Hi, I'm here to hold the bag?
Pension funds buy shares in businesses such as Microsoft. The money going into the pension fund is not typically a function of the tax paid by companies such as Microsoft, but rather from a combination of actuaries’ recommendations, payroll tax receipts, and politicians’ priorities.
Therefore a pension funds’ equity holdings, such as Microsoft, doing well means taxes can be lower.
In the USA, Social Security defined benefit pensions are cash from workers today going to non workers today, same as Germany's national scheme (gesetzliche Rentenversicherung?).
The other defined benefit benefit pension schemes are what are usually invested in equities, and the investment restrictions section in this document indicate Germany's "occupational pensions" can also invest in equities. (page 12)
https://www.aba-online.de/application/files/2816/2945/5946/2...