Industriens Pension, the Danish labour market pension scheme, has reported 'record high' deposits and withdrawals in 2024.

Members' pension savings also grew significantly, and total investment assets increased.

Contributions to the pension scheme increased from DKK 11.7bn in 2023 to a record DKK 12.5bn in 2024.

The number of members increased by 4,700 to almost 447,000, which is also a new record, while total payments grew from DKK 8.9bn in 2023 to DKK 9.3bn in 2024.

Total accounting investment assets in 2024 increased by DKK 20bn to DKK 255bn.

The contribution amounts were still higher than the disbursements, which the company said reflected its status as a relatively young pension scheme in terms of pensions, where the assets are still being built up.

The scheme also said high contributions and disbursements reflected high job mobility, where many members move their pension scheme when a new job involves a new pension scheme.

Overall, 2024 ended with an investment return of DKK 14.4 bn for the total portfolio, corresponding to 6.3 per cent across all age groups.

Payments for loss of earning capacity increased from DKK 1.05bn in 2023 to DKK 1.08 bn in 2024.

In 2024, Industriens Pension's 'costs per insured' were DKK 288, maintaining its position as one of the industry's cheapest companies.

---