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 pursued a Code of Conduct, which is based on the Ten Principles of the UN Global Compact and which comes into play when we conclude contracts with external business partners. In 2014 and 2015, our 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 concluding agreements on services and deliveries with business partners. In 2016, we revised the Code of Conduct 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 revised. We rely on our longstanding experience when we consider the need for an update of our Code of Conduct.

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 Board of Directors of PFA Holding and the boards of directors of 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 a 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 customers and advisory services for customers concerning tax matters, as well as what PFA expects of its business partners and others in relation to tax matters.


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.

Total taxes paid by PFA (DKK million)* 2019  2018  2017 
Corporation tax: 0 10**
Payroll tax: 157  131 139
Property tax: 25  19 21
Non-life insurance tax: 7 6
Other: 1 4
Pension yield tax: 6.749  841 3.861
Taxes according to the Danish Pension Taxation Act: 679  616 618
Tax at source and labour market contribution (pensions): 4.765  4.546 4.319
Tax at source and labour market contribution (employees): 421  414 378
VAT: 44  94 33


12.848  6.669*** 9.386***

* The figures are calculated as at 31 December 2019 and have been rounded off to the nearest whole figure. Changes to the figures will occur in connection with the final statement prior to the final report.

** Adjusted compared to previous announcement.

*** As we have collected the tax accounts for 2019 in one table, the total amounts for 2018 and 2017 have been subject to adjustment.

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 image. It may be in areas as fraud, corruption, blackmail, misuse of internal knowledge, violation of the financial legislation, and similar.

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 business practice

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 may experience a need to contact a person who can push your case forward or is able to give some good advice about how to proceed. 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 whose mission is to maintain or restore customer trust and satisfaction if things have gone wrong.

Measures for correct payouts

It is in the interest of the customers 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 money 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 insurance department and reports to the VP of Insurance at PFA.

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

Questions about CR?

Contact our Vice President, Communications & External Relations, Mikkel Friis-Thomsen at