What will your life in retirement look like?
There are many new things to consider when thinking about retirement. How will you spend your new leisure time? Do you want to travel, do you want to move and how far will your money go?
We advise you to start addressing these questions as early as possible. Around 10 years before you expect to leave the labor market, it is a good idea to give special attention to your pension scheme so that you can make good plans and get the most out of your pension. Contact us to book an advice session and we will help you get started on planning the new stage of your life.
Want to see your savings?
You can see your current savings and your expected pension payouts at AP Pension by logging on to Min Pension (in Danish only). If you have Mobil AP on your phone, you can also see these figures in the app. You can get a comprehensive overview of all your pensions, including public pensions, at pensionsinfo.dk
We have gathered some of the most frequently asked questions below.
Finances
How do I know if I have saved enough?
You need to work out a realistic budget in good time. This needs to represent a holistic picture in which you include state pension, any pension supplement, ATP, your own pension savings and available funds.
You will then discover whether your savings are on track or whether you need to boost your savings during your final years in the labor market.
How do I plan my finances?
Your pension finances are generally composed of different elements: State pension, pension supplement, ATP, your own pension savings, available funds, and perhaps equity in an owner-occupied home.
It is always a good idea to consider how long you expect your pension savings to last. Whether or not you should start using your available funds depends entirely on your specific situation and is highly individual. Feel free to seek advice from our senior advisory team.
Insurance
Is it a good idea to reduce my insurance?
It can be catastrophic to have too little insurance cover if you suffer from illness or die. But it is also expensive if you have been overinsured in your pension scheme for years.
When your children leave home and equity increases, you can consider reducing your insurance cover so that a larger part of your pension contributions go to savings.
How long a period does my insurance cover?
Your pension scheme insurance applies for as long as your employer has agreed with AP Pension, but only until you retire.
You can have a few years without insurance at the end of your working life if, for example, you work until you are 69, but your pension scheme only covers you until you are 67.
Retirement date
Do you want to retire at the agreed time?
If you want to retire on the date agreed in your pension scheme, you will automatically be notified by AP Pension when the time comes. You will find out what your options are and how to start receiving your pension payouts.
Do you want to retire earlier than agreed?
State pension, pension supplement and ATP are one thing, while your own pension savings are another. Your age determines when you can receive a state pension, pension supplement and ATP.
If you want to retire earlier than the time agreed in your pension scheme, you must notify AP Pension yourself.
Payout of your pension
How can I get my pension paid out?
While you are making pension contributions, you will generally save in an annuity pension scheme. In addition, you may also make contributions to a life annuity. Finally, you may have money in a capital pension scheme/retirement savings scheme.
You cannot change your life annuity, but your annuity pension scheme is flexible. If you have a capital pension scheme/retirement savings scheme, this will be paid out all at once. You can also choose to have your retirement savings paid out on an ongoing basis for a certain period.
Will my pension be offset if I take early retirement?
If you were born in 1956 or later, you cannot avoid offsetting, regardless of whether or not you have started receiving pension payouts.
If you need guidance on the rules relating to early retirement offsetting, please contact us on +45 7080 5020.