In this paper, I estimate the impact of the German child-care pension benefit (Kindererziehungszeiten) on household savings, exploiting the pension reform 1992 as a natural experiment based on the Income and Expenditure Survey (EVS). The child-care pension benefits are designed as a compensation for employment interruptions due to child-birth and they increase a mother’s pension wealth. In principle, this implies negative incentives for private savings. However, the preliminary results indicate that household savings are not affected by the higher generosity of child-care pension benefits.