Does your pension scheme fit your life?

See what you need to consider in different life situations.

Changes in your personal life Changes in your working life Changes in your personal life

Livsændringer - I flytter sammenA life insurance policy allows you to provide financial support for your partner if you die before you retire. If you are not married, you should check whether you are covered if either one of you loses earning capacity or dies before reaching retirement age. 

Read more about life insurance

If you have recently moved in together, your partner must be your designated beneficiary. Otherwise, your pension benefits will be paid to your next of kin – most often your parents or children.

If you have been living together for two years, or if you are expecting or have a child together, your partner will automatically be your next of kin.

Read more about designation of beneficiary

You should also establish a disability pension scheme so that you will receive a monthly benefit if your earning capacity is reduced due to illness or accident.

Livsændringer - I skal giftestMarriage establishes a clear legal framework for your family and a long-term perspective for your life together. Community property is automatically established and you will also succeed to each other’s estates. You should therefore go over your pension schemes and insurance policies.

It is important that your respective pension schemes fit your new life situation: are your tax benefits optimal? Are you saving up enough? Do you know how your pension savings are invested?

A life insurance policy provides financial support for your spouse if you die before reaching retirement age. You should also establish a disability pension scheme that will guarantee you a monthly benefit if your earning capacity is reduced due to illness or accident.  

Read more about life insurance plans.

Livsændringer - Du får barnIf you have children, your emotional priorities are undoubtedly crystal clear. You do not have to do much to protect your children, should the unthinkable happen.

It is important that your pension schemes and insurance policies fit your new life situation and that your family is properly covered. We therefore offer you a pension check with our pension adviser.

For example, you could consider adding children’s pension cover to your pension scheme. That will guarantee your children a monthly benefit if you die. It is possible to obtain cover for your own children and your spouse’s or cohabitant’s children. The scheme will remain in force until the child reaches a certain age – up to 24 years.

Read more about children's pension

Livsændringer - I køber husMost people build their lives on two incomes. Two incomes are the foundation, for example, for enabling you and your spouse/cohabitant to buy a house or a flat. But an accident or illness can put an end to the good life.

A life insurance policy allows you to ensure that your spouse/cohabitant can stay in your home if you die before reaching retirement age.

Read more about life insurance plans.

You should also establish a disability pension scheme. That will guarantee you a monthly benefit if your earning capacity is reduced due to illness or accident.

Read more about disability pension.

Livsændringer - I flytter fra hindandenIf you have designated your partner as your beneficiary, your partner will normally receive your pension or life insurance benefits if you die – even if you are not living together. So remember to change the designation of beneficiary.

Read more about benificiary designation.

We also recommend that you check whether your pension scheme offers you sufficient cover as a single parent if you fall ill or have an accident.

If your finances are particularly tight for a month or two, you can consider postponing the payment of your pension contributions. However, we recommend that you contact us to hear more about what that means to your pension scheme.

Livsændringer - I skal skillesNormally, your and your spouse’s respective pension schemes are not included in the division of property. You will both keep your “reasonable” pension schemes. That means pension savings that reflect your education, job and financial situation and which have been accumulated in connection with a job.

However, it is a matter of assessment whether voluntary extra contributions and certain personal pension schemes etc should be included in the division of property. This depends, for example, on the balance between your and your spouse’s pension savings and your financial interaction during your marriage.

We recommend that you have your lawyers take a look at the case from both sides. Use our pension advisers to get the necessary overview.

Read more about sharing of a pension.

Livsændringer - Du dør før pensionsalderenA life insurance policy provides financial support for your family if you die before reaching retirement age.

Read more about life insurance plans.

If you have children, you could consider establishing a children’s pension scheme. It is possible to obtain cover for your own children and your spouse’s or cohabitant’s children. The scheme will remain in force until the child reaches a certain age – up to 24 years.

Remember to ensure that you have designated the right persons as your beneficiaries and to receive your pension benefits on your death. This is particularly important if you and your partner are not married. Or if you have recently ended a relationship or a marriage.

Read more about benificiaries.

Changes in your working life

Livsændringer - Du får nyt arbejdeIf your new employer has an agreement with a different pension provider, you must consider what to do with your existing pension scheme.

You normally have three months to decide what to do with your existing pension scheme. The majority of insurance policies provide cover during this period. The payment for the insurance policies is deducted from your savings.

If you have a pension scheme with a different pension provider and your new employer has an agreement with us, you could consider consolidating all your pension schemes with us. You do not necessarily achieve a financial gain by moving your pension schemes into one pot. But you may gain other advantages – for example in relation to your insurance policies and peace of mind by having an overview.

Talk to us so you are sure to make the right decision.

Get an overview of your pension schemes at PensionsInfo.Åbner i nyt vindue(only in Danish)

Livsændringer - Du flytter til udlandetYou probably have a lot of things to decide if you are posted or moving abroad, such as deciding what to do with your pension scheme.

You should pay special attention to the tax rules. For example, you can apply for exemption from paying tax on pension investment returns if you reside outside Denmark.

Further information about taxation outside Denmark.

It’s always a good idea to talk to your pension adviser if you are moving abroad, being posted abroad or returning from abroad. For example, you should also consider your need for insurance cover while residing abroad.

Livsændringer - Du bliver arbejdsløsYour pension contributions will be discontinued when you stop working, but your pension savings will of course be intact. Your insurance policies typically provide cover for another three months.

As you probably have a tight budget, you should focus on the most important thing: that you and your family are covered in the event of disability and death.

The easiest thing is for you to maintain your insurance policies. You could also consider taking out new insurance that better fits your situation.

If you are only without a job for one or two months, the missing contributions will have no major impact on your total savings. You can make extra contributions once your financial situation has improved.

If you are without a job for quite some time, you should consider contributing yourself to your pension scheme so you do not fall behind.

Savings suspended - what to do? 

Livsændringer - Du sætter din pension på pauseYou have two options:

1. Normally, you can maintain your insurance for a period of up to one year.Your current savings just have to be large enough to pay the insurance premiums.

2. You can choose to cancel your insurance policies and thus avoid eating into your savings.

Livsændringer - Du fylder 56 årWe will help you work securely towards a good retirement.

Although you probably think that your retirement is far away, we recommend that you book a meeting with us to have an overview of your pension.

We will take a look at your pension savings and other funds, such as the equity in your home and any values in your business. We will talk to you about your wishes and expectations for your retirement, and we will together assess whether it is possible for you to have the life you are dreaming of.

As you are still several years away from retirement, we have time to make the right adjustments if you have saved less for your pension than anticipated.

Livsændringer - Du bliver sygA disability pension scheme guarantees you a fixed monthly benefit if you lose your earning capacity for example due to illness.

Read more about disability pension.

The majority of pension schemes with us include a waiver of premium. This means that we will make the contributions to your pension scheme if you are unable to work for a period of time. Contact us if you would like to know whether that applies to you, too.

If you have taken out insurance against certain critical illnesses, you will receive a lump sum if you are diagnosed with one of the illnesses covered by the insurance, such as most malignant forms of cancer or cerebral thrombosis.

Read more about certain critical illnesses.

You can also consult your social guidance team. Our experienced social workers can advise you on practical matters in relation to the authorities and your employer.

Livsændringer - Du går på pensionYou will get the most out of your pension if you plan your benefit payments well in advance. We will help you with that. We focus on your plans and expectations for your life when you retire and on your financial situation.

Your need for insurance will change as you approach retirement age. For example, you will be less vulnerable to a reduction in income due to illness, and so you can consider changing your disability pension cover.

You may also want to limit the risk on the investment of your pension savings. If your savings are already included in VækstPension or Gennemsnitsrente, you do not have to do anything. If you have LinkPension, you should consider transferring all your financial assets into low-risk funds.

Read more about SKAT, the Danish Customs and Tax Administration, and payment of pension benefits.

Read more about SKAT and payout of your pension.

On this site you can find general information e.g. about pension schemes and insurance products. We always do our best to maintain the site, however errors may occur. In case of discrepancies between the English and Danish content, it is the Danish wording of terms and conditions that apply. If you have any queries, please do not hesitate to contact us.