Cover on death

This is the minimum amount your beneficiaries are guaranteed to receive.
If you leave savings of, for instance, DKK 300,000 after tax, we will make a top-up contribution of DKK 200,000 ensuring that your beneficiaries receive DKK 500,000 after tax.

If your savings after tax exceed the minimum amount, your beneficiaries will only receive your savings

If you have cover on death, it will be valid for up to five years after contributions have stopped or until you reach state pension age.

Yes, you can choose a higher or lower minimum amount that matches the needs of your beneficiaries.

You may want to increase the amount if you have children. You may want to reduce the amount if you are unmarried.

We will pay out your pension savings to the beneficiaries you have chosen.  

If you have not actively chosen any beneficiaries, your savings will be paid out to your next of kin. This is a good and sufficient solution for most people.   

Your next of kin in order of priority are:   

• spouse 
• partner, if you have lived together for at least two years or if you have children together 
• children or grandchildren, i.e. your issue 
• any heirs named in your will 
• your heirs under the provisions of the Danish Inheritance Act (arveloven)

You can change who receives the money after your death.

Yes, you can choose one or more beneficiaries.

However, due to tax rules, you do not have a completely free choice. You can choose between the following:

• your spouse or partner
• your children or grandchildren
• your former spouse if you are separated or divorced.

Do you want your parents or siblings to benefit from your pension savings?

Special tax rules apply in relation to beneficiaries of your pension savings. If you want your parents, siblings or anyone else to benefit, please call us. We can then discuss your options.

You typically have three savings accounts and your savings will be paid out to your beneficiaries as follows:    

Old-age savings 
If you have not received the full amount of your old-age savings, your beneficiaries will receive the remaining amount. The payout is tax free.   

Annuity pension  
If you have not received the full amount of your annuity pension, your beneficiaries will receive the remaining amount. This will be paid out as a lump sum. 

Lifetime pension
A pension insurance ensures that your savings are passed on to your beneficiaries when you pass away. Your beneficiaries will receive a single payout. The amount corresponds to the remaining savings if you pass away before the pension insurance expires. You can decide how many years the pension insurance should be valid, ranging from 0 to 22 years, depending on your age. 

Imagine you choose a pension insurance period of 20 years: 

You start receiving your pension payments but pass away after 11 years. 

Your pension insurance is valid for 20 years, meaning there are 9 years left of the chosen period. 

Your beneficiaries will receive the amount you would have received in pension for the next 9 years. 

The money will be paid out to your beneficiaries in a single lump sum.

Tax payable to the state and estate tax  
We deduct 40 percent tax payable to the state before an annuity pension or lifetime pension is paid out. If estate tax is due, this will also be deducted from all amounts.