Just under 70 per cent of Danes have pension savings in several places, according to a survey by Sampension.

With January being the month that many Danes start new jobs, and in turn could be enrolled in a new pension, Sampension highlighted that it can be expensive in the long run to have pensions with multiple different providers.

A survey of around 1,000 customers by Epinion on behalf of Sampension, found that 68 per cent of customers who pay into a pension scheme in Sampension have one or more pension schemes in other companies.

Sampension head of market and customer advice, Anne-Louise Lindkvist, said January is “high season” for job changes, which may mean a new pension.

"However, we also know that… many do not pay attention to their pension when they get a new job. And that is natural enough because if you start a new job, there will of course be a lot of new things to deal with at the start, and a pension will probably not be the thing you focus on most in that situation,” she said.

The survey by Epinion found that among the Danes who have changed jobs within the last three years, 50 per cent indicate that they did not check their pension scheme in relation to the job change.

However, calculations from Sampension show that a 25-year-old who combines their pension schemes, could save around DKK 1,500 in administration costs each year, which equates to DKK 84,000 in extra savings in retirement. For a 35-year-old, this would lead to an extra DKK 57,000 in retirement, and an extra DKK 35,000 and DKK 18,000 for 45 year olds and 55 year olds, respectively.

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