Danish pension scheme AP Pension has identified an error in an automated policy change process that has affected up to 4,359 current and former customers since June 2023.

The changes, for example, could be a change of supplier or converting policies to paid-up status, where customers' savings are transferred to another investment product.

The affected customers may have received insufficient information or could have been placed in the wrong investment product during this period. All affected customers were informed via e-Boks.

AP Pension estimated that the total financial impact of the error is approximately DKK 20m, which will be recognised in its 2024 financial statements.

AP Pension said it would compensate customers who may have received a lower return on their savings than they should have due to this error, while the customers who have achieved a higher return can keep it.

The fund has said that customers will receive information about how this impacts them, including any compensation, by the end of March 2025.

Commenting on this, AP Pension CFO, Thomas Møller, said: “Of course, such errors should not happen, which is why we have also changed the process in which the error occurred so that it does not happen again.

“This is a mistake for which we take full responsibility, and customers will be compensated so that no customers will be burdened financially.”

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