Responsible Business Practices

PFA has policies and guidelines to support fair, responsible corporate behaviour and to make sure that PFA has a high degree of credibility.

Responsible procurement is part of the conclusion of contracts

Since 2013, PFA has pursued a Code of Conduct which is based on the UN Global Compact’s 10 principles and which is applied when we conclude contracts with external business partners. In 2026, we reviewed our Code of Conduct to bring focus on the individual supplier’s work with responsible conduct including management systems and due diligence.

PFA’s policy for taxes and flat-rate taxes

Tax policy

PFA is managing a large proportion of Danish pension assets. The PFA Group companies pay taxes and flat-rate taxes as a company, employer and investor. PFA also settles taxes and flat-rate taxes for pensions on behalf of its customers. PFA wants to contribute towards having more transparency when it comes to tax matters. Therefore, the boards of directors of PFA Holding and the other PFA companies have adopted a tax policy that applies to the entire PFA Group.  

In 2018, PFA updated its tax policy so that it now better reflects PFA’s growing focus on responsible tax practices for investments and in general. A similar section has been inserted into PFA’s policy for responsible investments. 
The tax policy extends beyond PFA’s role as an investor, and it includes taxes and flat-rate taxes for all areas where PFA is active as a company, employer and investor. It thus applies to both PFA’s own internal affairs and to PFA’s relationships with business partners.
The policy is aimed at contributing to having more transparency when it comes to tax issues, and therefore we have prepared a statement of the taxes and flat-rate taxes that we pay and collect each year. The statement is submitted as part of complying with the PFA Group’s tax policy and also has information on PFA’s contributions to society.

 

PFA’s tax and flat-rate tax contributions

PFA pays and collects a number of taxes and flat-rate taxes each year. Below is an overview of what PFA has paid and collected. The figures are for the companies that are wholly owned by the PFA Group.

Total taxes and flat-rate taxes settled by PFA (DKK millions)* 2019  2018  2017 
Corporation tax: 0  0 10**
Payroll tax: 157  131 139
Property tax: 25  19 21
Taxes on non-life insurance premiums: 7  7 6
Other flat-rate taxes: 1  1 4
Pension return taxes: 6,749  841 3,861
Flat-rate taxes pursuant to the Danish Pension Tax Act: 679  616 618
A-taxes and Labour Market (AM) contributions (pensions): 4,765  4,546 4,319
A-taxes and Labour Market (AM) contributions (employees): 421  414 378
VAT: 44  94 33

TOTAL:

 12,848  6,669*** 9,386***

* The figures are calculated as of 31 December 2019 and rounded to the nearest whole number. Some of the figures will change as there is a final calculation before the final reporting date.

** Adjusted compared to previously published information.

*** As we combined the tax accounts in one table for 2019, the sums for 2018 and 2017 have been adjusted.  

Whistleblower scheme

PFA’s whistleblower scheme has been introduced as an initiative to promote good corporate governance. At PFA we prioritise decency, and we want to uncover any potential unethical, illegal or irresponsible conditions. 

PFA’s employees, customers and external business partners therefore have an additional opportunity to report unethical, illegal or irresponsible matters that are not in line with PFA’s policies and values. This concerns serious matters that, for example, may negatively impact PFA’s earnings or reputation. It can include issues such as fraud, bribery, blackmail, misuse of internal knowledge, violations of finance laws or the like.

The scheme is intended to serve as a supplement to the management system with which managers and employees can anonymously report on things that are objectionable or serious offenses - or report on suspicions of such - in the company without putting the reporting person in an uncomfortable situation or compromising the reporting person’s status at work.

Responsible business practices

At PFA, we create value for our customers via long-term and responsible growth, based on fair and decent business practices that are reflected by all of PFA’s business activities. At PFA, customers will get a qualified recommendation based on their own individual needs and circumstances via a process that is reasonable, fair and transparent.

Customer representative

Sometimes, a customer has a bad experience  with PFA when they have had a complaint processed. Some customers might need to talk to someone who can push things along or offer some good advice on how they can move forward. Other customers just want to let PFA know of their bad experience so that PFA can learn from its mistakes.

Therefore, we have a Customer Representative at PFA who is tasked with maintaining or restoring customer trust if something has not been handled correctly.

Focus on payouts being correct

Customers have an interest in there not being unwarranted or incorrect payouts from PFA. Payouts must be processed on a correct basis, as incorrect payouts negatively impact the other customers in the form of higher insurance premiums and smaller pensions.

Therefore, PFA has established an internal investigation unit which looks at cases where there may be doubts as to the basis of, for example, insurance payouts. The unit is anchored in PFA’s insurance department and reports to PFA’s Head of Insurance.

PFA follows the pension and insurance industry’s code of ethics for investigatory work.

Questions about corporate responsibility?

If you have questions concerning PFA’s work with corporate responsibility, you are welcome to contact us at CRPFA@pfa.dk.