Should I cancel my Riester contract?

I wonder if it would make sense to cancel my Riester contract when the new Vorsorgedepot is introduced. One of the main changes that the Vorsorgedepot could bring is flexibility in retirement provision and possibly more attractive conditions. Considering the fact that the Riester contract is often criticized as inflexible and low-yielding, the question arises whether the new Vorsorgedepots can compensate for these disadvantages. What do you think? Does anyone have experience or opinions on whether canceling the Riester contract in favor of the Vorsorgedepot would be sensible?

As a rule, to my knowledge, it is generally advised against terminating the contract, and rather to keep it dormant. Otherwise, you usually have to repay subsidies and tax benefits. But this is only half-knowledge, I actually don't know much about Riester.

As a rule, to my knowledge it is usually advised against canceling the contract, but rather to put it on hold. Otherwise, you apparently have to pay back subsidies and tax benefits. But that's just half-knowledge, I don't actually know much about Riester.

... And the tax benefits have to be paid back with interest. Interest rate 0.5% per month, if I remember the numbers correctly. My opinion: as long as no transfer from a Riester contract into this depot investment is possible (unknown to me), I would calculate very carefully how to get out of the Riester with as little damage as possible. Cancellation is really unpleasant because of the back taxes plus interest. Unfortunately, it is quite a complex matter. I already had to deal with it because I unfortunately had a residential Riester. It is now dormant and is being devalued by inflation. Still less damage than canceling it – or using it.

My opinion: as long as no transfer from a Riester contract into this depot investment is possible (unknown to me), I would calculate very precisely how to exit Riester with as little damage as possible.

Lacking an edit function, I quote myself.

I googled, and supposedly there will be a transfer option (subjunctive!). How it will look and whether it will actually come is not quite clear yet.

If it comes, I will use it.

Would mean that the amount can move directly from the Riester account into the depot. No termination, no penalties.

But still a lot of subjunctive!

It is included in the draft. Free of charge if the contract is older than 5 years. Otherwise, a maximum of €150.