The Danish pension fund for academics, P+, achieved double-digit returns for members across its investment offering in 2025, as its assets under management hit DKK 189bn, up from DKK 178bn in 2024.

Its full-year results revealed that its P+ Lifecycle and P+ Sustainable offering delivered double-digit returns for the third consecutive year. P+ Lifecycle with medium risk returned 12 per cent, while P+ Sustainable with medium risk returned 10.2 per cent.

Both returns are calculated for members with medium risk and 15 years to retirement, which is the Danish industry standard when comparing lifecycle products across the pension sector.

In addition, members with a with-profits product also saw positive returns. The investment portfolio in which most members with a with-profits arrangement are invested delivered a return of 8.8 per cent. Given this, P+’s Board has increased the bonus interest rate to 9 per cent in 2026 for the majority of members with a with-profits scheme.

Commenting on the results, P+ CEO, Kåre Hahn Michelsen, said: “We maintained our investment strategy throughout the year, even when markets fluctuated. Our high degree of risk diversification, currency hedging, and relatively high-risk level paid off and helped ensure that our members, despite turmoil in the financial markets, achieved positive returns in 10 out of the year’s 12 months.”

During the year, approximately 5,000 new members joined the pension fund, bringing its membership to just under 125,000 by the end of 2025. Contributions rose to DKK 8.5, an increase of 11.5 per cent compared to 2024, while pension payouts reached DKK 6.5bn, up 6.8 per cent compared to the previous year.

“It is positive that contributions once again increased significantly more than payouts in 2025. And we are pleased that we were able to welcome more academics from both public and private collective agreements, company schemes, and self-employed individuals, while satisfaction has also increased,” Hahn Michelsen stated.

Regarding fees, annual administrative costs rose to DKK 519 per average member due to investments in digitalisation and member services, while investment costs fell. Combined, the total costs for members decreased, and the total annual cost as a percentage (APC) amounted to 0.63 per cent in 2025.

However, P+ has raised concerns about the rising number of disability claims in 2025 from the academic community. Over the past five years, the number of disability pensioners in P+ has increased by 68 per cent.

In response, P+ has gradually expanded its efforts in recent years to prevent long-term sickness absence and disability retirements and to help members return to everyday life.

“Unfortunately, we are seeing a worrying trend where more and more of our members lose their ability to work – primarily due to stress, anxiety, and depression. This has major human and economic consequences.

“Although we are beginning to see results from our prevention efforts, it remains an agenda that requires strong focus in order to keep costs down for our members. Therefore, it will continue to be a key priority area for P+ in the coming years,” Hahn Michelsen said.

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