Riester pension (Riester-Rente) exists since 2002 and is named after the Minister of Labor Walter Riester. This is a voluntary additional pension insurance, which is supported by the state with bonuses. It is believed that Riester pension is beneficial for families with children, low-income earners and high-earning singles. However, due to the high cost of maintenance and low interest rates, this type of savings is not so popular, as the government would like.
