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Seniors

As you approach the age for retirement/early retirement, it is a good idea to get an overview of how much money you have saved up and how to get the most out of it. We can help you ensure that you have the kind of financial stability that meets your needs when you stop working.

Retiring soon

Get prepared in good time

There are different rules for when you can retire. It depends on when you were born. When you are logged in, this page will show you when you can begin receiving disbursements from your pensions.

It is good to start early when you are planning to go on early retirement or retire. There are many ways to structure your finances, and some of them can provide you with a greater return on your savings than others.

If you book a phone meeting with one of our advisors, we will help you get the most out of your options and, for example, your basic state pension and supplementary pension benefit (ældrecheck).
You can view your savings accounts at any time here on this page.

While you are still saving up

While you are still saving up

It can be a good idea to keep an eye on your savings on an ongoing basis. Perhaps towards the end, you will be able to set aside slightly more for your pension so you have more funds on hand when you stop working.

Small contributions can make a large difference
You can increase your contributions if you find yourself with some extra money on your hands. Even small amounts can have an impact on your finances when you have retired.

You can also change how much you are contributing to your different savings accounts. Perhaps you want to slightly decrease your contributions to your annuity pension, and slightly increase the contributions to your retirement account or lifelong pension. 

Read more about savings

When you are logged in, you can get an overview of how much you have saved up in your pensions.

You can also try out our calculator, where you can play around with the numbers and see what happens if you delay your retirement or extend the period in which you want to receive your pension disbursements.

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Make a plan in good time – and get more for your money

Make a plan in good time – and get more for your money

Planning your pension in good time maximises your chances of having the retirement you are dreaming of.

Your money, your options
You can have your money disbursed in several ways, and we can help you find the solution that works best for you. Perhaps you want a steady income, or perhaps you want to be able to make some extra withdrawals once in a while.

We design a plan together
We recommend that you book a meeting so we can provide you with comprehensive guidance. We can talk to you about the tax rules, how you can get the savings and income that best suit you and your needs, and about your options for getting the basic state pension, the supplementary pension benefit (ældrecheck) and other state benefits.

Put your dreams into words
Before the meeting takes place, think about how long you are expecting the money to last, and whether you want stability or the opportunity to occasionally withdraw more or less. You can also think about whether you want to be able to pass on funds to your children or others, both while you are still alive and when you pass away.

When you can put your expectations for your retirement into words, we can help you get the most out of your options.

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The senior employee scheme can provide you with extra days off

The senior employee scheme can provide you with extra days off

Some collective agreements enable you , as a salaried employee, to convert some of your pension contributions to days off. This is called the senior employee scheme and it can be used if you are within five years of reaching the state pension age.

This allows you to slowly wind down your working life and ease your way into retirement.

Get an early start on retirement
The money for your days off is taken from the funds your employer would otherwise contribute to your pension savings account.

The senior employee scheme thus means that you will have less money at your disposal when you retire.

How to take advantage of the senior employee scheme
If you want to take advantage of the senior employee scheme, you must investigate whether it is possible under the collective agreement covering your employment.

If the senior employee scheme is an option for you, discuss it with your employer.

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Early retirement benefit

Know the rules that apply to you

You can receive the early retirement benefit for 3–5 years before you retire. Your date of birth determines when you can take early retirement and for how long.

It is your unemployment insurance fund (A-kasse) which pays out your early retirement benefit, and they are the ones you need to get in touch with if you want to take an early retirement.

Who can qualify for early retirement, and when?

Who can qualify for early retirement, and when?

In order to qualify for early retirement, you must have paid into the scheme for 30 years and been a member of an unemployment insurance fund (A-kasse) non-stop for 30 years. You pay for the scheme through your membership of an unemployment insurance fund.

Available to take on work
During the three years before starting your early retirement, you must also have worked at least 1,924 hours. That is the equivalent of one year of work.

In addition, you must not be on sick leave and you must be available to take on work when you qualify for early retirement. You can get the certificate stating that you qualify for early retirement when you reach the age for early retirement.

Your unemployment insurance fund (A-kasse) knows everything about early retirement
If you have questions concerning your early retirement benefit, your unemployment insurance fund will be able to answer almost all of them. They are also the ones that disburse the early retirement benefit to you.

When you are ready to make a plan for how to get the most out of your pensions, you can book a phone meeting with one of our advisors.

Different ages for early retirement
The age at which you qualify for early retirement depends on when you were born.

See an overview of qualifying ages for early retirement or log in to see the age at which you qualify. 
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Work for longer, and receive a tax-free premium.

Work for longer, and receive a tax-free premium.

If you want to continue working after reaching the age of qualifying for early retirement, you have the opportunity to earn a tax-free premium.

This is a lump sum that you will receive when you reach the official retirement age.

Your opportunities to receive a tax-free premium depend on when you were born.

Log in and see how you can start earning a tax-free premium.

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Here you can see what you can expect to receive

Your income as a pensioner

As a pensioner, you can receive income from the state such as a basic state pension, a supplementary pension benefit (ældrecheck) and ATP.

The size of your pension savings has an impact on how much you receive from the state. If you have large savings, you will receive less from the basic state pension for example.

State pension

State pension

The state pension is a state benefit that you can receive if you have Danish nationality and live in Denmark permanently.

How much you receive from your state pension
The state pension is composed of two parts: the basic amount and the pension supplement. The basic amount is the same for everyone, but if you are single, you will receive a larger pension supplement. This table shows the monthly disbursement.

If you have income from work or pensions

Your income from sources such as work or pension schemes are offset in your state pension. This means that the income you receive can have an impact on the amount you get from your state pension.

The basic amount is essentially the same, even if you are working and receive money from your pensions.

It is your pension supplement in particular that is impacted if you have other sources of income.

Read about how much you are allowed to earn before it impacts your state pension

You can temporarily suspend the state pension – or postpone it
You can choose to postpone the time at which you begin receiving a state pension. You can also temporarily suspend the state pension if, for example, you want to work for a period of time.

This allows you to earn the right to receive larger disbursements at a later date.

You can read more about the state pension at borger.dk

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Supplementary pension benefit (ældrecheck)

Supplementary pension benefit (ældrecheck)

The supplementary pension benefit is an amount paid out by the state once per year to individuals who have less than DKK 84,300 in total liquid assets (2017).

If you are married or cohabiting, this person's assets are also included in the calculation.

Read more about what counts as liquid assets

The supplementary pension benefit is calculated on an annual basis
Your liquid assets are calculated on 1 January in the year that you wish to receive the supplementary pension benefit. Whether you can receive the supplementary pension benefit and what amount you can get depends on what you own on this date.

Your spouse's/cohabitant's liquid assets on 1 January are included in the calculations.

How much is the supplementary pension benefit?
In 2017, the supplementary pension benefit is up to DKK 16,900.

Udbetaling Danmark calculates whether you qualify for supplementary pension benefit. They are also the ones that disburse the benefit.

You can read more about the supplementary pension benefit (ældrecheck) at borger.dk

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ATP

ATP

ATP stands for "Arbejdsmarkedets Tillægspension", The Labour Market's Supplementary Pension in English, and it is mandatory to make contributions to it.

Your employer or the state make the contributions to your ATP.

If you have started early retirement or partial retirement, however, you are free to decide if you want to continue contributing to your ATP.

Postpone your ATP and receive more at a later date
Your ATP savings are automatically disbursed to your NemKonto when you reach the state retirement age.

You can choose to postpone your ATP pension until you reach the age of 75. For every month that you postpone receiving this pension, the amount you receive later will increase.

You can read more about ATP at borger.dk Here you can also see how much you have in ATP savings.

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Offsetting

Offsetting

You will receive a reduced state pension benefit and supplementary pension benefit (ældrecheck) if you are working or have other sources of income after you have started your retirement/early retirement.

Your pensions also  count
Your assets and the size of your pension savings also have an impact on how much you will receive.

The rules for offsetting vary, and you can read more about what might apply under the sections entitled "Early retirement", "State pension" and "Supplementary pension benefit (ældrecheck)".

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Retirement

The most flexible pension

You decide for yourself when you want money disbursed from your various pensions. From the date that you reach the retirement age, you can also begin using some or all of your pension.

How you choose to have your money disbursed will have an impact on how much tax you have to pay and how much you can receive in state pension and early retirement benefits, among other things.

So there are good reasons for making a sensible plan that will get you the most out of your pensions.

Highly flexible – you can decide for yourself

Highly flexible – you can decide for yourself

When you reach retirement age, you can receive payments in many different ways. This means that your pension scheme can help to keep your finances healthy, regardless of whether you want to retire or just want to work slightly shorter hours.

If you wish to reduce your hours
If you want a gradual transition to life in retirement, the pension scheme offers a great variety of disbursement options. You can reduce your working hours and start receiving some of your pension savings. This will give you an extra amount each month to compensate for your reduced pay.

When you retire from work
You have a very large range of options for designing a disbursement model that meets your requirements and needs for when you retire. This means, for example, that you can ensure you get the most out of your savings and your public benefits.

Get help to find the best solution for you
You can receive your pension in many ways. We can help you to find the solution that best fits your finances and future plans. We suggest that you book a meeting with one of our advisors.

Select a regular phone meeting or an online meeting where you and the advisor will be able to see the same things on the screen. That can be useful because it is often easier to follow along when you are looking at the same numbers, for example.

Book a meeting or call us on +45 7012 1330. We will find the right solution together.

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Learn more about starting your retirement

Learn more about starting your retirement

Your finances as a pensioner can be structured in many different ways.

How you choose to have your money disbursed, however, will have an impact on how much you can receive in state pension and early retirement benefits.

The tax you pay when your money is disbursed from your pensions also depends on when and how you choose to receive the disbursements.

Get help to find the best solution for you
You can receive your pension in many ways. We can help you to find the solution that suits your finances and future plans best.

Therefore, we recommend you to book a meeting with one of our advisors.

Log in and book a meeting, or call us on +45 7012 1330. We will find the right solution together.

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When you are using your savings

When you are using your savings

Your needs are subject to change after retirement, so you may need the option of adjusting your monthly incomes.

Stretch the money over several years
Even after you have begun receiving disbursements from your annuity pension, you can extend the period in which you have chosen to receive the pension disbursements.

You can put your lifetime pension on hold if, for example, you want to work for a certain period of time. This will allow you to receive larger disbursements at a later date.

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Possibilities in the health scheme

Denmark's best health scheme

When you have a health scheme with us, it provides you with quick access to physiotherapy, zone therapy, psychologists and a number of other treatments that could otherwise quickly end up being very costly.

Our nurses and social workers are with you throughout the entire course of your treatment. This ensures that you are in good hands if you should become ill.

About the health scheme

About the health scheme

For DKK 30 per month, you will keep your PensionDanmark Health Scheme after your retirement starts.

This means that PensionDanmark will pay the bill if you need to be treated for muscle or joint pains.

Many opportunities in the scheme
The health scheme ensures you access to quick treatment at no cost with:

  • physiotherapists
  • chiropractors
  • massage therapists
  • reflexologists
  • psychologists
  • specialist doctors

We guide you through the entire process
It can be difficult to keep track of all the details during a long treatment process. We can help you with that if you should become ill.

Our team of nurses and social workers are ready to take your call and help you schedule appointments, tell you what your options are and follow up on your case with doctors and other treatment specialists.

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Stretching exercises for muscles and joints

Stretching exercises for muscles and joints

Doing the correct exercises can help you to avoid injuries.

This page lists simple exercises that can help to prevent injuries to joints, muscles and tendons.

See exercises

If you die

Inheritance and pension

It is important to have a plan for what is going to happen to your assets when you pass away. There is a lot to consider, and so it's a good idea to start early.

Your pensions and insurance policies are paid out directly to your next of kin unless you decide on other beneficiaries.

Most of your other assets – for example, money in the bank, securities, your home and other things you own – you can distribute as you like when you create a will.

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Who should receive the funds in the event of your death?

Who should receive the funds in the event of your death?

You can choose who will receive the money from your pension savings when you die. It will typically go to your  next of kin unless you have designated someone else.

Your next of kin are in the order listed:

  1. Your spouse
  2. Your cohabitant if you have lived together for at least two years or you have children together
  3. Your heirs of the body (children, grandchildren etc.)
  4. Beneficiaries under a will
  5. Beneficiaries under the intestacy rules

Log in to see and change who will receive the money from your pension savings when you die.

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This is how your other assets will be distributed

This is how your other assets will be distributed

There are clear rules for who inherits your assets when you pass away. This also applies to everything you own beyond your pension savings. This text concerns all the things that are not a part of your pension savings.

What we call "assets" should be understood as everything that has monetary value. This might be jewellery, art, homes, securities, savings and much more. But not your pension savings.

Are you married?
If you are married or have a registered partner, this individual will assume all your assets if you should die first.

But if you have children, your spouse must share your portion of the assets with the children. Your spouse gets half, and the other half must be shared between your children.

Are you in an unregistered relationship?
If you have a cohabiting partner whom you are not married to, this person will not inherit from you if you die first. If you have children, they will inherit all your possessions.

Read more about safeguarding each other's rights as cohabiting partners.

Divided and undivided estate
When you pass away, your assets must be accounted for. This is called dividing the estate. If you are married and have children, your spouse can in many cases choose to remain in an undivided estate. For example, this may mean that the surviving spouse can afford to remain in the home.

Read more about undivided estates.

Joint property
When you get married or register as partners, all of your assets automatically become joint property. This means that you both own everything together.

When your estate is to be divided, your share of the joint property must be shared equally between your surviving spouse and your children. This means that your spouse inherits half, and the other half must be shared between the children.

Separate property
Perhaps you or your spouse/partner have some assets that you do not own together, but which belong to only one of you. This is called separate property, and it results in some special inheritance rules if one of you has separate property.

Separate property can come in three varieties: separate property not subject to division in case of legal separation or divorce but only in case of the owner's death (separate property upon divorce), complete separate property and separate property not subject to division in the event of legal separation or divorce, but where upon the death of one spouse the other spouse assumes control of an undivided estate (mixed separate property).

Read more about separate property upon divorce

Read more about complete separate property

Read more about mixed separate property

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A will allows you to decide for yourself

A will allows you to decide for yourself

It varies who the beneficiaries are for your insurance policies, pension savings and other assets when you pass away.

Pensions are not a part of the estate of a deceased person
The disbursements from your pension scheme are paid out directly to those that you have selected as beneficiaries. Therefore, they are not considered a part of the assets that are calculated upon your death. If you do not specify otherwise, the money will go to your next of kin. Here you can see and change who will receive the money from your pension scheme.

Your other assets
Your other assets are what is referred to as your inheritance. If you have children and/or a spouse, you are not completely in control of your inheritance. Children and spouses are legal heirs, and together, they are entitled to inherit an indefeasible share of no less than 25% of your estate. It makes no difference how many children you have.

The remaining 75% is the disposable part of the estate. You have full control of who the beneficiaries will be for this portion. 

If you do not have children or a spouse, the entire inheritance is disposable. This means you have full control of the entire inheritance.

A will ensures that things are in order
It can be a good idea to make a will if you want to decide how your assets are to be distributed when you pass away.

With a will, you can ensure that, for example, children will receive larger or smaller shares than they would be entitled to under the standard inheritance rules.

The will can also be a guarantee to allow your surviving cohabiting partner/spouse to be able to continue living in the house.

A free will with TestaViva
You can make a will, prenuptial agreement and co-ownership agreement easily and for free if you register as a user on TestaViva.dk.

This allows you to be sure that your wishes are implemented when you pass away.

Free assistance from lawyers
At PensionDanmark, we cannot provide you with advice when you are making a will. We have therefore entered into a partnership with TestaViva. This means that you can take advantage of their self-service tools for free, and you can also get two hours of free assistance from their lawyers.

Log in here on this page. Then follow the links to TestaViva and receive the free benefits that you get as a member of PensionDanmark. 

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Cohabiting partners – how to safeguard each other

Cohabiting partners – how to safeguard each other

If you are living in an unregistered relationship, you will not inherit one another's estate when one of you passes away. If you have children, they will inherit everything left by the deceased.

The surviving cohabiting partner will not be able to remain in an undivided estate when one of you passes away. This means that the surviving partner may have difficulty in affording to remain living in your home, for example.

A will safeguards both of you
If you and your cohabiting partner want to safeguard each other so that the surviving partner faces greater financial security, it is a good idea for you to write a will.

The portion of your assets that can be distributed in the will depends on whether you have children, whether you choose to write an extended cohabiting partner will and whether or not you have made a co-ownership agreement.

Multiple opportunities for clear agreements
An extended cohabiting partner will is relevant if you have children. This type of will gives you the opportunity to distribute a large proportion of your assets to one another.

In a co-ownership agreement, you describe exactly who owns what and this can make it easier for those you leave behind when the time comes to distribute your assets between them.

Speak to a lawyer
If you want to make a will, it is a good idea to consult with a lawyer who can help you ensure that your assets are distributed according to your wishes.

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Give gifts while you are still living

Give gifts while you are still living

If your finances allow for it, you can give cash gifts to some of your closest family members while you are still living.

Gifts with tax advantages
If you give some of your money as gifts before you die, the recipients can avoid paying tax on the amounts, something which is otherwise normally required when you inherit.

As a rule of thumb, you can give gifts of up to DKK 62,900 per year to your close family members without them being taxed on it.

For children-in-law, the amount is DKK 22,000 per year.

Read more here about what amounts you can give and to whom.

Larger cash gifts are taxed
If you give gifts to close family members that are larger than the amounts listed above, the recipient must pay a tax of 15% to the state.

Other family members – including siblings, nephews/nieces, cousins and parents-in-law – must pay income tax on the amounts received.

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