital markets. She believes this approach would spread financial opportunities more widely, helping more Germans build secure retirement savings.
Mikus’s plan would require a significant shift in how Germany funds pensions. If adopted, it could see millions of workers automatically enrolled in stock-based schemes. The proposal also highlights her belief that capital markets should play a bigger role in securing future financial stability.
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