Payout due to occupational capacity
If you receive payouts due to a reduction in occupational capacity
Pension plan with a conditional guarantee (profile 2 - 7)
If you are receiving payouts from cover in the event of a temporary reduction in the occupational capacity, your payouts will remain at the same level as long as you meet the requirements for payout in the event of a reduction in the occupational capacity. Your waiver of premium will be placed in a PFA plus market rate plan with no guarantees. The return follows the development on the financial markets, and the return is regularly added to your savings.
If you are receiving temporary disability pension, your payouts will be retained as long as you meet the requirements for payout in the event of a reduction in the occupational capacity. Your savings and payout will be placed in a PFA Plus market rate plan with no guarantees, in which the return follows the development in the financial markets and is added regularly to your savings This means that the size of your payout will be fixed each year based on your savings and PFA’s assumptions of a future return after costs and taxation as well as average life expectancy and potential future fluctuations. As a result, your payout will be adjusted once a year, and the next adjustment will be on 1 January 2017.
Payout of children’s pension is continued
If your children are receiving children’s pension, this payout will continue until the agreed expiry in a PFA Plus market rate plan with no guarantees, in which the size of the payout will be fixed each year based on your savings which are subject to the payouts together with PFA’s assumptions of a future return after costs and taxation as well as average life expectancy and potential future fluctuations. As a result, the payout will be adjusted once a year, and the next adjustment will be on 1 January 2017.
You have the possibility of selecting increased security
You have the possibility of selecting additional security to your pension plan. With PFA Plus, you can among other things change your investment profile to a lower risk and attach a payout protection cover. If your children are receiving children’s pension, they will also have the possibility of selecting increased security for their payouts.
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 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 that your health-based occupational capacity and earnings-based occupational capacity are estimated to be permanently reduced by a minimum of 1/2 or 2/3 before attaining the age of 65.* |
Your payout in the event of a reduction in your occupational capacity will remain at the same level.
*Special rules apply to employees with health problems.
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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. |
PFA Occupational Capacity
Your payout will be discontinued in the event that your occupational capacity is recovered. |
If you are covered in the event of a temporary reduction in the occupational capacity at the time of the merger, your payout will continue at the same level as long as you meet the requirements for payout in the event of a reduction in the occupational capacity. You cannot deselect cover in the event of a reduction in the occupational capacity. |
Waiver of premium
Bankpension will take over the payments to your pension plan, and the payments to savings and insurance cover will thus continue. |
Payment protection cover
PFA will take over the payments to your pension plan, and the payments to savings and insurance cover will thus continue. |
Payment protection cover will continue as long as you qualify for payout.
Similar product.
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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. Same level of cover, however, maximum DKK 2.4 million.
Paid for by the payment protection cover and will lapse when you attain the age of 67 provided that you still qualify for payout. |
Your level of cover will continue, however, maximum DKK 2.4 million.
The insurance is paid for by the payment protection cover.
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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, the savings security will lapse.
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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 at a maximum amounts to 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, cover is fixed in proportion to your retirement pension.
Can be deselected until your date of retirement |
Spouse/domestic partner must be registered by civil reg. No. to qualify for the payout.
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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 the 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 permanently disabled, and no additional amount will be paid out to orphans.
If your children are receiving children’s pension before the merger, this payout will continue until the agreed expiry.
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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.
Paid for by your payment protection cover and will lapse when you attain the age of 67 provided that you still qualify for payout. |
Your level of cover continues, however, maximum DKK 500,000.
This is an improvement, as PFA Critical Illness covers an increased number of critical illnesses.
The insurance is paid for by the payment protection cover. |
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. |
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 made through payment protection cover 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.
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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.
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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.
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You may deselect CustomerCapital for future payments made through payment protection cover. |
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.
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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 will be paid out on retirement and will reduce 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.
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*For members who joined Bankpension before 1 January 2011
Pension plan with unconditional guarantee (profile 1)
If you receive disability pension from a pension plan with an unconditional guarantee, your savings and waiver of premium will continue as an average interest rate plan with a guaranteed minimum payout on retirement. Your payout in the event that your occupational capacity is reduced will remain at the same level with PFA as long as you meet the requirements for payout.
If your children are receiving children’s pension, this payout will also be retained with PFA and continue with a guaranteed minimum payout until the agreed expiry.
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: 60 %, however, minimum DKK 186,180.
You can select up to 80 % of your pensionable salary. |
Disability pension
Regular payouts in the event of a reduction in the health-based occupational capacity and a reduction in the earnings-based occupational capacity by a minimum of 1/2 or 2/3 before attaining the age of 65.* |
Your payout in the event of a reduction in your occupational capacity will remain at the same level.
*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
No distinction is made between temporary and permanent reduction in the occupational capacity.
If your occupational capacity is recovered, the payout will be discontinued |
If you are covered in the event of a temporary reduction in the occupational capacity at the time of the merger, your payout will continue at the same level as long as you meet the requirements for payout in the event of a reduction in the occupational capacity. 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 pension plan, and the payments to savings and insurance cover will thus continue. |
Waiver of premium
PFA will take over the payments to the pension plan, and the payments to savings and insurance cover will thus continue. |
Waiver of premium will continue as long as you qualify for payout.
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 67.
Paid for by the waiver of premium and will lapse when you attain the age of 67 provided that you still qualify for payout. |
Current level of cover will continue.
The insurance cover is paid for by the waiver of premium. |
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.
The cover is adjusted in proportion to salary until retirement, and hereafter, the cover is fixed in proportion to your retirement pension. |
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
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. |
If your children are receiving children’s pension before the merger, this payout will continue until the agreed expiry. No additional amount, which is to be shared is paid out to orphans.
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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.
Paid for by the waiver of premium and will lapse when you attain the age of 67 provided that you still qualify for payout. |
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 through the waiver of Premium.
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Average interest 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 the payments made through waiver of premium in the average interest rate environment are covered by an unconditional guarantee which ensures you a guaranteed minimum payout.
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Minimum payout on retirement
Your deposit and the payments made through waiver of premium in the average interest rate environment are still covered by an unconditional guarantee which ensures you a guaranteed minimum payout.
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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.
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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.
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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.
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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.
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*For members who joined Bankpension before 1 January 2011.