Company pension for GmbH owner-managers in Germany
How a GmbH can pay up to EUR 8,112 a year in 2026 into an ETF-based company pension for its owner-manager: what is saved, what is only deferred, and what to check first.
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2 minutes · free · no obligation- The annual allowance and what your GmbH really pays after tax
- Salary, dividend or company pension: the honest comparison
- Protection: irrevocable beneficiary right, resolution, appropriate pay
- The payout: annuity, payout plan or lump sum, and health insurance contributions
- Further routes once the allowance is used up
A company pension for GmbH owner-managers: the short version
If you own and run a GmbH in Germany, your company can pay into a pension for you before tax. For 2026 the income tax allowance is EUR 8,112 a year (EUR 676 a month). This page shows what that is worth, what it only defers, and what to check before you start.
Up to EUR 8,112 a year in 2026: that is how much your GmbH can pay into a direct insurance (Direktversicherung) for you without income tax on the contribution. The tax is deferred, not forgiven.
In our reference calculation (20 years, payout taxed at 30%) this route ends about EUR 39,300 ahead of taking the money as salary and about EUR 54,800 ahead of a dividend. If you are voluntarily insured in the statutory health scheme, contributions of up to about 22% on the payout can turn that lead into a loss.
Key takeaways
- The allowance is EUR 8,112 for 2026 (8% of the contribution ceiling of EUR 101,400), not a round EUR 8,000. For 2027 a higher ceiling is proposed, which would lift the allowance to EUR 8,496, but that still needs approval.
- It applies per person employed by the GmbH, for example each owner-manager with a managing director's contract. Controlling owner-managers are generally treated as employees for this purpose.
- Tax-free describes the contribution phase only. The payout is fully taxable at your personal rate (section 22 no. 5 of the Income Tax Act), so the advantage depends on paying less tax later than you would today.
- A lump sum has to be agreed in advance and is taxed in one go, without the one-fifth rule. An annuity or a payout plan spread over several years is usually kinder.
- The GmbH is the policyholder, so the contract is exposed if the company becomes insolvent. Controlling owner-managers are generally not covered by the pension guarantee fund. An irrevocable beneficiary right in your favour is the usual starting point, and your lawyer checks whether more is needed.
- Paperwork comes first: a written commitment before the first contribution, a shareholder resolution and appropriate total pay. Otherwise the tax office can treat contributions as hidden profit distribution.
- Once the allowance is used there are further routes: Unterstützungskasse, pension commitment with reinsurance, Basisrente and a private depot. They need more paperwork and more caution.
What is on this page
From the GmbH to your private assets: the route in six steps
Money that stays in your GmbH is taxed as company profit. Money that you take out is taxed as salary or as dividend. A company pension is a third way: the GmbH pays into a contract for you before tax, and you pay the tax later, when the money is paid out. This page follows that route step by step.
Everything here is general information for owner-managers of German GmbHs and UGs. It is not tax or legal advice. Your tax adviser signs off the tax and legal points.
EUR 8,112 a year
The income tax allowance for contributions to a direct insurance, a Pensionskasse or a Pensionsfonds in 2026: 8% of the contribution ceiling.
A direct insurance with ETFs
The GmbH is the policyholder, you are the insured person. The money is invested in funds inside an insurance contract. That wrapper is what allows the tax deferral.
Beneficiary right and resolution
An irrevocable beneficiary right in your favour is the usual starting point for protection if the company becomes insolvent. Your lawyer checks whether more is needed. A written commitment and a resolution come before the first contribution.
Taxed later, in full
From age 62 as an annuity, a payout plan or, if agreed, a lump sum. The payout is taxable at your personal rate, and health insurance contributions may apply.
Salary, dividend or pension
We compare the three routes under explicit assumptions and show where the result flips.
Further routes
Unterstützungskasse, pension commitment with reinsurance, Basisrente and a private depot for the money above the allowance.
Protect the company first, then yourself. A GmbH that is exposed to liability or cyber risk can lose the profits you want to move into a pension. If your liability cover is not in place, start with our English guide to business liability insurance in Germany, linked at the bottom of this page, then come back here.
| German term | In plain English | Why it matters here | Where to read more |
|---|---|---|---|
| Gesellschafter-Geschäftsführer (GGF) | Shareholder-managing director, owner-manager | Owns shares and runs the GmbH. A controlling owner-manager is generally treated as an employee for the allowance. | Step 1 |
| Direktversicherung | Direct insurance: an occupational pension taken out by the employer | The wrapper for the ETF investment. The GmbH is policyholder, you are the insured person. | Step 2 |
| Beitragsbemessungsgrenze (BBG) | Contribution ceiling of the statutory pension insurance | EUR 101,400 in 2026. The allowance is 8% of it. | Step 1 |
| Section 3 no. 63 EStG | The rule in the Income Tax Act that sets the allowance | Contributions are exempt from income tax up to the allowance. It is a deferral, not a waiver. | Step 1 |
| Bezugsrecht | Beneficiary right | If irrevocable in your favour, the GmbH cannot reclaim the money. | Step 2 |
| Verdeckte Gewinnausschüttung (vGA) | Hidden profit distribution | What the tax office can find if pay is not appropriate or a commitment was not agreed in advance. | Step 3 |
| Gesellschafterbeschluss | Shareholder resolution | The written decision that sets up the pension. A sole shareholder who is also managing director usually needs a release from the self-dealing ban in section 181 BGB that sits in the articles of association and is registered. | Step 3 |
| Betriebsausgabe | Business expense | The contribution reduces the taxable profit of the GmbH. | The calculation |
| Abgeltungsteuer | Flat tax on capital income, 26.375% including solidarity surcharge | Applies to dividends and to gains in a private depot. | The calculation |
| Teilfreistellung | Partial exemption for equity funds, 30% | Lowers the taxable gain of an ETF in a private depot. | The calculation |
| Fünftelregelung | One-fifth rule: a way to soften the tax on one-off payments | Not applied to a lump sum from a direct insurance, according to the tax authorities and the Federal Fiscal Court. | Step 4 |
| Unterstützungskasse (pdUK) | Support fund: a pension vehicle outside the company's balance sheet | A further route above the allowance. | Further routes |
| Pensionszusage | Direct pension commitment | The GmbH promises a pension and usually backs it with a reinsurance policy. | Further routes |
| Basisrente | Basic pension, formerly known as Rürup pension | A private pension with a tax deduction, payable only as a lifelong annuity. | Further routes |
A glossary, not legal definitions. The legal text of each rule is linked in the sources.
Four questions, then traffic lights
Every case runs through the same four questions. Each one ends in a traffic light: good, review or gap. Only then do we talk about contracts.
Does the allowance apply to you?
You need an employment relationship with the GmbH, usually a managing director's contract. We check your role, other employers and what already counts against the allowance.
Is the commitment appropriate?
Total pay must be appropriate and the pension must be agreed in advance, in writing, by resolution. Otherwise the contribution can count as hidden profit distribution.
Is the money protected?
Contract protection instead of statutory insolvency protection: an irrevocable beneficiary right or a pledge, and clean documents.
Does the payout plan work?
The tax rate then versus today, health insurance contributions, the form of payout and the term.
Good: the point is clear and documented. Review: it works, but one detail needs a decision or a second look. Gap: do not start until it is solved. A gap is not a failure. It is the reason for the check.
EUR 676 a month: salary, dividend or company pension?
The same EUR 676 a month leaves your GmbH in three different ways. We follow each one for 20 years under the same explicit assumptions, and then show where the result changes.
This is an illustration, not a forecast. Returns, costs and tax rates are assumptions you can change, and the next section shows what happens when you do.
With a payout taxed at 30%, the company pension ends with EUR 194,501 after tax. Salary into a private ETF depot ends with EUR 155,196, a dividend with EUR 139,674.
The lead comes from a tax gap: contributions go in before tax and the payout is taxed later, at a lower rate. When the payout is taxed as highly as salary is today, the lead over the salary route is gone.
| What we compare | A: Salary into a private ETF depot | B: Dividend into a private ETF depot | C: Company pension (direct insurance) |
|---|---|---|---|
| From EUR 100 of company profit, the amount that reaches the investment | EUR 55.69 | EUR 50.12 | EUR 100.00 (before tax) |
| Gross amount from the GmbH per month | EUR 676 | EUR 676 | EUR 676 |
| Paid into the investment per month | EUR 376.46 | EUR 338.81 | EUR 676.00 |
| Total paid in over 20 years | EUR 90,351 | EUR 81,315 | EUR 162,240 |
| Value after 20 years, before tax on gains or payout | EUR 169,879 | EUR 152,889 | EUR 277,859 |
| Tax on gains or on the payout | EUR 14,683 | EUR 13,214 | EUR 83,358 |
| Result after tax | EUR 155,196 | EUR 139,674 | EUR 194,501 |
Illustration with the assumptions below, not a forecast. Whole euros, no health insurance contributions in this table. The next section shows what they do.
The assumptions
Contribution and term
EUR 676 a month, the 2026 allowance, for 20 years, paid at the end of each month. The amount does not change over time.
Return and costs
6% a year before costs, compounded monthly. The pension contract costs 1.0% a year in total, the private ETF depot 0.2%.
Salary route (A)
The amount is paid as salary and taxed at the 42% rate plus 5.5% solidarity surcharge, 44.31% in total. No social security, no church tax, and the phase-in of the solidarity surcharge is ignored. What is left goes into an ETF depot.
Dividend route (B)
The GmbH pays 31.925% corporate and trade tax (Münster), then 26.375% flat tax on the dividend. What is left goes into an ETF depot.
Tax in the private depot
Gains are taxed at 26.375% on 70% of the gain, because equity funds enjoy a 30% partial exemption. No annual advance taxation, no saver's allowance.
The pension payout (C)
The whole payout is taxed at a flat 30% as an assumption, tested from 25% to 44.3% in the next section. No health insurance contributions in the base case. The corporate tax cut that is already law (14% in 2028, 10% from 2032) is not included. No inflation.
Costs, payout tax and health insurance: where the lead flips
The headline lead depends on three things you can influence or estimate: the yearly costs of the contract, the tax rate at payout, and health insurance contributions. We tested 20 combinations of costs and payout tax. Here is what happens.
0.6% to 2.0% a year
Total yearly costs of the contract. Between the cheapest and the most expensive case the result differs by about EUR 30,200 after tax over 20 years.
25% to 44.3%
The average tax rate on the payout. The lower it is compared with today's rate, the larger the lead.
0% to about 22%
Statutory members pay contributions on the payout, and voluntary members usually get no allowance. Privately insured people pay no statutory contributions on top.
The same contribution, two health insurance situations
An owner-manager pays EUR 676 a month for 20 years. The contract holds EUR 277,859 before tax, and the payout is taxed at 30%.
Voluntarily insured in the statutory scheme
Health and care insurance contributions of about 21.1% on the payout reduce the result to EUR 135,873. That is EUR 19,323 less than the salary route and EUR 3,801 less than the dividend route. Voluntary members may also pay contributions on capital income, so the depot routes could lose part of their gains too; we did not model that.
Privately insured
No contributions on the payout. After 30% tax, EUR 194,501 remain. That is EUR 39,305 more than the salary route and EUR 54,827 more than the dividend route.
Compulsory members of the statutory scheme get a monthly allowance of EUR 197.75 for health insurance on such payments in 2026, while care insurance is charged in full once payouts exceed it, so for them the effect is somewhat smaller. Your status at payout counts, not your status today. We calculate your case.
How the result changes: 20 combinations tested
| Yearly costs of the contract | Ahead of salary and dividend | Ahead of the dividend route only | Behind both |
|---|---|---|---|
| 0.6% a year | At payout tax rates of 25%, 30%, 35%, 40% and 44.3% | No case in the tested range | No case in the tested range |
| 1.0% a year (reference) | At payout tax rates of 25%, 30%, 35% and 40% | At a payout tax rate of 44.3% | No case in the tested range |
| 1.5% a year | At payout tax rates of 25%, 30%, 35% and 40% | At a payout tax rate of 44.3% | No case in the tested range |
| 2.0% a year | At payout tax rates of 25%, 30% and 35% | At a payout tax rate of 40% | At a payout tax rate of 44.3% |
16 of 20 combinations beat both private routes, 3 beat only the dividend route and 1 trails both. All 20 leave out health insurance contributions on the payout. Consulting grid, not a norm.
Three cases that move the result
Case 1
Health insurance contributions
A voluntarily insured owner-manager pays about 21.1% on the payout in 2026: 14.6% general rate, 2.9% average additional contribution and 3.6% care insurance. A member without children pays 0.6% more.
In the reference case: EUR 135,873 instead of EUR 194,501.
Case 2
Waiting costs real money
Starting one year later means one year less of contributions and growth. At 5% a year after costs, the capital at the same payout date is about EUR 21,400 lower, which is 7.7% of the total.
About EUR 21,400 less before tax, about EUR 15,000 less after 30% tax.
Case 3
Costs are the lever you can pull
At 0.6% a year in total costs the result after 30% payout tax is EUR 203,745, at 2.0% a year it is EUR 173,558.
A difference of about EUR 30,200 over 20 years. Compare effective yearly costs before you sign.
Three questions before you sign
Total costs
What are the total yearly costs of this contract over its whole term, after all charges, and where are they stated in the documents?
Payout rules
Which payout forms does the contract allow, from which age, and is a lump sum possible, in full or in part?
Health insurance
Which contributions will apply to the payout given how I am health insured, and what would they cost me?
The reference case assumes 6% a year before costs. That is an assumption for the illustration, not a forecast or a promise. Returns can be lower or negative and the capital can fall. The comparison only holds if all three routes earn the same return before costs. What differs is tax, costs and timing.
If you may move abroad
Tax on the payout depends on where you live when the money is paid out. If you plan to leave Germany, or you are a US person, ask a tax adviser who knows both countries before you sign.
Anna Becker and her software GmbH (fictional)
Anna Becker, 45, is the sole shareholder and managing director of Becker Software GmbH. Profits are stable, she is privately health insured, and her tax adviser has confirmed that her pay is appropriate. She decides to use the full allowance of EUR 676 a month for 20 years. This is what happens, step by step.
The money moves from the GmbH into Anna's retirement provision at a net cost to the company of about EUR 5,520 a year. The tax moves to the payout. It works because the adviser, the resolution and the contract are in place before the first euro goes in.
Six steps
Check the case
Anna's tax adviser confirms three things: her total pay is appropriate, the GmbH has stable profits, and a payout from age 65 fits her plans. As long as she stays privately insured, no health insurance contributions will fall due on the payout.
Decide and document
Anna is the only shareholder, so she signs the resolution herself. It sets up the pension and is dated before the first contribution. Her lawyer has confirmed that the articles of association release her from section 181 BGB and that the release is registered. The commitment is written down: EUR 676 a month, paid by the GmbH.
Choose the contract
A direct insurance with ETF funds. The GmbH is the policyholder, Anna is the insured person and holds an irrevocable beneficiary right. Total yearly costs are stated and sit in the green range of up to 1.0%.
Pay in
Each year the GmbH pays EUR 8,112. After the saving in corporate and trade tax of about EUR 2,590, the net cost is about EUR 5,520 a year, or about EUR 460 a month. Anna's payroll does not change, because the contribution is not part of her taxable salary.
Review every year
Once a year Anna, her adviser and we look at the contract, the costs and the amount. If profits fall, the contribution can be reduced or paused, as long as the contract allows it.
Pay out and tax
At 65 the contract holds about EUR 277,900 before tax in the reference case. Anna chooses a payout plan over several years instead of a lump sum. If her tax rate then is 30%, she keeps about EUR 194,500.
Six things the headline number does not tell you
The allowance is real, and so are its limits. These six points decide whether the route works for you.
Deferred, not forgiven
Contributions are exempt. The payout is fully taxable at your personal rate under section 22 no. 5 of the Income Tax Act. The advantage is the gap between today's rate and the rate later.
The payout tax rate decides
At a payout rate as high as today's, the lead over salary is gone. The break-even is 44.1% against the salary route and 49.7% against the dividend route.
Health insurance contributions
Statutory members pay up to about 22% on the payout in 2026. For voluntary members that can turn a gain into a loss. Privately insured people pay no statutory contributions on top.
Costs and lock-in
An insurance contract costs more than a plain ETF depot, and the money is not freely available. Surrender is possible but taxed in full and may return less than you paid in.
No statutory insolvency protection
Controlling owner-managers are generally not covered by the pension guarantee fund. The protection has to be written into the contract.
Obligations for the company
Contributions are a fixed commitment. Pay must stay appropriate, and the documents must exist before the first euro goes in.
None of these limits is a reason to avoid the route. Each one is a reason to check your case before you sign.
When it is worth it, and when it is not
The route is not for everyone. These two lists are the quickest way to see where you stand.
It deserves a closer look when
- Profits are stable and the GmbH can carry a fixed monthly payment for many years.
- Your tax rate today is high and you expect a clearly lower rate when the money is paid out.
- You are privately insured, or contributions on the payout would be small for you.
- You have 15 years or more until you want the money, and the earliest payout is at age 62.
- Your total pay is appropriate, so the contribution cannot be read as hidden profit distribution.
- You want part of your wealth outside the company, protected by an irrevocable beneficiary right.
It is usually not worth it when
- The GmbH has liquidity problems or very volatile profits.
- You expect to pay the same or a higher tax rate on the payout than today.
- You are voluntarily insured in the statutory scheme: contributions of up to about 22% on the payout can eat the advantage.
- Only a short time remains until you want the money.
- Your total pay or the commitment cannot be justified to the tax office.
- You may need the money before age 62: access is limited, and a surrender is taxed in full.
The allowance and the wrapper
Section 3 no. 63 of the Income Tax Act (EStG) exempts contributions that an employer pays into a direct insurance, a Pensionskasse or a Pensionsfonds, up to 8% of the contribution ceiling of the statutory pension insurance. For 2026 that is EUR 8,112 a year, or EUR 676 a month.
For most owner-managers the direct insurance is the practical choice: the GmbH takes out the contract, pays the premiums as a business expense, and the money is invested in funds inside the contract.
One allowance for three vehicles
Direct insurance, Pensionskasse and Pensionsfonds share one allowance per calendar year for the first employment. Existing contributions generally count against it.
Employees of the GmbH
Owner-managers with a managing director's contract are generally treated as employees for this purpose, even if they control the company. A shareholder without employment does not qualify.
A second, smaller limit
The social security exemption is capped at 4% of the ceiling (EUR 4,056 in 2026) and matters only for people who are social security members. Controlling owner-managers generally are not.
An existing contract uses part of the allowance
Lena Fischer, owner and managing director of Fischer Logistics GmbH (fictional), already pays EUR 3,000 a year into an old direct insurance. She wants to start an ETF-based contract with EUR 8,112 a year.
Existing contract overlooked
Both contracts share one allowance of EUR 8,112. Only EUR 5,112 of the new contribution is exempt. The rest is taxed as salary, which weakens the plan from the first year.
Checked first
Lena's adviser adds up all existing contracts before the new one starts. The new contribution is set at EUR 5,112 a year, so the whole amount stays exempt.
Fictional company and invented figures, for illustration only.
The traffic-light check for the allowance
| Criterion | Good | Review | Gap |
|---|---|---|---|
| Employment relationship | A written managing director's contract with the GmbH exists, and you are treated as an employee for wage tax purposes. | The contract exists but is old, unclear or unsigned. We check the details with your tax adviser. | There is no employment relationship, for example a shareholder who works for the company only as a freelancer. |
| Use of the allowance | All existing contributions to direct insurance, Pensionskasse and Pensionsfonds are added up, and the new contribution fits into what remains. | Existing contracts are not fully known yet. | The contribution exceeds the allowance. The excess is taxed as salary. |
| Source of the contribution | Paid from future salary or on top of it, and agreed before the work is done. | A salary waiver is planned, but the timing is not yet clear. | Salary that has already been earned is converted afterwards. |
| Business expense | The contribution is booked as a business expense in the year it is paid, and the total pay is appropriate. | The booking or the amount needs your tax adviser's confirmation. | No commitment exists, so the tax office may treat the contribution as hidden profit distribution. |
| Net cost to the GmbH | The net cost after tax savings is known (about EUR 5,520 a year for the full allowance) and fits the budget. | The cost is known, but the budget for weak years is not planned. | The payment depends on profits that the GmbH cannot rely on. |
| Social security status | You know whether you are a social security member. For controlling owner-managers this is generally not the case, so only the income tax allowance matters. | The status is unclear, for example for an owner-manager with a minority stake. | The plan assumes social security savings that do not exist. |
Consulting grid, not norms. The thresholds guide the conversation. Your contracts and your tax adviser decide.
Three questions for your tax adviser
Employment relationship
Is my managing director's contract clear and written enough that I count as an employee for the allowance?
Existing contributions
Which contributions to a direct insurance, a Pensionskasse or a Pensionsfonds already count against my allowance this year?
Net cost
What is the net cost of the contribution to the GmbH after corporate and trade tax, and can the GmbH carry it in a weak year?
The allowance is a ceiling, not a requirement. You can start with a smaller amount and raise it later. For 2027 a higher contribution ceiling of EUR 106,200 is proposed, which would lift the allowance to EUR 8,496 a year. That still needs approval, so plan with the current figure.
Sole traders and freelancers
This allowance needs an employment relationship, so it does not work for sole traders or freelancers without a GmbH. Other routes exist, for example the Basisrente.
The contract and the protection
The GmbH is the policyholder of a direct insurance, and you are the insured person. That has a consequence worth understanding before you sign: the contract belongs to the company until the beneficiary right says otherwise.
It is an insurance contract, not a depot. It carries acquisition, administration and fund costs, and the insurance wrapper is what allows the tax deferral. You pay for that deferral.
The contract
The GmbH is policyholder and pays the premiums. It decides on the contract, within what is agreed with you.
The claim to the benefit
You are the insured person. With an irrevocable beneficiary right the benefit is yours and the GmbH cannot take it back.
Fund units of your own
You hold no ETF units. The funds sit inside the insurance contract, and you receive the benefit, not the units.
The company runs into insolvency
Fischer Logistics GmbH (fictional) files for insolvency twelve years after the pension started. The contract has a value of EUR 90,000.
Without a protected beneficiary right
The GmbH is the owner of the contract. The insolvency administrator can generally access it, and the owner-manager risks losing the pension that was meant for them.
With a protected beneficiary right
The beneficiary right is irrevocable, so the company cannot simply reclaim the claim. For a controlling owner-manager that may not be enough on its own: a pledge or an exclusion of realisation can add protection, and each has limits. The administrator's right to challenge payments remains.
Fictional company and invented figures. The contract wording and the insolvency law of your case decide.
The traffic-light check for the contract
| Criterion | Good | Review | Gap |
|---|---|---|---|
| Effective costs per year | Up to 1.0% a year, shown in the documents. | Above 1.0% and up to 2.0% a year. | Above 2.0% a year, or not stated. |
| Fund selection | A broad choice including low-cost index funds, and ready-made portfolios as a starting point. | A narrow selection, or mostly actively managed funds. | Only in-house funds with high costs. |
| Fund switches | Several free switches per year, for example twelve. | A few free switches, then a fee. | Switches are expensive or not possible. |
| Flexibility | Contributions can be changed, paused and resumed, and the contract can be made paid-up without penalty. | Changes are possible, but with fees or notice periods. | Contributions are fixed, and pausing means surrender. |
| Payout forms | Lifelong annuity, payout plan and, if wanted, a lump sum option, all agreed in advance. | Only annuity and payout plan, or a lump sum with restrictions. | Only a lifelong annuity with no flexibility. |
| Beneficiary right | Irrevocable in your favour, or a pledge, in place when the contract starts. | Revocable for now, with a documented plan to make it irrevocable. | Not arranged. The GmbH is the only holder of the rights. |
| Capital guarantee | Optional, and you know what it costs in return. | Included, but its cost is not stated. | Forced into the tariff at a high cost. |
| Change of ownership | The contract can be continued or transferred if you sell the company or leave. | Transfer needs the consent of the new owner. | Transfer is not possible. |
Consulting grid, not norms. The thresholds guide the conversation. The contract documents decide.
Three questions for the provider
Costs
What are the effective yearly costs of the whole contract, including fund costs, and where are they stated in the documents?
Beneficiary right
Can the beneficiary right be made irrevocable in my favour, or can the claim be pledged to me, how is that documented, and does it affect a lump sum?
Flexibility
What happens to the contract if the GmbH pauses the contributions, changes the amount or is sold?
Portfolios are a starting point, not a promise. As ready-made starting points we use three portfolios, called Klassiker World ETF, Weltportfolio and Welt-Trend-Fokus, subject to availability in your tariff. We check that with you before anything is signed, and you can build your own fund selection instead. The next section shows the three portfolios with real figures.
ETF investments can lose value. There is no guarantee unless you buy one, and then you pay for it in return.
Compared with a plain depot
A private ETF depot costs less per year (0.2% in our model, against 1.0% for the contract). The contract buys the tax deferral and the structure, and you pay for that. Whether the price is worth it is what the calculation answers.
Three portfolios. Real figures. Every fund open.
Click a tile: the portfolio opens with a chart like a financial portal, key figures, calendar years and every single fund down to its risk class. All funds sit in risk class 5 or lower on the 7-point scale.
Price data is loading
The paperwork: commitment, resolution and appropriate pay
The tax office looks at a pension for an owner-manager more closely than at a pension for an employee. If the paperwork is missing, the contribution can be treated as a hidden profit distribution (verdeckte Gewinnausschüttung), which is taxed in the GmbH and again with you.
The good news: the documents are short, and they can be prepared in a few days.
A written commitment
The pension is agreed in writing before the first contribution is paid. A commitment that comes afterwards, or only orally, is the classic mistake.
A shareholder resolution
The shareholders decide on the pension. An owner-manager who approves their own benefit usually needs a release from the self-dealing ban in section 181 BGB that sits in the articles of association and is registered.
Total pay that holds up
Salary plus pension contribution must be appropriate for the role and the company. The part that is too high is a hidden profit distribution.
The resolution comes too late
Fischer Logistics GmbH (fictional) starts paying EUR 426 a month in March. The shareholders sign the resolution in September.
Resolution after the first contribution
There is no clear agreement in advance. The contributions of March to August can be treated as hidden profit distribution: no deduction in the GmbH, and taxation with the owner-manager.
Resolution before the first contribution
The resolution is signed and dated first, the commitment is in writing and the contract starts afterwards. The tax adviser files the documents with the bookkeeping.
Fictional company and invented figures. The tax office decides on the facts of the case.
The traffic-light check for the paperwork
| Criterion | Good | Review | Gap |
|---|---|---|---|
| Before the first contribution | |||
| Written commitment | In writing, dated before the first contribution, with amount and purpose. | Drafted but not signed yet. | No commitment, or agreed only after contributions began. |
| Shareholder resolution | Signed and dated, and the articles of association contain the registered release from section 181 BGB for the owner-manager. | A resolution exists, but the release or the content is incomplete. | No resolution. |
| Appropriate total pay | Salary plus contribution have been compared with pay for similar roles, and the tax adviser has confirmed it. | Pay has not been compared yet. | Total pay is clearly above what a third party would pay for the role. |
| Source of the contribution | Paid from future salary or on top of it. | Part of already earned salary would be converted. | Retroactive conversion of salary that has already been earned. |
| Tax adviser | The tax adviser has reviewed commitment, resolution and booking. | The adviser has seen drafts only. | No tax adviser is involved. |
| In the contract | |||
| Names and roles | Policyholder: the GmbH. Insured person: you. Beneficiaries are named correctly. | Roles are clear, but the death benefit beneficiaries are open. | Roles are mixed up, for example you as policyholder paying from private funds. |
| Beneficiary right | Irrevocable in your favour, or a pledge, in the contract. | Revocable for now, with a documented plan to change it. | Not arranged. |
| Payout age and forms | Payout age fixed, earliest 62. Annuity, payout plan and, if wanted, a lump sum option. | Payout age or forms are still open. | A payout before 62 or forms that endanger the exemption. |
| At the payout | |||
| Form of payout | Annuity or payout plan. A lump sum only after the tax effect has been calculated. | A lump sum is planned, but the tax effect is not calculated. | Surrender before the annuity starts. |
| Health insurance | Contributions on the payout are planned, or you are privately insured. | Not calculated yet. | Voluntarily insured in the statutory scheme and no plan. |
Consulting grid, not norms. Your tax adviser and, where the articles of association are involved, your lawyer decide.
Three questions for your tax adviser
Appropriateness
Is my total pay, including the pension contribution, appropriate for my role and the size of the company?
Resolution
Does the resolution name the subject, the benefit and the security, and do the articles of association release me from section 181 BGB, with the release registered?
Timing
In which month can the first contribution be paid so that commitment and resolution are dated before it?
Subject: the pension commitment through a direct insurance for the owner-manager. Benefit: the monthly contribution, the payout age and the payout forms. Security: an irrevocable beneficiary right or a pledge. Check that the articles of association contain the release from section 181 BGB and that it is registered, and add the date and the signatures of all shareholders. Your tax adviser or lawyer finalises the wording.
Two special points for controlling owner-managers: the mandatory 15% employer top-up on salary conversion usually does not apply, because no social security is saved, and the pension guarantee fund usually does not protect you. So the protection has to be in the contract.
Who does what
Your tax adviser checks appropriateness, commitment, resolution and bookkeeping. We compare contracts, costs and funds, and we make sure the protection is written into the contract text. Neither of us replaces a lawyer where your articles of association are involved.
The payout: annuity, payout plan or lump sum
Contributions are exempt, so the payout is taxed in full. Under section 22 no. 5 of the Income Tax Act the whole amount counts as income in the year you receive it. How and when it is paid out decides how much tax you pay.
The earliest payout is regularly at age 62. From then on you choose, within what the contract allows, between a lifelong annuity, a payout plan and a lump sum.
A monthly pension for life
Each payment is taxed in the year you receive it. The tax load is spread over many years, and so are health insurance contributions.
Instalments over a fixed period
The capital is paid out over several years, with an annuity from age 85 at the latest. Spreading the payout keeps the yearly income, and so the tax rate, lower.
Everything in one year
If agreed in advance, the capital can be paid out at once. It is taxed fully in that year, without the one-fifth rule, so the rate can be high.
A lump sum or a payout plan?
At 65 the contract of Anna Becker (fictional) is worth about EUR 277,900 before tax in the reference case. She has little other income.
Lump sum
The whole amount is taxed in one year, without the one-fifth rule. Only the first slice is taxed at lower rates. Most of the rest is taxed at the 42% rate or higher, plus solidarity surcharge. The average tax rate ends up far above the rate of an ordinary pension year.
Payout plan over ten years, then an annuity
Most of the capital is paid in yearly instalments of up to about EUR 27,800, and a smaller part funds the lifelong annuity that must follow. The instalments are added to her other income. Each year is taxed on its own, so the lower brackets are used again and again. The average rate is usually clearly lower than for a lump sum, and health insurance contributions are spread over the years too.
Fictional person, for illustration only. Your rate depends on your other income in each year. Your tax adviser calculates it.
The traffic-light check for the payout
| Criterion | Good | Review | Gap |
|---|---|---|---|
| Payout form | Annuity or payout plan, spread over several years. | A lump sum within the last year before the payout starts, with the tax effect calculated. | A lump sum chosen years before the payout was meant to start. |
| Tax rate at payout | Clearly below your rate today, because the payout is spread or your other income will be low. | Similar to today's rate. | Higher than today's rate. |
| Health insurance | Privately insured: no contributions on the payout. | Compulsory member: contributions apply, with a monthly health insurance allowance of EUR 197.75 in 2026; care insurance is charged in full once payouts exceed it. | Voluntary member: about 21.1% on the payout (21.7% without children), usually without the allowance. |
| Age | The payout starts at 62 or later, as agreed in the contract. | The payout age is not fixed yet. | A payout before 62 is planned. |
| Surrender | No surrender is planned. The contract runs to the payout. | A surrender is possible in an emergency, and its tax effect is known. | Surrender before the annuity starts: taxed in full and possibly below the amount paid in. |
| Planning | You and your adviser have modelled the payout years, including other income. | Only a rough estimate exists. | Nothing is planned. |
Consulting grid, not norms. Your tax adviser calculates the tax on your payout.
Payout forms at a glance
| Payout form | How it is taxed | Health insurance (statutory members) | Watch out |
|---|---|---|---|
| Lifelong annuity | Each payment is taxable income in the year it is received. | Contributions apply to each payment. | Fixed for life, so it is less flexible. |
| Payout plan | Each instalment is taxable income in the year it is received. An annuity follows from age 85 at the latest. | Contributions apply to the instalments. | The plan has to meet the legal conditions for the exemption. |
| Lump sum | Taxable in one year at your personal rate, without the one-fifth rule. | For compulsory members, contributions are calculated on one 120th of the amount a month for up to 120 months. | Has to be agreed in advance. If chosen early, the exemption for later contributions ends. |
| Surrender | Fully taxable, and it may be less than you paid in. | Contributions may apply. | An emergency exit, not a plan. |
Simplified. The contract and the rules at the time of payout decide.
Three questions for the payout
Payout form
Does the contract allow annuity, payout plan and a lump sum, and from which age?
Lump sum
If I want the option of a lump sum, how is it written into the contract, and what does it mean for the exemption if I use it early?
Health insurance
Which contributions will apply to the payout, and how does that change if I move between private and statutory insurance?
The tax authorities do not apply the one-fifth rule to a lump sum from a direct insurance (BMF letter of 12 August 2021, margin number 149). The Federal Fiscal Court ruled the same for a freely exercisable capital option (BFH, 30 October 2025, X R 25/23 and X R 28/23). On 16 June 2026 the Federal Constitutional Court did not accept the complaint against X R 28/23 (2 BvR 372/26). Plan on that basis.
According to the same BMF letter (margin number 34), the mere option of a lump sum does not endanger the exemption. If you use the option, the exemption ends for contributions from that point on. The tax authorities do not object if you use it within the last year before the payout was meant to start. Your tax adviser checks the details and the current version of the letter.
A closer look at health insurance
In 2026 the contribution on a company pension payout is about 21.1% for statutory members (21.7% without children): 14.6% general rate, 2.9% average additional contribution and 3.6% care insurance, plus 0.6% for members without children. Compulsory members have a monthly health insurance allowance of EUR 197.75; care insurance is charged in full once payouts exceed it. Privately insured people pay no statutory contributions on the payout. In the reference case the contributions cut the result from EUR 194,501 to EUR 135,873.
When the allowance is not enough: five routes from the GmbH to your private assets
The allowance of EUR 8,112 a year is a start. If your GmbH can and wants to move more out of the company, there are further routes. Each one trades more room for more paperwork, more cost and more caution.
This section is a map, not a recommendation. Your tax adviser decides which route fits your case.
| Route | How it works | What it needs | What to watch |
|---|---|---|---|
| Direct insurance (this page) | The GmbH pays up to EUR 8,112 a year in 2026 into an insurance contract with ETF funds. Contributions are exempt, and the payout is taxed in full. | A managing director's contract, a written commitment, a shareholder resolution and appropriate total pay. | The allowance is a ceiling. Costs are higher than in a plain depot, and access before age 62 is limited. |
| Support fund (Unterstützungskasse, pdUK) | The GmbH pays contributions into a separate fund that backs a pension promise. Contributions are a business expense within the limits of section 4d EStG. | A written pension promise to you, a fund provider and a check that the promise is appropriate. | The GmbH may have to top up the fund if it falls short. The total pension must stay within 75% of the last pay. Controlling owner-managers are generally not covered by the pension guarantee fund. |
| Pension commitment with reinsurance (Pensionszusage) | The GmbH promises you a pension and books a provision under section 6a EStG. A reinsurance policy usually backs the promise. | Appropriate pay, enough years left to earn the pension, a company that can finance it, and an actuarial report. | Mistakes can create hidden profit distribution. The promise is a liability on the balance sheet, which matters in a credit review or a sale. |
| Basic pension (Basisrente) | A private contract that you pay from your own income. Contributions are deductible as special expenses within a yearly cap, and the payout is taxed later. | Your own taxable income and a contract certified as a Basisrente. | Payable only as a lifelong annuity, with no lump sum and no early access. In some cases the deduction cap is lower if you also hold company pension rights. |
| Private depot | Money that has left the company as salary or dividend and is invested in funds or ETFs in your own name. | A bank or broker account. The money must first be taxed as salary or as dividend. | Taxed before it is invested and again on gains. Flexible and available at any time, but fully exposed to market falls. |
Simplified overview, not tax or legal advice. Limits, rules and tax effects depend on your case, so a single row cannot tell you whether a route fits.
Most owner-managers start with the allowance, because it is the simplest route with the least paperwork. Further routes come in when the allowance is used up and the GmbH can carry more. A Basisrente and a private depot do not depend on the company at all.
Eight typical situations and the route that usually leads
No two owner-managers are alike, but the same eight situations come up again and again. The matrix shows which route we usually look at first, which can add to it and which matters less.
- Usually firstthis route is the first one we look at
- Can addthis route can add to the first one, depending on the case
| Situation | 1Direct insurance | 2Support fund | 3Pension commitment | 4Basic pension | 5Private depot |
|---|---|---|---|---|---|
| You want a simple startThe allowance route is the simplest to set up and can start with a modest amount. Money beyond it can go into a private depot. | Usually first | Matters less | Matters less | Matters less | Can add |
| You want to move far more than the allowance each yearThe allowance comes first. Above it, a support fund or a pension commitment can take larger amounts, within their limits. | Can add | Usually first | Usually first | Matters less | Can add |
| Fewer than ten years until retirementA pension commitment needs enough years left to earn the entitlement. Contributions into an insurance contract work in a shorter time. | Usually first | Matters less | Matters less | Can add | Can add |
| Profits swing from year to yearFixed long-term commitments are hard to carry. Contributions into a contract can often be reduced or paused, depending on its terms. | Usually first | Matters less | Matters less | Can add | Can add |
| You are privately health insuredNo statutory contributions fall due on the payout, so the company routes keep more of their lead. | Usually first | Can add | Can add | Can add | Matters less |
| You want the money to stay accessibleInsurance contracts and a Basisrente tie the money up. A private depot stays available. | Matters less | Matters less | Matters less | Matters less | Usually first |
| You worry about what happens if the GmbH failsMoney in a private account or a private contract sits outside the company. Company routes need protection written into the contract. | Can add | Matters less | Matters less | Usually first | Usually first |
| You may sell the company or leave within a few yearsA pension promise on the balance sheet complicates a sale. Private routes, and an insurance contract with an irrevocable beneficiary right, usually stay with you. | Can add | Matters less | Matters less | Usually first | Usually first |
Simplified allocation, not advice. Whether a route works depends on your contracts, your tax situation and your health insurance. Consulting grid, not norms.
Three questions to answer before we talk
You do not need a finished plan. These three questions are enough for a first conversation, and the documents below help us check your case quickly.
Who is covered?
Which owner-managers have a managing director's contract with the GmbH, and which contributions to a direct insurance, a Pensionskasse or a Pensionsfonds already exist?
What can the GmbH carry?
Which monthly amount is realistic in a weak year, and how stable are the profits over the next ten years?
How are you insured, and when do you want the money?
Private or statutory health insurance, and the age at which you would like the payout to start.
Documents we ask for
- Your managing director's contract and any amendments
- The articles of association and the list of shareholders
- The last annual accounts and the current profit forecast
- An overview of existing pension contracts and contributions
- The contact details of your tax adviser
How the term changes the result, and what the first four weeks look like
The longer the contract runs, the more the tax deferral compounds. The table shows the reference case for four terms. Below it is a realistic plan for the first four weeks.
Same assumptions as in the calculation: EUR 676 a month, 6% a year before costs, contract costs of 1.0% a year, payout taxed at 30% and no health insurance contributions. After 12 years the lead over the salary route is EUR 19,442, after 25 years it is EUR 54,651.
| Term | Paid in | Result after tax | Lead over salary and dividend route |
|---|---|---|---|
| 12 years | EUR 97,344 | EUR 93,109 | +EUR 19,442 over salary, +EUR 26,809 over dividend |
| 15 years | EUR 121,680 | EUR 126,481 | +EUR 26,206 over salary, +EUR 36,235 over dividend |
| 20 years | EUR 162,240 | EUR 194,501 | +EUR 39,305 over salary, +EUR 54,827 over dividend |
| 25 years | EUR 202,800 | EUR 281,795 | +EUR 54,651 over salary, +EUR 77,369 over dividend |
Illustration with the assumptions of the calculation section, not a forecast. The monthly amount stays the same throughout, and health insurance contributions are not included.
The first four weeks
Week 1: Check the case
First call, the three questions and the documents. Your tax adviser looks at appropriateness and at what already counts against the allowance.
Week 2: Decide and document
The shareholders sign the resolution, the commitment is written down and the wording of the beneficiary right is agreed. Everything is dated before the first contribution.
Week 3: Choose the contract
We compare contracts on costs, fund choice, flexibility and payout rules, and you choose. The application is prepared.
Week 4: Start
The insurer issues the contract, and the first contribution follows once documents and contract are in place. Processing at the insurer can take longer than planned.
Where the numbers and rules come from
Every figure and rule on this page can be traced. The table shows what we used, and the list below links to the legal texts and documents. We checked them on 29 October 2026. Laws, ceilings and rates change, so check again before you act.
| Topic | What we found | Source (checked 29 Oct 2026) |
|---|---|---|
| Allowance 2026 | 8% of the pension insurance contribution ceiling of EUR 101,400, so EUR 8,112 a year or EUR 676 a month. One shared allowance for direct insurance, Pensionskasse and Pensionsfonds, tied to the first employment. | Section 3 no. 63 EStG; GKV-Spitzenverband table of 2026 values |
| Allowance 2027 (proposed) | The cabinet adopted a ceiling of EUR 106,200 for 2027 on 7 October 2026. That would give EUR 8,496 a year (EUR 708 a month). It applies only if the Bundesrat consents. | Bundesrat printed paper 576/26; BMAS press release |
| Social security exemption | Contributions up to 4% of the ceiling (EUR 4,056 in 2026) are free of social security contributions. This matters only for people who are social security members. | Section 1 SvEV |
| Recent reforms | The Second Occupational Pension Strengthening Act of 16 January 2026 left the allowance unchanged. We did not find any further change as of the check date. | Federal Law Gazette 2026 I no. 14 |
| Catch-up contributions | Only in two cases: on termination of the employment (4% of the ceiling per year of service, up to 10 years) and for years in which the first employment was dormant and no taxable pay was received (8% per year, up to 10 years). | Section 3 no. 63 sentences 3 and 4 EStG; BMF letter, margin numbers 43 to 46 |
| Tax on the payout | Payouts from a direct insurance are taxable in full as income. | Section 22 no. 5 sentence 1 EStG; BFH, 30 October 2025, X R 25/23 |
| One-fifth rule | Not applied to a lump sum from a direct insurance. The Federal Fiscal Court ruled so for a freely exercisable capital option (X R 25/23 and X R 28/23), and the tax authorities apply the same view more widely. On 16 June 2026 the Federal Constitutional Court did not accept the complaint against X R 28/23 (2 BvR 372/26). | BFH X R 25/23 and X R 28/23; BVerfG 2 BvR 372/26; BMF letter, margin number 149; section 34 EStG; reports by IWW and NWB |
| Lump sum option | The mere option of a lump sum does not endanger the exemption. If it is used, later contributions lose the exemption. The tax authorities do not object if it is used in the last year before the payout was meant to start. | BMF letter, margin numbers 34 and 68; section 82 para. 2 EStG |
| Payout age and forms | For promises issued after 31 December 2011 the earliest payout age is regularly 62. Permitted forms: lifelong annuity, or payout plan with an annuity from age 85 at the latest. Up to twelve monthly payments can be combined, and up to 30% of the capital can be paid out outside the monthly benefits. | BMF letter, margin numbers 3 and 68 |
| Health and care insurance on payouts | Company pension payouts are subject to contributions for statutory members. For compulsory members a lump sum counts as one 120th a month for up to 120 months. 2026: general rate 14.6%, average additional contribution 2.9%, care insurance 3.6% (plus 0.6% without children), about 21.1% in total (21.7% without children). Monthly allowance of EUR 197.75 for compulsory members, for health insurance only; care insurance is charged in full once payouts exceed it. | Sections 229 and 241 SGB V; GKV-Spitzenverband table of 2026 values |
| Controlling owner-managers | Owner-managers with a controlling stake fall under the allowance if they are employees under the wage tax rules. A first employment is required: the main employment with the GmbH (tax classes I to V), not a second job taxed under tax class VI. Contributions that are hidden profit distributions are not exempt. | Section 1 LStDV; BMF letter, margin numbers 23, 24 and 35; section 8 para. 3 KStG |
| Insolvency protection | Once the entitlement has vested, the employer can no longer revoke the beneficiary right because the employment ends (section 1b para. 2 BetrAVG). Controlling owner-managers fall outside the Act, so the protection must be agreed in the contract. | Sections 1b and 17 BetrAVG |
| Corporate and trade tax | Corporate tax of 15% plus 5.5% solidarity surcharge (15.825%) and trade tax of 16.1% in Münster (multiplier 460%) give 31.925% in 2026. By law the corporate tax rate falls to 14% in 2028 and to 10% from 2032. Our calculation keeps 15%. From 2032 the saving would be about EUR 2,160 a year and the net cost about EUR 5,950. | Section 23 KStG; Section 4 SolzG; section 11 GewStG; City of Münster tax rates |
| Income tax rates | 42% from EUR 69,879 and a top rate of 45% from EUR 277,826 in 2026, plus 5.5% solidarity surcharge (44.31% at the 42% rate). | Section 32a EStG |
| Flat tax and partial exemption | Capital income is taxed at 25% plus solidarity surcharge, 26.375% in total. Equity funds held privately enjoy a 30% partial exemption. | Section 32d EStG; section 20 InvStG |
| Reference calculation | Our own illustration with the assumptions shown in the calculation section. It is not a forecast. | Own calculation |
The BMF letter is the letter of 12 August 2021 on the tax treatment of company pensions (reference IV C 5-S 2333/19/10008 :017), published by the Federal Ministry of Finance. Margin numbers refer to that version, so check the current version before you rely on one. General information, not tax or legal advice.
Sources and links
- Section 3 EStG (tax-exempt income)No. 63 sets the allowance.
- Section 22 EStG (other income)No. 5 taxes the payout.
- Section 32a EStG (income tax rates)Rates and brackets.
- Section 32d EStG (flat tax)Tax on capital income.
- Section 34 EStG (extraordinary income)Basis of the one-fifth rule.
- Section 82 EStG (pension contracts)Permitted payout forms, para. 2.
- Section 20 InvStG (partial exemption)Partial exemption for equity funds.
- Section 1 SvEV (social security exemption)The 4% limit for social security.
- Section 229 SGB V (income from company pensions)Contributions on payouts.
- Section 241 SGB V (general contribution rate)The 14.6% general rate.
- Section 23 KStG (corporate tax rate)Corporate tax rate.
- Section 8 KStG (taxable income)Para. 3: hidden profit distribution.
- Section 11 GewStG (trade tax rate)Base rate for trade tax.
- Section 1 LStDV (employees)Who counts as an employee.
- Section 1b BetrAVG (vesting)Vesting and the beneficiary right.
- Section 17 BetrAVG (scope)Who is covered by the Act.
- GKV-Spitzenverband: values for 2026Ceilings, rates and allowances for 2026.
- BMAS: social security values for 2027Cabinet decision of 7 October 2026.
- Bundesrat printed paper 576/26Ordinance with the 2027 ceilings.
- Federal Law Gazette 2026 I no. 14Second Occupational Pension Strengthening Act.
- Federal Fiscal Court, X R 25/23Ruling of 30 October 2025 (German).
- NWB Experten-Blog on X R 28/23 and the constitutional complaintReport in German.
- IWW on the Federal Constitutional Court decisionReport in German.
- City of Münster: tax ratesTrade tax multiplier.
Frequently asked questions
Short answers to the questions we hear most from owner-managers of German companies who work in English.
From first call to signed documents: six steps
You decide at every step, and nothing is signed without your yes. Your tax adviser is involved from the start and signs off in step four.
First call
We talk through the three questions: who is covered, what the GmbH can carry and how you are insured. You tell us what already exists.
Case check
We run your case through four checks (allowance, contract, paperwork and payout) and give every point a traffic light: good, review or gap.
Numbers
We calculate your case with your own assumptions: amount, term, costs, payout tax and health insurance.
Documents with your tax adviser
Commitment, shareholder resolution and beneficiary right are based on our model wording, finalised by your tax adviser or lawyer and dated before the first contribution.
Contract and start
We compare contracts on costs, funds, flexibility and payout rules. You choose, and we handle the application.
Annual review
Once a year, or when profits, pay or rules change, we check the contract, the costs and the amount again.
Two ways to your pension check
Whether you want the full check or prefer to start with the numbers: in 15 minutes you know your next steps. No obligation, no sales pitch.
Send your situation, get your numbers
Tell us your role, your pay and how you are health insured. We calculate what the allowance is worth in your case, compare it with salary and dividend, and show where the result flips, with reasons.
15 minutes with Jan, online
No sales call, but an honest first assessment of your situation, your options and the order of the steps. Then you decide.
Pick a timeRead it all? Then request your company pension check in 2 minutes.
You have seen the allowance, the calculation, the protection and the payout rules. The last step is the simplest: a few details about your role, then Jan replies personally, or you book a slot straight afterwards.
2 minutes · free · no obligation- Jan reads your answers personally before anyone gets in touch
- You get an honest first assessment: what the allowance is worth in your case, and where it is not worth it
- We reply in English or German, whichever you prefer
- Your tax adviser keeps the tax and legal sign-off; we prepare the numbers and the contract questions