Record number of Danes are checking pension pots – I&P Denmark

A record number of Danish people are checking the value of their pension pots, according to Insurance and Pension Denmark (I&PD).

The association said the industry was experiencing a “marked increase” in the number of people checking their pensions, which it believes is a result of the Covid-19 pandemic. In Denmark, savers can check the value of their pensions on the website, which provides a comprehensive overview of a person’s pension schemes.

I&PD deputy director, Karina Ransby, said: “We have seen a marked increase in users of PensionsInfo. There are more than 1.5 million Danes a year who log on and use our pension tool. The preliminary figures for this year show that another record will be set when the year has passed.”

Statistics show that the older a saver is, the more likely they are to use the website. For those aged 60 and above, just over half of the population used the website last year. For the whole population, on average, a third of the population used the portal each year.

“We find that many people use PensionsInfo in connection with life events such as the purchase of a house, divorce or loan rescheduling. But more and more people are also using it to keep an eye on insurance schemes that come with the pension. You can see the expected payments not only at retirement but also if you were to get sick,” Ransby stated.

Despite this, I&PD warned that there are still many who rarely or never check their savings. That is why the industry has ‘Pension Day’, which takes place on the last Sunday in October each year, to encourage people to log on and check their pensions.

“It is really gratifying that more Danes are checking their pensions. But we need to encourage more because everyone should check their pension scheme at least once a year… If your needs change, for example in connection with a new job, new spouse or new baby, you should review your pension scheme and check if you are properly covered,” Ransby concluded.

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