Beneficiaries

Are your dependants properly secured if something were to happen to you?

As a rule, PFA pays out your life insurance (PFA Life) to your ‘next of kin’ if you pass away before retirement. As a rule, your savings will also be paid out to your next of kin, provided that you have not already had your savings paid out prior to your death. If you have life pension, it will only be paid out to your next of kin to the extent covered by deposit security, provided that deposit security is included under your life insurance.

Next of kin in order of priority if your pension plan was established after 1 January 2008

  1. Spouse/registered partner
  2. Cohabiting partner if
        a.  you have been living together for at least two years
        b.  you are living together and have, have had or are expecting a child together
  3.  Heirs of the body, i.e. children/grandchildren
  4. Heirs according to your will
  5. Heirs according to the Danish Inheritance Act (parents, grandparents, etc.).

If your pension plan was established before 1 January 2008, cohabiting partners are not included in the definition of next of kin. Read more below in the section “Are you in a cohabiting relationship?”.

If no heirs exist, the money will be paid to the estate. If you do not want the money to be paid out to your next of kin, you need to complete a beneficiary declaration.

Complete the declaration (print and send form).

 

Are you in a cohabiting relationship or single?

Please pay special attention to who should receive the money if:

  1. you have appointed a beneficiary to your pension plan in PFA Traditional
  2. you are in a cohabiting relationship
  3. you are single.

Have you appointed any beneficiaries?

If you have appointed any beneficiaries to your pension plan in PFA Traditional, please note that this appointment does not apply to the insurance plans that are transferred to PFA Plus on 1 January 2016. Therefore, you need to complete a new beneficiary declaration if you want the appointment to apply to the basic cover of your life insurance.

If, at a later date, you choose to extend your life insurance in PFA Plus with voluntary cover, this will also be covered by the new beneficiary appointment. If you establish the voluntary cover in PFA Traditional, it will be covered by the existing beneficiary appointment.

Are you in a cohabiting relationship?

If you are in a cohabiting relationship, you need to be extra aware if you have a pension plan in PFA Traditional that was established before 1 January 2008. In this case, your savings and any voluntary cover in your life insurance under PFA Traditional are subject to the old definition of next of kin, which means that your cohabiting partner will not be regarded as your next of kin. This means that you need to complete a beneficiary declaration if you want your savings and any voluntary cover in your life Insurance under PFA Traditional to be paid out to your cohabiting partner.

Have you previously appointed a beneficiary in PFA Traditional?

If you have a PFA Plus plan today, please note that any beneficiary appointments established in PFA Traditional will not automatically be transferred to your PFA Plus plan. Therefore, you need to complete a new beneficiary declaration if you want the appointment to also apply to your PFA Plus plan.

If you are unsure of who you have appointed as beneficiary, please contact PFA’s Advisory Services Centre at (+45) 70 80 82 42.