Less than half (46 per cent) of Danes aged 18 to 34 have checked whether they have pension savings with several pension companies, according to research from Sampension.

An Epinion survey, on behalf of Sampension, found that, despite the probability of many young people having multiple pension plans which can be costly, few young people have checked whether they have pensions with different companies.

However, when compared to older generations 77 per cent of those aged 57 to 65 have checked if they have multiple pension pots, while 74 per cent of those aged 35 to 56 have checked.

In addition, more than half (51 per cent) of customers between 20 and 29 who pay into a Sampension pension plan have one or more pension plans with other companies, while this is true for 57 per cent of those aged 30 to 39.

Sampension analysis also showed that those who combine pension plans at the age of 25, save around DKK 1,500 in administration costs each year. This equates to having an extra DKK 84,000 by retirement.

Additionally, savers aged 35 years old, would get an extra DKK 57,000 in savings at retirement, while the benefits of pooling pensions at age 45 are DKK 35,000 and 55 are DKK 18,000 extra.

Sampension customer advisory manager, Anne-Louise Lindkvist, said that it is natural that many young people have not given much thought to their pension and that it can be “difficult to relate to something that lies far in the future”.

However, she explained that it's important that young people spend some time thinking about their pension, especially considering that they often change jobs and potentially have several pension plans, which could be expensive in the long run.

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