Less than half (48 per cent) of Danish people aged between 57 and 65 have checked their pension scheme this year, research by Epinion for Sampension has revealed.

Just over a third (34 per cent) checked it last year, 13 per cent have checked it in the last several years and 2 per cent have never looked at their pension scheme.

Among all age groups, 40 per cent of Danish people checked their pension scheme this year.

Sampension noted that Danes’ pensions have typically seen negative returns this year amid market turmoil.

Despite this, less than one in five (18 per cent) of those approaching retirement have received advice about their pension this year.

Under a quarter (23 per cent) received advice about their pension last year, 36 per cent have taken advice in the past several years and 19 per cent have never received pension advice.

Among all age groups, 14 per cent received pension advice in 2022.

The survey also found that two-thirds (66 per cent) of Danes agreed to a ‘very high', ‘high’, or ‘some’ degree that their pension scheme was part of their finances that interested them the least.

Furthermore, 78 per cent felt they should take more interest in their pension to a ‘very high’, ‘high’ or ‘some’ degree.

"It is well known that pensions are generally an area of low interest among Danes,” Sampension market and customer advisory manager, Anne- Louise Lindkvist, commented.

“But it is important that you check up on your pension scheme from time to time, and this applies not least in periods such as this year with headwinds on the financial markets and negative returns.

“Because, in the worst case, it can mean that you either have the prospect of getting less to live on as a pensioner than expected, or that you have to retire later in order to be able to afford the standard of living you want in retirement.

"The Danes who are approaching retirement age should be aware of this in particular, because they have fewer years to build up their savings if needed.

“It is therefore also worrying that for many in this age group it has been a long time since they last checked their pension or got advice.

"For all Danes, it is generally a good idea to keep up with the pension scheme on an ongoing basis, both to get a handle on whether you are on the right track with your pension savings in relation to being able to get the retirement date and retirement life you expect.

“But also to ensure that the insurance in the pension scheme still suits one's current needs if the accident happens, because the needs can change if, for example, start a family or buy a home.

“But even though many Danes regularly experience these kinds of major changes in their lives, very few of them get to check their pension on that occasion. And there is every reason to do something about that.”

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