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Typical questions

Here you can find answers to the most common questions concerning your pension scheme with PensionDanmark.

All
Savings
Insurance
Health

Contribute funds

What should I do if fewer funds as expected are paid into my pension?

What should I do if fewer funds as expected are paid into my pension?

If fewer funds are paid into your pension than you expect, you must consult your employer. You can the clarify whether you receive what you are entitled to according to your collective agreement.

Are my contributions tax deductible?

Are my contributions tax deductible?

Most of the funds you place in your pension are tax-deductible; however, you should not deduct these on your tax return yourself. Contributions are actually deducted from your wages, before tax is calculated.

No contributions are currently being made to my savings. Are they being eroded by charges?

No contributions are currently being made to my savings. Are they being eroded by charges?

Even if no funds are being contributed to your savings, they can still grow.

You only pay a very small sum for administration of your savings. In 2017, the charge is DKK 297. However, we also invest your funds so that you receive interest every month. Usually this means the savings grow anyway.

If your savings are very small, you may receive less in interest than you pay for administration. Call us on +45 7012 1330 if you are in doubt.

Can I pay in an extra sum to my pension?

Can I pay in an extra sum to my pension?

Yes, you can easily pay in extra sums to your pension savings. You can either choose to pay a one-off payment in with your Dankort or pay in a fixed amount each month with a direct debit.

You can do this by logging into pension.dk, - look for the section "Pay in extra". There you can view your options and get further instructions.

How can I see if contributions have been made to my savings account?

How can I see if contributions have been made to my savings account?

Here on PensionDanmark's website, you can  see how much has been contributed to your pension month after month.

I have got a new job without a collective agreement. Can I continue to make contributions to PensionDanmark myself?

I have got a new job without a collective agreement. Can I continue to make contributions to PensionDanmark myself?

You can make contributions to your pension savings yourself but you cannot pay for your insurance cover with us. You will automatically retain the insurances for one year, and you can extend them for another four years - i.e. up to five years in total. During that period, we will deduct the payment for the policies from your savings.

Pool your savings accounts

What will it cost to transfer my pension?

What will it cost to transfer my pension?

Whether or not you transfer your savings to or from PensionDanmark, we do not charge for this service. Please note, however, that the company you are transferring your funds to or from may charge for this service.

What happens to my insurance policies if I transfer my savings from another company?

What happens to my insurance policies if I transfer my savings from another company?

When you transfer all of your savings from another company, the insurance policies you held there will cease. Check whether the insurance policies are different to those you have with PensionDanmark. Therefore it can be a good idea to check whether you need to change your insurance policies.

You can always change your insurance policies with PensionDanmark. You can, for example, choose how large the insurance cover will be in the event of critical illness, disability pension or death.

Can I make do with transferring some of my pension savings to PensionDanmark?

Can I make do with transferring some of my pension savings to PensionDanmark?

Yes, you can. Call us on +45 7012 1330 to hear what will bring the most benefits.

Can I combine my pension savings with you?

Can I combine my pension savings with you?

Yes, in most cases you can. Pension.dk provides you with an overview of where you have alternative pension savings accounts.

If you wish to transfer some of the savings to PensionDanmark, you can do this online.

We do not charge for transferring funds. You may be charged a fee by the other company, but the charge will be recovered because you will avoid paying for two pension schemes.

Can I transfer my savings to an alternative pension company?

Can I transfer my savings to an alternative pension company?

If you get a new job that means your pension is contributed to an alternative company, you can transfer your savings there.

You must ask your new company to transfer the funds from us. They may charge an amount for doing this but we will not make any charge.

My new employer pays normal pension to another company. Can I ask them to make contributions to PensionDanmark?

My new employer pays normal pension to another company. Can I ask them to make contributions to PensionDanmark?

No, you cannot. You can only pay into PensionDanmark if your employer has a collective agreement that stipulates that they must pay pension contributions to PensionDanmark.

Instead you can consider transferring your pension savings from PensionDanmark to the new pension scheme so that you do not pay administration charges in two places.

Can I transfer my pension to a bank?

Can I transfer my pension to a bank?

No, you cannot transfer your pension savings to an ordinary bank savings account.

Investment

What is market interest rate?

What is market interest rate?

As a member of PensionDanmark you will receive market interest on your savings. Market interest means that you receive interest that corresponds to the return on the money we have invested for you. In other words, the gain is paid directly to you. With market interest, interest varies each month depending on the performance of the investments. The return can be both positive and negative.

How high is my return?

How high is my return?

Every month interest will be added to your savings. The interest corresponds to the return produced by PensionDanmark's investments. This means the interest on your savings will vary and could be either positive or negative.

Members receive the whole profit from the pension scheme – there are no shareholders who must profit from the scheme.

Why is there higher risk involved in investing in shares?

Why is there higher risk involved in investing in shares?

When you invest in shares, you are placing your money in a company. If the company in which you have invested does not do as well as anticipated, this will mean that the company's share value will fall.

Whether a company performs well or not is very unpredictable and therefore you can quickly lose money. On the other hand, you can quickly make money when things are going well.

PensionDanmark always invests your savings in a mix of shares and bonds, so the risk is minimised. This way, you have a good chance of making money on the shares and at the same time you are ensured a more stable return on the bonds,

How securely will my funds be invested?

How securely will my funds be invested?

When investing your savings, we focus clearly on spreading your investments to reduce the risk of losing funds. We would not jeopardise your security and safety simply to gain a slightly higher return.

Your savings will be invested based on your age. If your retirement is a long way off, a large proportion of the funds will be invested in shares. This could produce a higher return but the risk is also higher. As you grow older, we invest more of your savings in stable investments such as bonds, for example. This puts you in a better position to calculate what your finances will look like when your retire.

How are you investing my savings?

How are you investing my savings?

As a member of PensionDanmark, your savings are invested in 'age-indexed pools' in which the risk is gradually reduced after you turn 41 years of age.

Until you turn 41 years of age, almost 50 percent of your savings will be invested in shares. 30 percent is invested in corporate bonds, property and infrastructure (such as wind farms). Only 20 percent of your savings are invested in standard bonds.

As you grow older, we invest more of your savings in stable investments such as bonds, for example. And when you turn 65, for example, only 25 percent of your funds are invested in shares.

If you wish to change how your funds are invested, you can use Free Pool Selection to decide how you want to invest your savings yourself. For example, this could be 100 percent in shares.

You can also choose a product with a higher or lower risk. PensionDanmark will then still manage how your pension savings are invested.

What is my return?

What is my return?

Your return will vary according to the performance of your investments.

Will my funds be invested with respect for the environment?

Will my funds be invested with respect for the environment?

PensionDanmark has a clear focus on investing in sustainable solutions. In recent years, we have invested more than DKK 20 billion in green energy. These include e.g. wind turbines and biomass-fuelled power plants in Denmark, the UK and the USA. Together with Dong Energy, PensionDanmark owns e.g. the two large Danish off-shore wind turbine farms, Anholt and Nysted.

PensionDanmark will continue to invest in green energy in the future.

What is Free Pool Selection?

What is Free Pool Selection?

Free Pool Selection is an option we offer members who wish to manage their own investments.

You can sign up for Frit Puljevalg by logging on to pension.dk. You can adjust your investments on a daily basis if you want, and you can always go back to having PensionDanmark invest your money for you.

When you opt into Frit Puljevalg, nobody watches the markets for you or adjusts your investments along the way. That is your responsibility.

If you do not have the time for that, you would probably be better off having us invest for you. We monitor the market and adjust investments on a continuous basis. We also automatically lower your risk as you get older.

Bear in mind that you will be living on your pension savings throughout your retirement.

Will I still receive interest when I have begun receiving disbursements from my savings?

Will I still receive interest when I have begun receiving disbursements from my savings?

Yes, provided you have funds in PensionDanmark, you will receive interest on the amount. The interest depends on how much we earn by investing your savings.

Receive disbursement from your pension

Retire gradually

Retire gradually

On reaching retirement age, you can choose to take partial retirement. This means you will begin receiving some of your pension. This can ensure, e.g. that your finances remain healthy even if you work less.

What is 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.

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

What is the most beneficial way to receive my pension?

What is the most beneficial way to receive my pension?

You have several options for disbursement of your savings. The most beneficial way will depend on your overall financial situation. Therefore the best way is to call us on +45 7012 1330. We will find a solution that is best for you.

Which account will my pension be allocated to?

Which account will my pension be allocated to?

The funds you receive from your pension savings will be allocated to your NemKonto.

Should I start by having all of my savings paid out at once?

Should I start by having all of my savings paid out at once?

No, you do not need to have all of your pension savings paid out at the same time. You can choose a flexible pension disbursement – for example you can have your lifetime pension and annuity pension paid out at different times.

You can put your pension together in many various ways, so if you wish to have a flexible pension, please call one of our advisors on +45 7012 1330. They can help you to find out more about how you can get the most out of your money.

How much will I receive every month when I retire?

How much will I receive every month when I retire?

You can gain an overview of this by logging into pension.dk Under the heading "What can you expect to receive?", you can gain an overview of your pension savings at PensionDanmark. You can also access figures from your other savings accounts so that e.g. ATP and your state pension are also shown.

The figures you see show how much you can receive as the situation is now. They might become higher or lower depending on how much you set aside and the rate of interest you receive on your savings.

I am moving abroad. Can I have all of my pension savings paid out at once?

I am moving abroad. Can I have all of my pension savings paid out at once?

Yes, when you relocate permanently overseas you can have all of your savings paid out at once. There will be a deduction of 60 per cent tax to the Danish state.

You can have the funds disbursed by completing a form or by calling us on +45 7012 1330.

Download the form here

Does my pension start automatically, or do I have to do anything in order for it to start?

Does my pension start automatically, or do I have to do anything in order for it to start?

When you wish your pension to be disbursed, you will need to initiate this yourself. Do this by logging in to pension.dk. However, it is a very good idea to speak to one of our advisors first, so that your pension can be disbursed in the way that is most beneficial to you. For good advice, call us on +45 7012 1330. We are available on weekdays between 08:00 am and 9:00 pm.

Can I receive all my savings as a lump sum when I retire?

Can I receive all my savings as a lump sum when I retire?

The purpose of your pension savings is to ensure that your finances are healthy when you retire. Therefore, you cannot normally receive your entire pension in one instalment. However, this is possible if the pension is below a certain size.

You can receive your retirement account or capital pension in one instalment.

The funds in your annuity pension and lifetime pension will usually be disbursed gradually every month. Your annuity pension can be disbursed over a period of 10 to 20 years, and you will benefit from your lifetime pension for the remainder of your life.

Can I have my pension savings disbursed before I retire?

Can I have my pension savings disbursed before I retire?

No, it is not possible to receive the funds from your pension savings before you retire.

The only exception to this rule is if you move out of Denmark permanently.

General

What is my policy number?

What is my policy number?

As a member of PensionDanmark you do not have a policy number. Instead you have an agreement number, which is the same as your CPR number.

When can I retire?

When can I retire?

The earliest you can retire is when you reach 60 years of age. You must begin receiving your pension when you reach the age of 75 at the latest.

Your birth date determines when you can begin receiving your pension.

However, if your pension scheme was created before 1 May 2007, you may always begin receiving disbursements when you turn 60. Your birth date still has an effect on your early retirement age and state pension age.

When were you born? Early retirement age The earliest you can receive your pension is when you are State retirement age
Before 1 January 1954  60 years  60 years  65 years
1 January 1954 to 30 June 1954  60.5 years  60 years  65.5 years
1 July 1954 to 31 December 1954  61 years  60 years  66 years
1 January 1955 to 30 June 1955  61.5 years  60 years  66.5 years
1 July 1955 to 31 December 1955  62 years  60 years  67 years
1 January 1956 to 30 June 1956  62.5 years  60 years  67 years
1 July 1956 to 31 December 1958  63 years  60 years  67 years
1 January 1959 to 30 June 1959  63.5 years  60.5 years  67 years
1 July 1959 to 31 December 1959  64 years  61 years  67 years      
1 January 1960 to 30 June 1960  64 years  61.5 years  67 years
1 July 1960 to 31 December 1962  64 years  62 years  67 years
1 January 1963 or later  65 years*  63 years*  68 years*

*The pension age could change as a result of political decisions.

How much will I pay for administration?

How much will I pay for administration?

In 2017, each member of PensionDanmark will pay DKK 297 for pension administration.

Can I receive letters from PensionDanmark in e-Boks.

Can I receive letters from PensionDanmark in e-Boks.

Yes, with e-Boks, you can receive and store letters from PensionDanmark.

You can view letters from PensionDanmark in your inbox under Overview. We recommend that you enter your e-mail address and mobile number. Then you will be notified when you receive new mail in your e-Boks.

Your insurance policies

Why do you need my medical record?

Why do you need my medical record?

When you apply to receive the funds from your critical illness insurance, we use your medical record to confirm that you have one of the illnesses covered by the insurance. We only look at the information that is relevant to answer whether you are entitled to the funds from your insurance.

How long will pass until I receive an answer?

How long will pass until I receive an answer?

Cases concerning critical illness insurance vary a great deal. Consequently, the length of time that may pass before you receive a reply may vary.

If you want a reply as soon as possible, send us your medical record when applying for disbursement of your funds. We can then gain an overview of the case more rapidly.

If you do not submit your medical record, your reply will take considerably longer to arrive.

I do not have my medical record. Can I still receive money from my insurance in the event I become critically ill?

I do not have my medical record. Can I still receive money from my insurance in the event I become critically ill?

Yes, you can receive payments, even if you do not send in your medical record when you apply. If we do not receive your medical record, it will take longer before we can give you a response. It will take time to find and collect information about your medical history.

In order for us to collect information about you, we ask that you give us your consent when you apply. When you apply, you will also find a guide about where you can find your medical record at sundhed.dk.

How much will I pay for my insurance policies?

How much will I pay for my insurance policies?

The price of your insurance policies will depend on the type of insurance cover you have and how much you are insured for.

The cost of the scheme will be deducted from your savings each month. When you change your insurance policies, you will be able to see the price before and after the change, before you decide.

Here you can see what you pay in administration charges

Specific rules define when a diagnosis of a critical illness is consided valid. What does this mean?

Specific rules define when a diagnosis of a critical illness is consided valid. What does this mean?

Depending on which critical illness is involved, specific rules define when a diagnosis is considered valid. The rules help to ensure that the diagnosis is made in the correct way. They also ensure that the funds are received by people who are seriously debilitated by their illness. For example, if the illness is life-threatening.

Call us on +45 7012 1330 if you have questions.

See all the details
On pages 35 to 40 of PensionDanmark's terms and conditions of insurance, you can read a comprehensive description of the specific rules that define when a diagnosis is considered valid for each individual illness covered by the insurance.

Here you can read more about the specific rules defining when a diagnosis of the different critical illnesses is considered valid

How can I receive compensation in the event that I suffer a critical illness?

How can I receive compensation in the event that I suffer a critical illness?

You must apply for compensation yourself. You can do so here at pension.dk.

You will receive notification from the Danish Health Authority if you suffer from a critical illness that is covered by your insurance policy. PensionDanmark cooperates with the Danish Health Authority so that you do not miss out on the benefits you have the right to receive.

Which illnesses entitle me to receive disbursements from my insurance?

Which illnesses entitle me to receive disbursements from my insurance?

Your insurance covers some specific critical illnesses.

Click here to see them listed

If you are in doubt about whether your illness is covered, you can call us on +45 7012 1335

Can you report a critical illness too late?

Can you report a critical illness too late?

No, there is normally no deadline for notifying us of a critical illness. Although several years have passed since you became ill, you can still apply for a lump sum from your insurance. Naturally, this requires that you also had the insurance when you were diagnosed.

The only exception is if the individual dies before PensionDanmark receives the application for disbursement of critical illness insurance. Then the application will be too late and the funds cannot therefore be disbursed.

How do I join a patient association?

How do I join a patient association?

We will ensure that you are enrolled when you have received a lump sum because you have one of the critical illnesses covered by the insurance policy. We pay your subscription fee for the first year.

You will receive a welcome letter from the patient association. After the first year, you can decide whether to continue your membership.

What happens to the rest of my pension savings if I retire, but die before it is all paid out?

What happens to the rest of my pension savings if I retire, but die before it is all paid out?

This will depend on the type of pension involved.

For example, an annuity pension can be disbursed over a period of 10 to 20 years. If you die before that period has ended, the remainder of the money will be disbursed to your next of kin as a lump sum. Your lifetime pension typically has a pension guarantee. This means that if you die within the first 10 years after disbursement has started, your next of kin will receive the remainder of the funds you would have had during those 10 years. The funds will be disbursed in one lump sum.

40 per cent must be paid in tax in both cases.  

Can I change the amount my next of kin will receive?

Can I change the amount my next of kin will receive?

The pension scheme has a fixed minimum amount that will be disbursed to your next of kin if you die before reaching retirement age. In most cases, you can change the minimum amount to suit the needs of your next of kin. If you have children, you may wish to increase the amount. If you are single, you may wish to reduce the amount.

Can I change who will receive my pension savings if I die?

Can I change who will receive my pension savings if I die?

You can choose for yourself who will receive the money. You can also choose to distribute the funds between several persons.

Here you can view and change who should have the funds

Who will receive the funds in the event of my death?

Who will receive the funds in the event of my death?

If you die before retirement age, your next of kin will receive your entire savings, though at least a minimum sum of usually DKK 500,000. The funds will be disbursed to your next of kin unless you have selected an alternative. Your next of kin are in the order listed:

  • Spouse or registered partner
  • Cohabitant if you have lived together for at least two years or have children together
  • Children
  • Beneficiary under a will
  • Beneficiaries under the intestacy rules

What is a subsidised job?

What is a subsidised job?

A subsidised is a type of reduced-hours job that the municipality grants you if you become ill and your working capacity is reduced. Subsidised jobs are available in private companies and the public sector.

When is supplementary disability pension disbursed?

When is supplementary disability pension disbursed?

Supplementary disability pension is disbursed if you are awarded state disability pension. You can see here how long your insurance policy applies

Most members of PensionDanmark have an insurance policy from which they will also receive a lump sum when they are awarded disability pension.

If you are awarded disability pension you can call us on +45 7012 1330 to receive advice.

How long will a supplementary disability pension remain in effect?

How long will a supplementary disability pension remain in effect?

You can obtain extra funds to supplement your disability pension until three years before reaching your retirement age. Here you can see when your insurance expires

If you get a subsidised job

I now have a subsidised job and earn less. Can I receive supplementary funds from PensionDanmark?

I now have a subsidised job and earn less. Can I receive supplementary funds from PensionDanmark?

No, a subsidised job does not entitle you to an extra sum from PensionDanmark. When you have a subsidised job, however, PensionDanmark contributes extra funds to your pension savings so they continue to grow as before.

I am starting a subsidised job and will be working for fewer hours. Does that mean I will be saving less for my retirement?

I am starting a subsidised job and will be working for fewer hours. Does that mean I will be saving less for my retirement?

No, fortunately you can save up just as much. PensionDanmark has a special scheme for people with subsidiesed jobs whereby we add a sum of money to the amount your employer contributes to your pension. Consequently, the amount in your pension will be the same as before.

Health and illness

Why do you need my referral?

Why do you need my referral?

When you want a prompt diagnosis, we need your referral to be able to find exactly the right specialist for you.

When you submit your referral at pension.dk, it is done via a secure connection, ensuring the confidentiality of your details.

Will I be treated at a private hospital?

Will I be treated at a private hospital?

No, you will receive treatment in the public system. Only the examination will take place at a private clinic or a private hospital.

If you need rehabilitation therapy, you can use the types of treatment offered under your health scheme.

How does prompt diagnosis work?

How does prompt diagnosis work?

You can obtain a quicker assessment of your medical condition because we help you arrange an appointment at a private clinic. This means that you can skip the waiting time that may occur if you first have to be examined by a specialist in the public system.

Once you have your diagnosis, you will receive treatment in the public system. One of our nurses will maintain contact with you throughout the process. Then you will receive advice and guidance about your treatment and rehabilitation therapy, if necessary.

What types of treatments should I select?

What types of treatments should I select?

If you are in doubt about the type of treatment you need, it is a good idea to book time with a physiotherapist. Your first treatment will comprise two sessions so you can create a treatment plan together. The plan could include appointments with other therapists, and prophylactic exercises to do at home or work.

My employer no longer contribute. Am I covered by the health scheme?

My employer no longer contribute. Am I covered by the health scheme?

If your employer no longer pays for your health scheme, you cannot pay for it yourself. All of your insurance policies will remain in effect for one year after your employer has stopped contributions. This also applies to your health scheme You can choose to remain in the scheme and be covered for another four years, i.e. up to five years in total. The price of your insurance policies and health scheme will be deducted from your pension savings.