The payouts in the market rate environment vary from one year to the next. They are typically determined once a year and the coming payouts will apply from 1 January 2026. In 2026, the majority of our customers will generally experience small changes, but with a minor trend towards small decreases for many customers.

The adjustment of pension payouts this year is largely affected by three things:
• Returns in low-risk profiles have been lower than expected and higher than expected in high-risk profiles.
• Payout rates for low-risk profiles are reduced – especially for customers with payout protection cover.
• Life expectancy is higher (only relevant if you have a life pension).

This means that:
• Many PFA customers will experience a small decrease in pension payouts in 2026 – especially customers who have a large share in the Low-risk funds. The decrease will typically be 0-4 per cent.
• Customers with payout protection cover will generally experience a decrease in payouts.
• Customers with more than 40 per cent in the High-risk fund are expected to receive a slightly higher payout.

If you started receiving payouts before 1 April 2025, your savings have, as a rule, been moved to PFA Flexible with the same allocation between the High-risk and Low-risk funds as you had in your previous investment profile. Your payouts in 2026 will depend on this allocation.

If you started receiving payouts on or after 1 April 2025, your savings are in the same investment profile you had before you started receiving payouts. 

In 2026, some customers will see their pension payouts decrease. This is primarily due to:
• Returns in low-risk profiles having been lower than expected.
• Payout rates for low-risk profiles being reduced – especially for customers with payout protection cover.
• Life expectancy being higher (only relevant if you have a life pension).

Inflation does not affect the calculation of your payouts.  

Pension is typically adjusted because the return in a given year deviates from the expected return, just as expectations for future returns change (expressed by the payout rate). PFA adjusts pensions so that payouts are expected to be somewhat equal going forward. However, it is important to emphasise that payouts in the market rate environment are generally not guaranteed and can increase and decrease from one year to the next.

Pension payouts for the new year are mainly calculated based on the following:
• The value of the savings as at 1 November 2025.
• The remaining payout period (for instalment pension).
• Life expectancy (for life pension).
• The payout rate. 

If a higher or lower return is achieved after pension yield tax than assumed, or if life expectancy has developed differently than assumed, future payouts will, all else being equal, be adjusted. In addition, a change in the payout rate will also affect the adjustment.

Life expectancy has increased slightly. If you have a life pension, the increase will, in isolation, affect payouts negatively by some 0.5-1.5 per cent – especially if you are over 75 years old.

The return in the Low-risk funds is lower than expected, which, in isolation, affects payouts negatively. The return in the High-risk funds is higher than expected, which has a positive impact on the payouts for plans with large shares in the High-risk funds. 

During the period from 1 November 2024 to 31 October 2025, the return in the Low risk fund was lower than expected. This is partly due to the limited return on bonds and the lower-than-expected return on unlisted assets, particularly properties.

If you have linked payout protection cover to your pension plan, your payouts generally cannot fall below a certain level. Payout protection cover means that part of your savings is continuously placed in duration funds. The duration funds are used to ensure that there is enough money for the secured level. In certain cases, PFA may change the secured level, which is stated in terms and conditions of pension.

The cost of payout protection cover is an expected lower return, lower expected payouts and a payment of 0.01 per cent of the savings per year. If your payout is higher than the secured ensured level, an adjustment of, for example, the payout rate may affect your payouts. 

Payout protection cover is only possible if you have Profile Low or Cautious. 

No, the Danish Financial Supervisory Authority does not have to approve a reduction of the pension. Adjustment of the annual payouts in the market rate environment takes place according to the payout principles reported to the Danish Financial Supervisory Authority.

PFA may continuously change the reported payout principles, including adjust the payout rates.  

For most old plans in the average interest rate environment, payouts will be the same as in 2025. For new plans, there may be small positive adjustments. You can see the payouts from your plan in the average interest rate environment at My PFA. 

The deposit interest rate for 2026 is unchanged compared with 2025.

If you have changed your investment choice during 2025 such as the allocation between High risk and Low risk funds or extended your payout period, it will affect the size of your payouts for 2026.

Unfortunately, this is not an option, but you are welcome to contact us to have the change in payouts explained based on changes in longer life expectancy, the difference between the achieved and assumed return in 2025 and to learn more about the events that have affected the development of the savings.

You can get an overview of your coming payouts in the Payout Plan at My PFA.