If you are employed in a member company

On 1 October 2016, Bankpension merged with PFA. The terms of your pension plan are based on the pension regulations that were adopted at Bankpension’s extraordinary general meeting on 9 June 2016, and they are described in the letter that you received from PFA in August 2016.

If your pension plan was established before 1 October 2016, you can see below how your coverage under the former Bankpension has been transferred to your plan with PFA.

Pension plan with a conditional guarantee that is paid for through an employer that is a member of the former Bankpension

Your possibilities after the merger depend, among other things, on whether you have a pension plan with a conditional guarantee or an unconditional guarantee. 

Insurance cover in PFA Plus

Your insurance cover has, to the extent possible, been transferred to your pension plan with PFA.

Insurance cover in PFA Plus - details

Current product with bankpension Product when transferring to Pfa plus the main differences
Temporary disability pension

Regular payouts in the event that your occupational capacity is estimated to be permanently reduced by 1/2 or 2/3 before attaining the age of 65.

The payout will start when you resign from your job or become employed in a flex job.

Standard cover is 60 % of your pensionable salary, however, minimum DKK 189,531, and you can select up to 80 % of your pensionable salary.

PFA Occupational Capacity

Regular payouts in the event of a temporary or permanent reduction in your health-based occupational capacity and your earnings-based occupational capacity by a minimum of 50 % before attaining the age of 65.*

Payouts will start after a waiting period of 6 months.

Same level of cover, however, maximum up to 80 % of your pensionable salary.

Cover is adjustable between 1 - 80 % of your pensionable salary – however, minimum DKK 189,531.*

Your level of cover continues, however,
maximum up to 80 % of your pensionable salary.

You will receive a total insurance package in the event of a reduction in the occupational capacity which includes cover in the event of both temporary and permanent reduction in the occupational capacity before you attain the age of 65.

*Special rules apply to employees with health problems at the time of the merger.

Temporary reduction in the occupational capacity

This cover has the same level of cover as temporary disability pension.

Regular payouts for up to 36 months in the event of a temporary reduction in the occupational capacity by 1/2 or 2/3 before attaining the age of 60.

Payouts will start after a waiting period of 6 months.

PFA Occupational Capacity
You will receive cover in the event of a reduction in the occupational capacity by at least 50 %, and the cover is effective until you attain the age of 65.*

You will receive cover in the event of a reduction in the occupational capacity by at least 50 %, and the cover is effective until you attain the age of 65, which is 5 years more than your previous plan.

*Special rules apply to employees with health problems at the time of the merger.

Disability benefit
Is not offered at present.
PFA Occupational Capacity - lump sum
Voluntary cover of up to DKK 500,000.*

You can establish a new insurance with a lump sum in the event of a permanent reduction in the occupational capacity.

*Special rules apply to employees with health problems at the time of the merger.

Waiver of premium
Bankpension will take over the payments to your pension plan, and the payments to savings and insurance cover will thus continue in the event that your occupational capacity is reduced to an extent justifying cover.
Payment protection cover
PFA will take over the payments to your pension plan, and the payments to savings and insurance cover will thus continue in the event that your occupational capacity is reduced to an extent justifying cover.


You will receive a similar product
Group term life benefit

Lump sum if you pass away before you attain the age of 67.

Standard cover of DKK 1,448,922, which can be reduced to as low as DKK 434,676 or increased to up to DKK 2,144,196.

Paid for by your pension savings.

PFA Life

Lump sum if you pass away before you attain the age of 65. Possibility of extending cover to remain in effect until you attain the age of 67.

Same level of cover, however, maximum up to 800 % of your pensionable salary. The cover can be reduced to as low as 50 % of your pensionable salary, however, minimum DKK 434,676. Paid for by your pension payments.



Your level of cover continues, however, maximum up to 800 % of your pensionable salary.
The insurance cover is paid for by the payments to your pension plan
Extra security

Voluntary cover which is a supplement to the group term life benefit. If you pass away before retirement, the insurance cover, with deduction of the group term life benefit, will be paid out to your dependants.

If you pass away in retirement, your lifelong pension will be paid out to your dependants for a minimum of 10 years after retirement

Savings security

Securing as much of the savings as possible in the event of death. If you pass away in retirement, your lifelong pension will be paid out to your dependants for 15 years after retirement.

On retirement, you will be able to secure your dependants financially.

There will be no deduction from the payout of the savings covered by savings security on payout of PFA Life.

If you have a spouse’s/cohabiting partner’s pension, savings security will not be included.

Spouse’s/domestic partner’s pension

Voluntary cover which makes up between 0 and 80 % of your pensionable salary, and which comes with either a 10-year or a lifelong payout.

Until retirement, cover is adjusted in proportion to your salary, and hereafter, cover is fixed in proportion to your retirement pension.

Spouse’s/domestic partner’s pension

Voluntary cover which makes up between 0 and 100 % of your pensionable salary and continues as either 10-year or lifelong payout dependent on your original choice.

Until retirement, cover is adjusted in proportion to your salary, and hereafter, cover equals your retirement pension.



Spouse/domestic partner must be registered by civil reg. No. to qualify for the payout.
Children’s pension

Voluntary cover which makes up between 0 and 25 % of your pensionable salary.

Paid out to children under the age of 21 in the event of your death before retirement, in the event of permanent disability or (if applicable under the terms of your cover) on your retirement. Orphans will receive the double amount as well as an additional amount to be shared.

Children’s pension

Voluntary cover which makes up between 0 and 25 % of your pensionable salary.

Will be paid out to children under the age of 21 in the event of your death before retirement.



No possibility of payout of children’s pension if you retire or become disabled, and no additional amount will be paid out to orphans.
Critical Illness

Payout of lump sum in the event of certain critical illnesses before you attain the age of 67.

Standard cover: DKK 201,628. You can select up to DKK 640,372.

Paid for by your pension savings.

PFA Critical Illness

Payout of lump sum in the event of certain critical illnesses before you attain the age of 65. Possibility of extending the cover until you attain the age of 67.

Same level of cover, however, maximum DKK 500,000

Paid for by pension payments.



Your level of cover continues, however, maximum DKK 500,000.
This is an improvement as children can be covered with PFA, and as PFA Critical Illness includes additional critical illnesses.
The insurance cover is paid for by the payments to your pension plan.

 

Savings in PFA Plus

If your employer is currently making payments to a pension plan with a conditional guarantee, your savings and future payments will as a starting point be placed in the market rate environment PFA Plus.

Here, you can get an overview of what will happen to your savings in connection with the merger:

Savings in PFA Plus - details

Current product with bankpension product when transferring to pfa plus the Main differences
Savings and payments

Your savings and payments are covered by a conditional guarantee called “the safety net”.

This means that there is a lower limit for how much the annual conditional guaranteed pension can drop from one year to the next.

Savings and payments

The conditional guarantee for your savings and payments will lapse.

You may choose to include payout protection cover in investment profiles A and B, which ensures that your payouts will not drop below a certain level.

Savings and payments

The conditional guarantee will lapse.

You can attach a payout protection cover.

Investments
Between 0 and 100 % of our savings and payments are invested in shares, bonds and properties depending on your investment profile and, if applicable, your choice of life cycle.
Investments

Your savings and payments will be invested in PFA Invests in an investment profile similar to your current investment profile with Bankpension.

  • The investment profiles “Meget lav risiko” and “Lav risiko” will be invested in investment profile A
  • The investment profiles “Mellem risiko” and “Mellem risiko passiv” will be invested in investment profile B
  • The investment profile “Høj Risiko” will be invested in investment profile C
  • The investment profile “Meget høj risiko” will be invested in investment profile D
Investments
All investment profiles are life cycle profiles where the share of high-risk assets is gradually reduced as you approach retirement.
Individual CustomerCapital
Does not exist.
Individual CustomerCapital

PFA CustomerCapital will be linked to your savings and your future payments. The share of your payments that are paid to CustomerCapital currently corresponds to 5 % of the payments to your savings in PFA Invests.

You may deselect CustomerCapital for your future payments.

Individual CustomerCapital
You may deselect CustomerCapital for your future payments.
Old-age savings plan dependent on the insured being alive on retirement and lump sum on retirement
Qualification for receiving a lump sum on retirement. The lump sum may be paid out from your earliest pension payout age. The payout is however conditional upon that you have not been awarded permanent disability pension before attaining the age of 60 or that you have not passed away before retirement.
Old-age savings plan dependent on the insured being alive on retirement and lump sum on retirement
Your eligibility for receiving a lump sum on retirement is no longer conditional upon that you have not been awarded permanent disability pension. The lump sum may be paid out from your earliest pension payout age. If you pass away before retirement, the lump sum will be paid out amounting to the value of your savings at the time, and the lump sum will thus no longer lapse in the event of your death.
Old-age savings plan dependent on the insured being alive on retirement and lump sum on retirement
The lump sum will no longer lapse in the event of your death, and it is not a requirement that you are permanently disabled in order to receive the payout.
Increased retirement pension*
Right to change a part of the regular lifelong retirement pension to a 10-year increased retirement pension against a reduction in the lifelong retirement pension.
Increased retirement pension
You will automatically receive a 10-year instalment pension which is paid out on retirement and reduces your lifelong life annuity. On retirement, you may change the 10-year instalment pension into a lifelong life annuity. If you have additional insurance cover together with your right to increased retirement pension, a guarantee will be attached to your instalment pension. 
Increased retirement pension
You will automatically receive a 10-year instalment pension which is paid out on retirement and reduces your lifelong life annuity.
*For members who joined Bankpension before 1 January 2011.

 

A pension plan with an unconditional guarantee which is paid for by employer

Average interest rate insurance cover

Your insurance cover has, to the extent possible, been transferred to your pension plan with PFA.

Average interest rate insurance cover - details

Current product with bankpension Product when transferring to average interest rate in PFA What will happen at the merger
Temporary disability pension

Regular payouts in the event that your occupational capacity is estimated to be permanently reduced by 1/2 or 2/3 before attaining the age of 65.

The payout will start when you resign from your job or become employed in a flex job.

Standard cover is 60 % of your pensionable salary, however, minimum DKK 189,531, and you can select up to 80 % of your pensionable salary.

Disability pension

Regular payouts in the event of a temporary or permanent reduction in your health-based occupational capacity and your earnings-based occupational capacity by a minimum of 50 % before attaining the age of 65.*

Payouts will start after a waiting period of 6 months.

Same level of cover, however, maximum up to 80 % of your pensionable salary. The cover can be changed from 1 % to up to 80 % of your pensionable salary.

Your level of cover continues, however, maximum up to 80 % of your pensionable salary.

You will receive a total insurance package in the event of a reduction in the occupational capacity which includes cover in the event of both temporary and permanent reduction in the occupational capacity before you attain the age of 65.

*Special rules apply to employees with health problems at the time of the merger.

Temporary reduction in the occupational capacity

This cover has the same level of cover as temporary disability pension.

Regular payouts for up to 36 months in the event of a temporary reduction in the occupational capacity by 1/2 or 2/3 before attaining the age of 60.

Payouts will start after a waiting period of 6 months.

Disability pension
You will receive cover in the event of a reduction in the occupational capacity by at least 50 %, and the cover is effective until you attain the age of 65.*

You will receive cover in the event of a reduction in the occupational capacity by at least 50 %, and the cover is effective until you attain the age of 65, which is 5 years more than previously.

*Special rules apply to employees with health problems at the time of the merger.

Waiver of premium
Bankpension will take over the payments to your pension plan, and the payments to savings and insurance cover will thus continue in the event that your occupational capacity is reduced to an extent justifying cover.
Waiver of premium
PFA will take over the payments to your pension plan, and the payments to savings and insurance cover will thus continue in the event that your occupational capacity is reduced to an extent justifying cover.


You will receive a similar product
Group term life benefit

Lump sum if you pass away before you attain the age of 67.

Standard cover of DKK 1,448,922, which can be reduced to as low as DKK 434,676 or increased to up to DKK 2,144,196.

Paid for by your pension savings.

Cover in the event of death

Lump sum if you pass away before you attain the age of 65. Possibility of extending cover to remain in effect until you attain the age of 67.

Same level of cover, however, maximum up to 800 % of your pensionable salary. The cover can be reduced to as low as DKK 426,991.

Paid for by pension payments.

Your level of cover continues, however, maximum up to 800 % of your pensionable salary.

The insurance cover is paid for by the payments to your pension plan.

Extra security

Voluntary cover which is a supplement to the group term life benefit. If you pass away before retirement, the insurance cover, with deduction of the group term life benefit, will be paid out to your dependants.

If you pass away in retirement, your lifelong pension will be paid out to your dependants for a minimum of 10 years after retirement.

Deposit security

Securing as much of the savings as possible in the event of death.

Deposit security may be selected after the completion of the merger.



There will be no reduction in the payout of deposit security on payout of cover in the event of death.
If you have a spouse’s/cohabiting partner’s pension, the deposit security will lapse.
Spouse’s/domestic partner’s pension

Voluntary cover which makes up between 0 and 80 % of your pensionable salary, and which comes with either a 10-year or a lifelong payout.

Until retirement, cover is adjusted in proportion to your salary, and hereafter, cover is fixed in proportion to your retirement pension.

Spouse’s/domestic partner’s pension

A collective cover which makes up between 0 and 100 % of your pensionable salary, and which continues with either a 10-year or a lifelong payout.

Until retirement, cover is adjusted in proportion to your salary, and hereafter, cover equals your retirement pension.

New terms of payout to domestic partner. A cohabiting partner must for instance be stated in the will no later than three months before your death in order to qualify for the payout.

The cover cannot be selected or deselected.

Children’s pension

Voluntary cover which makes up between 0 and 25 % of your pensionable salary.

Paid out to children under the age of 21 in the event of your death before retirement, in the event of permanent disability or (if applicable under the terms of your cover) on your retirement. Orphans will receive the double amount as well as an additional amount to be shared.

 

Children’s pension

Voluntary cover which makes up between 0 and 25 % of your pensionable salary.

Will be paid out to children under the age of 21 in the event of your death before retirement, in the event of permanent disability or on your retirement.

Orphans will receive the double amount, however, not an additional amount to be shared.

 



Your level of cover with Bankpension will be transferred to your plan with PFA. No additional amount, which is to be shared is paid out to orphans.
Critical Illness

Payout of lump sum in the event of certain critical illnesses before you attain the age of 67.

Standard cover: DKK 201,628. You can select up to DKK 640,372.

Paid for by your pension savings.

Critical Illness

Payout of lump sum in the event of certain critical illnesses before you attain the age of 65. Possibility of extending the cover until you attain the age of 67.

Same level of cover, however, maximum DKK 500,000.

Paid for by your pension payments.

Your level of cover continues, however, maximum DKK 500,000.
PFA Critical Illness covers an increased number of critical illnesses.

The insurance cover is paid for by the payments to your pension plan.

 

Average interst rate savings

Your deposit and your payments will continue as an average interest rate plan with PFA. This means that you will still have a guaranteed minimum payout on retirement.

Average interest rate savings - details

Current product with bankpension what will happen at the merger?
Minimum payout on retirement
Your deposit and your payments to an average interest rate plan are covered by an unconditional guarantee which ensures you a guaranteed minimum payout.
Minimum payout on retirement

Your deposit and your payments to an average interest rate plan are still covered by an unconditional guarantee which ensures you a guaranteed minimum payout.

Old-age savings plan dependent on the insured being alive on retirement and lump sum on retirement

If you have a right to a lump sum on retirement, this may be paid out from your earliest pension payout age.

The payout is conditional upon that you have not been awarded permanent disability pension before attaining the age of 60 or that you have not passed away before retirement.

Old-age savings plan dependent on the insured being alive on retirement and lump sum on retirement

If you have a right to a lump sum on retirement, it is no longer conditional upon that you have not been awarded permanent disability pension.

From your earliest pension payout age, you may receive a lump sum which corresponds to maximum one year’s gross salary. The remaining amount will paid out on retirement.

Increased retirement pension*
If you have a right to increased retirement pension, you may at the time of retirement change a part of the lifelong retirement pension with regular payouts to a 10-year increased retirement pension against a reduction of your lifelong retirement pension.
Increased retirement pension
If you have a right to increased retirement pension, you will automatically receive a 10-year temporary life annuity which is to be paid out on retirement, thus reducing your lifelong retirement pension. On retirement, you may change the 10-year temporary life annuity to a lifelong retirement pension.
*For members who joined Bankpension before 1 January 2011.

 

 

PFA accepts no liability for errors and omissions at this site, cf. the pension regulations in force as well as descriptions in letters from Bankpension to members in May 2016 and from PFA in August 2016.