A pension plan with an unconditional guarantee to which payments are not currently being made

Average interest rate insurance cover
Your insurance cover will, to the extent possible, be 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 permanent reduction in the health-based occupational capacity and a permanent reduction in the earnings-based occupational capacity by a minimum of 1/2 or 2/3 before attaining the age of 65.*

Payouts will start after 6 months.



Your level of cover will continue with PFA, however, maximum 80 % if your payments are on hold and DKK 2 million if you have a plan without payments.


*Special rules apply to employees with health problems.

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 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.


If you are covered in the event of a temporary reduction in the occupational capacity at the time of the merger, you will receive cover in the event of a temporary 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.
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.
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.

Can be reduced to as low as DKK 0. Paid through a separate payment.


Current cover continues with PFA, however, maximum 800 % if your payments are on hold, and DKK 2.4 million if you have a plan without payments.

Paid through a separate payment.

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 deduction from the payout of deposit security on payout of PFA Life.

Deposit security will lapse if you have a spouse’s/cohabiting partner’s pension.
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
Collective cover which cannot exceed the amount of an annual salary.

Either a 10-year payout period or lifelong dependent on your original choice.

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


A domestic partner must be included as beneficiary in the will no later than three months before your death in order to qualify for 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
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 as well as an additional amount to be shared.


Your level of cover will continue 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.

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.

Paid through a separate payment.


Your level of cover will continue with PFA, however, maximum DKK 500,000.

PFA Critical Illness covers an increased number of critical illnesses.

Insurance cover is paid through a separate payment.

 

Average interest rate savings
Your deposit and your potential future 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 potential future payments in the average interest rate environment are covered by an unconditional guarantee which ensures you a guaranteed minimum payout.
Minimum payout on retirement
Your deposit and your potential future payments in the average interest rate environment continue to be 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.

If you are not making any payments to your pension plan

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.

A pension plan with a conditional guarantee to which payments are not currently being made

If you have a plan without payments (paid-up policy), this will continue.

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 WHAT WILL HAPPEN AT THE MERGER?
Temporary disability pension
Regular payouts in the event that  a 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 that your health-based occupational capacity and earnings-based occupational capacity are estimated to be reduced by a minimum of 1/2 or 2/3 before attaining the age of 65.*


The insurance can be excluded or reduced if you have a pension plan without payments (paid-up plan).


Payouts will start after a waiting period of 6 months.



Your level of cover will continue with PFA, however, maximum DKK 2 million.

*Special rules apply to employees with health problems.
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.



If you are covered in the event of a temporary reduction in the occupational capacity at the time of the merger, you will receive cover in the event of a temporary 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.

You cannot deselect cover in the event of a reduction in the occupational capacity.
Waiver of premium

Bankpension will take over the payments to the insurance plans so that the cover is continued.

Payment protection cover

PFA takes over the payments to the insurance plans so that the cover is continued.



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 DKK 2.4 million.

Can be excluded or reduced if you have a pension plan without payments (paid-up plan).


Paid through a separate payment.



Your level of cover will continue with PFA, however, maximum DKK 2,4 million.


Paid through a separate payment.
           

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 savings security on payout of PFA Life.


Savings security will lapse if you have a spouse’s/cohabiting partner’s pension.

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

Either a 10-year payout period or lifelong dependent on your original choice.


Until retirement, cover is adjusted in proportion to your salary, and hereafter, cover is fixed in proportion to 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
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 cover to remain in effect until you attain the age of 67.


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

 

Paid through a separate payment.


Your level of cover will continue with PFA, however, maximum DKK 500,000.

Paid through a separate payment.

 

Savings in PFA Plus


If you have a pension plan with a conditional guarantee, your savings and potential future payments will as a rule 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 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 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.


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 potential future 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


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 your potential future payments to your savings in PFA Invests.

You may deselect CustomerCapital for your potential future payments.



You may deselect CustomerCapital for your potential 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 qualification 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 in question, and the lump sum will thus no longer lapse in the event of your death.



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.


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