Record numbers of PFA members making extra pension contributions

A record percentage of PFA members made extra pension contributions in the third quarter of 2020, the provider has revealed.

PFA said 18.1 per cent of its customers made extra payments in the third quarter, despite the “gloomy background” of coronavirus. It is the highest proportion ever; in the first quarter of the year 17.1 per cent made extra payments.

“We have seen a large increase in the number of customers making extra ongoing contributions to their pensions. It has been a trend for many years that Danes generally save a little more than before,” PFA consumer economist, Carsten Holdum, said.

He added points that figures from Statistics Denmark recently showed that Danes' savings at this time have reached a record high as a result of a historical decline in consumption.

"That we are now saving up more than ever - not just for retirement, but in general - is of course happening against a gloomy background, as it is at the expense of consumption. But the record-breaking savings also have their benefits for the individual,” he said.

For example, he said that Danes will be able to look forward to a “reasonable income during retirement”.

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