PENSIONS IN DENMARK
PENSIONS Pan European activities are subject to the pan-European IORP Directive, which means that PENSIONS lives up to each country's legislation regarding social obligations, labor market rules, tax, information, and "good practice" rules, in Denmark regulated by the Danish FSA. This means that even though PENSIONS is a Pan European pension fund, we operate in the Danish market under the same framework as our colleagues within company and labor market pensions.
PENSIONS OFP is founded by PENSIONS Management A/S. PENSIONS Management A/S represents PENSIONS OFP in Denmark and provides, for PENSIONS OFP, a unique Investment and Administration platform. The platform is developed and prepared to operate in all EU markets, as well as in the EEA countries Norway, Switzerland and Lichtenstein.
All pension savings (technical provisions) must by law be segregated into deposit(s) for the protection of members. Danish members' savings are placed in deposits in Danish institutions, which are handled by deposit agreements with Nordea Bank, Nykredit Bank and Saxo Bank. Pension savings are invested in accordance with the wishes of the customer and the employer, and within the framework of PENSIONS investment policy (SIP) approved by PENSIONS OFP's Board of Directors.
Danish pension schemes with associated group insurance policies are in general insured by Euro Accident Liv, a branch of Euro Accident Livsforsäkring AB. Coverage includes Loss of Employment, Premium Exemption, Death, Critical Illness and Health Insurance.
Annuity savings contain a general lifetime risk on lifelong annuities. PENSIONS actuarial calculations are updated annually in accordance with the Danish FSA's annually updated life tables. The lifetime risk is reinsured with Hannover Re in Germany, the third largest reinsurance company in the world with a strong track record in lifetime reinsurance solutions.
PENSION information to the members will, as a minimum, always comply with applicable laws and executive orders under the supervision of the Danish Financial Supervisory Authority. For the purpose of calculating and displaying pension forecasts, we use current societal assumptions prepared by the industry and the Danish Bankers Association. For use in calculating and displaying Annual Costs in Kr. (ÅOK) and Annual Costs as a Percentage (ÅOP), we use the current Cost Recommendation prepared by the Industry.
PENSIONS OFP is registered with the Danish Financial Supervisory Authority (www.ftnet.dk) and is approved by SKAT with SE no. 1294 6767 to offer and manage pension products such as capital, installment and old-age pensions as well as termination and lifelong annuities. The approval is accompanied by the normal obligations for reporting, withholding and paying taxes and fees related to the members' pension savings.
PENSIONS MANAGEMENT A/S
PENSIONS is represented in Denmark by PENSIONS Management A/S, which has the overall administrative responsibility for PENSIONS OFP.
PENSIONS Management A/S
Sankt Peders Vej 1, 1st.floor
CVR 35 85 54 40
t: 70 200 117
GOVERNANCE AND MANAGEMENT
CEO: Per Møhl, does not receive remuneration
BOARD OF DIRECTORS
Chairman: Edwin Meysmans Comm. GCV v/Edwin Meysmans (independent), receives remuneration
Member: An Van Damme (independent), receives remuneration
Member: Torben Helstrup, does not receive remuneration
Member: Per Møhl, does not receive remuneration
Avenue Marnix 23
Approved, authorised and regulated by the Belgian Financial Supervisory Authority, FSMA
FSMA Aut. Nr.: 50622
Virk. Reg. Nr.: 0673.570.671
Danske Bank A/S
External audit: PwC
Internal audit: KPMG
Belgium: Clayes & Engels (Lead)
Denmark: Norrbom Vinding I/S
Belgium: Nexyan (Responsible)
Denmark: KPMG P/S Financial Risk Management
BDO Risk & Assurance Services (Data Processing Officer)
PENSIONS continually strive for “Best Governance” and have defined Policies and Charters within the following areas, for which we have implemented specific business procedures: Actuarial, Business Continuity, Compliance, Financing, Integrity / Code of Conduct, Internal Audit, Internal Circulation of information, Internal Control Measures , Internal working rule for Managing Director, Investment (SIP), Outsourcing, Risk Management, Risk Insurance.
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You can find answers to frequently asked questions about PENSIONS below
Can I become a PENSIONS member without an employer ?
PENSIONS pension plans are offered to companies and their employees. In the future, we plan to be able to offer our savings and investment universe also for free savings deposits.
How do I contact my advisor ?
When you log in to your My PENSIONS page, you find the name of your advisor on the front page. The HR manager at your workplace can also tell you about your retirement plans, and can also inform you about who your advisor is. You are of course also always welcome to call our customer service.
Can my spouse / cohabitant create a savings through my scheme ?
No, the scheme is offered to employees of your company. However, you have the opportunity to insure your spouse / cohabitant and children through various insurance coverages.
How am I positioned upon resignation ?
When you resign from your position, your scheme will be converted into a premium-free agreement (paid-up policy after resignation). Here you have the following options:
- No continued deposit. Your risk coverage will cease and your pension savings will continue to be located in the selected funds. The running costs will be taken from your savings.
- Continued payment from new employer. Risk coverage continues on new terms, but at solidarity prices. Savings continue unchanged in the selected divisions.
- If you join a new employer who has their pension plans with PENSIONS, your cover will continue on the new terms agreed with the new employer.
- You can transfer your savings with PENSIONS to another pension company at any time.
What happens if I take leave or go on unpaid maternity leave ?
Your scheme will be converted into a premium-free agreement / paid-up policy at the start of your leave. Administration costs will be deducted from your deposit. You choose whether you want to maintain your risk coverage by deducting the cost of this from your depository.
Can I assemble all my pension schemes with PENSIONS ?
Yes, and you only pay administration costs for relocation (§41) one place. Gathering your pensions with one pension fund provides fewer costs and a better overview.
Use the digital §41 transfer form under My Approvals in My PENSIONS, or consult with your advisor how to do this. Always feel free to call PENSIONS customer service for any assistance.
How much do I get paid when reporting a critical illness ?
If you log in to your My PENSIONS page and go to the menu item "My coverages", you will get an overview of the sum sizes in your current coverages.
Why do I get logged out of My PENSIONS when I want to search for general fund information ?
To protect your data, you will be automatically logged out of My PENSIONS as soon as you access the general and non-personal pages on our platform. We have chosen to prioritise the security of your data by establishing this principle, even though it may sometimes be perceived as a minor inconvenience.
Do I have access to the complete set of rules and specifications applying to my pensionplan ?
We hope that this introduction to PENSIONS gives you a good overview of our business. You are of course always welcome to contact our customer service if you have further questions.