70% of Danes do not check pension during major life events – Sampension

Seventy per cent of Danish pension savers that have experienced a major life event in the past three years did not check their pension during the event, according to Sampension.

The research of 1,000 Danes, undertaken by Epinion on behalf of Sampension, highlighted having children, getting married or divorced, moving house or changing jobs, or experiencing a pay rise, as a major life event.

Among those who have had children, 76 per cent did not check the pension scheme. The same applies to 75 per cent of those who got married, 62 per cent of those who have been divorced, 86 per cent of those who have moved, 50 per cent of those who have changed jobs and 76 per cent of those who have received a salary increase.

"It is quite natural that a pension is not the first thing that comes to mind when there are major changes in a person’s private or working life. But when life changes, it can also mean that one's own and the family's financial needs change. It can be expensive if during these events people do not ensure that their pension scheme still fits their needs. It is therefore worrying that very few people check their pension during big life events,” Sampension head of market and customer advice, Anne-Louise Lindkvist, said.

The survey also shows that it is mostly young people that have experienced a major change in their private or working life within the last three years. Thus, nine out of 10 of the 18-34-year-olds have experienced at least one life event during the period, according to the survey, while the same applies to seven out of 10 of the 35-55-year-olds and half of the 56-65-year-olds .

"It is generally a good idea for anyone who has experienced a life event in recent years to make sure that their pension scheme is under control. But this applies especially to young people. Because it is typical as a young person to have children, get married, buy a home and get a new job. Therefore, it is particularly important that this particular group is aware of their pension scheme when there are major changes in life – even though pensions may be particularly difficult for young people to deal with," Lindkvist stated.

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