Members of Denmark’s P+ pension paid a record amount of over DKK 250m in contributions in 2019, it has revealed.

This is 23 per cent higher than 2018 contributions and P+ believes it is a part of a trend seen in Denmark.

P+ CFO, Mads Stougaard, said figures from Insurance and Pension Denmark, the industry organisation, show that Danes have increased pension contributions. He added that it is clear members from P+ have become “aware that extra payments can give them greater security in the long term”.

“At the same time, the pension reform of 2018 has made it more attractive to save. The reform has given all Danes an extra tax deduction for contributions to a retirement pension or life-long pension of up to DKK 70,000 annually and thus a clear financial incentive to secure a reasonable retirement,” he explained.

In particular, more women than men now choose to pay extra, which P+ said is also part of a trend that has seen an increased awareness of pension saving by women.

According to Statistics Denmark, more women are currently choosing to contribute more than men. In P+’s case, Stougaard said 10 per cent more women than men increased their pension contributions in 2019.

“It tells us that our female members are increasingly aware of their retirement and choose to take responsibility of their financial future. At the same time, we can see that more and more women are increasing their pension payments, so we hope that this year we see a trend that will continue in the coming years,” he added.

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