A record 178,000 pension transfers occurred in Denmark in 2022, according to new figures from Forsikring & Pension (F&P).

F&P described the volume of transfers as “very large” and that their number indicated there was a lot of movement in the labour market.

Across the 178,000 transfers, a total of DKK 72bn was transferred, down slightly compared to 2021 in today’s prices.

The average amount transferred was DKK 405,000 per transfer.

F&P noted that 669,000 people started new jobs in the first eight months of 2022, and many people switching jobs change pension companies.

“The new figures show that there is very good mobility on the pension market,” commented F&P deputy director, Karina Ransby.

“It is easy - and quite free - to combine your pension schemes in connection with changing jobs.

“In cases where it makes sense, there can be money saved for the individual by collecting their pension schemes in one place and thus avoid paying unnecessary administration costs.”

F&P’s figures also showed that the average value of pension assets transferred has increased over the past decade, with this applying to both transfers due to job changes and other transfers.

“The expansion of the labour market pension system means that more and more Danes have significant pension assets with their pension company,” said Ransby.

“Therefore, the average amounts that must be moved in connection with a transfer are also generally larger.

“Despite the fall in share prices, which has affected pension assets in a downward direction, we can see that an average transfer today is around DKK 405,000.

“Ten years ago in 2012, the corresponding figure in 2022 prices was DKK 223,000.”

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