Responsible corporate practice

Responsible corporate practice is about ensuring that PFA maintains policies and guidelines which uphold fair and responsible corporate behaviour and ensure that PFA retains its reputation as a trustworthy company.

Responsible procurement - an important part of the
conclusion of contracts

Since 2013, PFA has had a Code of Conduct, which is based on the Ten Principles of the UN Global Compact and which comes into play when PFA concludes contracts with external business partners. In 2014 and 2015, the focus was on segmenting the external business partners into two categories comprising critical and less critical suppliers, respectively. Gradually, the business procedures were made more stringent so that PFA’s Code of Conduct must be signed when agreements are concluded on services and deliveries with business partners. PFA amended its Code of Conduct in 2016 so that the contents put the supplier's work on accountability into focus. This includes the management systems and due diligence proportional to how they have a negative impact on human rights and the environment. Also the self-evaluation form for suppliers was amended. PFA has adopted a new policy on conclusion of contracts and has thus focused on strengthening the procurement process and, at the same time, securing that the efforts on the Code of Conduct were fully integrated.

Read more about the processes in the 2016 CR report >

PFA’s tax policy

Tax policy

PFA manages a significant portion of the Danish pension capital. The companies within the PFA Group are liable to pay taxes as a company, employer and investor. PFA also settles tax within the pension area on behalf of its customers. PFA strives to contribute to increasing transparency within the tax area. 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.

The tax policy covers all tax areas where PFA has activities in its capacity as company, employer and investor. It covers corporation tax, pension yield tax, VAT, payroll tax, employee tax, tax on investments made in Denmark and abroad as well as any other taxes that PFA settles in Denmark and abroad The policy describes principles for compliance with tax legislation, dialogue with and advisory services for customers concerning tax matters, and what PFA expects of its business partners and others in relation to tax matters.

Read the tax policy

Appendix to the PFA Group's tax policy for certain UK companies

PFA’s contribution in the field of taxation

PFA pays and collects a range of taxes and fees annually. Below is an overview of the taxes and fees that PFA has paid and collected. The figures cover the companies fully owned by the PFA Group.

The PFA Group – taxes and fees (DKK million) 2016*  2015 2014
Paid by PFA
Corporation tax 0 18
Payroll tax 126  110 99
Property tax 27  89 81
Non-life insurance tax 10  9 6
Other 9 8 4





Collected by PFA
Pension yield tax 3,359  2,444 5,326
Taxes according to the Danish Pension Taxation Act 607  2,045 5,595
A-tax and labour market contribution (pension plans) 4,052  3,898 3,649
A-tax and labour market contribution (employees) 360  352 336
VAT 30  68 31





* The figures are calculated as at 31 December 2016. Changes to the figures will occur in connection with the final statement prior to the final report in June 2017. Consequently, the 2014 and 2015 figures have later been corrected in accordance with previous announcement.

Whistle-blower scheme

PFA has introduced the whistle-blower scheme in keeping with good practices in corporate governance. At PFA, reliable conduct is key, and we strive to uncover any unethical, unlawful or irresponsible behaviour.

Therefore, PFA’s employees have an extra possibility to report any unethical, unlawful and irresponsible behaviour which conflicts with PFA’s policies and values. For instance, this could be matters which threaten PFA’s earnings or reputation, such as fraud, bribery, improper use of internal knowledge, violation of financial legislation, etc.

The objective of the scheme is to create a supplement to the management system where managers and employees can anonymously report any objectionable activities, serious offences or suspicions of this occurring in the company, without putting themselves in an uncomfortable position or damaging their status at work.

Fair and reliable corporate activities

At PFA, we create value for our customers with a long-term, responsible economic growth based on a fair and reliable corporate practice which is reflected in all PFA’s corporate activities. At PFA, customers receive qualified advice that is based on the individual customer’s requirements and situation, and on terms that are reasonable, fair and transparent.

Customer Representative

Although we do our best to offer fair treatment, we occasionally hear from dissatisfied customers. As a PFA customer you can contact the Customer Representative if you have any questions or are dissatisfied with a decision made in connection with a complaint. Or perhaps you would simply like to share a regretful experience with PFA so that we can learn from our mistakes.

At PFA, we have a Customer Representative who has a special responsibility to maintain or restore customer trust and satisfaction if things have gone wrong.

Measures for correct payouts

It is in the customers' interests that unjustified or incorrect payouts do not occur at PFA. Payouts must be made on a correct basis as incorrect payouts impact other customers in the form of higher insurance costs or less for their pension savings.

PFA has therefore set up an internal investigation unit which investigates cases where there is doubt regarding the basis for payouts, from insurance policies for example. The unit is an integral part of PFA's Legal Department and reports to PFA's Head of the Legal Department.

PFA follows the pension and insurance industry’s ethical code for investigation work.

Questions about CR?

Contact our CR Manager, Mette Vadstrup, at