Riester ruling: Unlawful costs - options for action for Riester savers after the BGH decision

Riester ruling: Unlawful costs - options for action for Riester savers after the BGH decision

According to a report by www.n-tv.de,

The Federal Court of Justice has declared diffuse closing and brokerage costs in Riester contracts to be unlawful, which has an impact on Riester savers. Many consumers are now unsure about what they can do in this situation. The Baden-Württemberg consumer advice center answers important questions and recommends measures that affected Riester savers can take. Following the ruling of the Federal Court of Justice, customers of other credit institutions now also have the opportunity to defend themselves against these costs.

The affected Riester savers should first check the regulations in their contract regarding the payout phase. If the contract contains unclear information about the costs involved, you can, for example, accept the retirement offer with reservations, demand that the offer be improved or terminate the contract completely, even if this has no effect on the funding. Those who have already accepted an offer with high costs for an annuity payment can demand reimbursement of the costs or demand a return of commissions from the credit institution. It is also advisable to contact a lawyer or an arbitration board.

As a result of this judge's ruling, Riester savers are encouraged to assert their rights and check whether they are affected by the unlawful costs. This ruling could also require other providers in the industry to review and adjust their contracts to avoid similar legal action.