Members of Danish pension company P+ chose to pay an additional DKK 181m into their pension schemes in 2023.

These extra payments can be exchanged for several options once the members become a pensioner.

The earlier these additional contributions are made, the more interest they can accrue and therefore provide more money to live on in retirement.

"Additional contributions to one's pension are an investment in the future, and I am happy that our members are aware of how they secure a good financial foundation for their retirement,” commented P+ member director, Lene Mortensen.

“The many extra payments are also a declaration of confidence in us as a pension fund, and we would like to acknowledge that.”

P+ introduced a new self-service solution on Min Pension in 2022, which it said increased the number of additional contributions “significantly”.

In 2023, almost half of members’ additional contributions were made through the self-service solution.

Those who made extra payments into their pensions have the option of receiving a tax deduction for some of their contributions.

In 2024, there is a deduction for payments up to DKK 58,100 on an old-age pension and DKK 63,100 on an instalment pension.

Members can also pay into old-age insurance, but this does not give a deduction.

"Pensions are rarely the most important thing in our members' everyday lives, and it is therefore an area of focus for us to make it as simple as possible to deal with one's pension,” Mortensen added.

“The positive reception of the self-service solution for extra payments emphasises that we meet a clear need of the members here, and we are also in the process of developing other self-service solutions."

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