Banks and insurers brace for biggest German pension upheaval in 20 years

German pension system reforms are set to cause a major upheaval in the banking and insurance sectors, marking the biggest change in two decades. The new reforms are expected to redirect billions of euros from traditional pension funds into capital markets, fundamentally altering how these funds are managed and invested. This shift could have significant implications for banks and insurers, potentially reshaping their revenue streams and investment strategies. The changes reflect a broader trend towards modernizing Germany's pension system, but they also highlight the challenges and opportunities emerging from these substantial reforms.