Less than 1 in 5 Danes plan to leave any pension money to their heirs

Over four-fifths (81 per cent) of Danish people expect to use their entire pension themselves and have no plans to leave it to their heirs, a study by Epinion for Forsikring & Pension has revealed.

Up to 70 per cent of Danes said they expected to maintain roughly the same standard of living when they retire, which Forsikring & Pension said was connected to why so few are planning to leave pension money to their children.

“Our survey shows that 81 percent of Danes expect to use the entire pension themselves and do not leave any of it to their heirs,” commented Forsikring & Pension deputy director, Karina Ransby.

“It is very well connected with the fact that the Danes in the same survey also answer that they will not go down in living standards when they retire.”

Forsikring & Pension noted that Danes are saving for retirement at record levels, with DKK 127bn paid into pensions in 2019, equivalent to almost DKK 50,000 per person.

As Danes have “high expectations” for retirement, Forsikring & Pension urged savers to be careful not to run out of retirement savings.

Ransby added: “The good news is that the Danes are well on board. Our study also shows that the preferred pension product is an annuity rather than an instalment pension.”

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