The article discusses the issues surrounding the Riester pension scheme, which was introduced during Gerhard Schröder's chancellorship and has since been considered a failure, resulting in minimal benefits for retirees while the financial industry profited significantly. Lars Klingbeil, the German Finance Minister and new leader of the SPD, aims to reform private retirement savings, targeting middle and low-income individuals to enable them to save more effectively for their retirement. However, consumer advocates, labor unions, and political opponents express concerns that the SPD's approach may replicate the mistakes of the past, leading to another debacle where the financial industry benefits disproportionately at the expense of retirees.