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Industriens Pensionsforsikring A/S, in short Industriens Pension, is a life insurance company.
Industriens Pension administrates the labour market pension scheme for the employees under the Collective Bargaining Agreement for Industrial Employees.
Two parties have agreed upon the Collective Bargaining Agreement:
The two parties founded Industriens Pension on 1 December 1992, and the Confederation of Danish Industries owns 35% of the share capital and the seven unions within the Central Organisation of Industrial Employees in Denmark own the remaining 65%. The share capital is DKK 125 million.
According to the Articles of Association no dividends are paid to the shareholders. The parties invested to found the pension scheme, not to make a profit. This is in line with the basic idea; that all earnings should benefit members. It might be referred to as a “closed” system in which the funds are routed one way only: to members.
The labour market pension scheme is a compulsory scheme. Industriens Pension has currently around 400,000 members in approximately 8,000 companies.
All wage earners covered by the Collective Bargaining Agreement for Industrial Employees are both entitled to and bound to become a member of Industriens Pension. The labour market pension scheme is therefore a collective and a joint scheme.
The labour market pension scheme of Industriens Pension is a fully funded defined contribution scheme.
Under the Collective Bargaining Agreement for Industrial employees the employer and the employee each contribute a percentage of the individual employee's wage to the pension scheme.
Pension contributions have been raised in every collective agreement since the beginning in 1993 and at present the contribution is 12 per cent of wages. The annual contribution in 2014 was DKK 6.7 billion.
The pension scheme is constructed so that the level of benefits is determined by the agreed contribution percentage. The size of the pensions depends on the contribution made for the individual member.
At the end of March 2017 the total assets managed by Industriens Pension were DKK 153 billion.
The distribution of the assets at end March 2017 can be seen below:
|Investments||End March 2017
|Emerging market bonds||9.4%|
|High yield bonds||7.3%|
|Investment grade bonds||6.8%|
|Interest rate overlay||0.3%|
Industriens Pension’s yearly returns in the period from 1993 to 2016 are shown below:
|Return in Industriens Pension||Per centage
The in-house investment department of Industriens Pension manages Danish and international government and mortgage bonds, and Danish equities as well as manager selection across international equities, bonds and alternative investments.
At present Industriens Pension has established portfolio management agreements with the following managers:
Aberdeen Asset Management
Aristolte Capital Management
BlueBay Asset Management
JO Hambro Capital Management
J.P. Morgan Asset Management
MFS Investment Management
Morgan Stanley Investment Management
Nordea Investment Management
Pramerica Investment Management
SEB Asset Management
Seix Investment Advisors
State Street Global Advisors
Stone Harbor Investment Partners
UBS Global Asset Management
Wellington Management International
By way of exception, it is possible for you to have your pension savings disbursed to you before retirement, if you move abroad and no longer earn income from Denmark.
Remember that your application must include documentation from the Danish tax authorities (SKAT) stating that you are no longer liable to pay tax in Denmark.
If your lifelong pension savings exceed DKK 100,000, you must also submit a medical certificate from your doctor.
You are personally responsible for contacting a general practitioner to get the certificate filled in.
We cover any costs of having the certification completed. You are responsible for sending the invoice to Industriens Pension.
Phone us on (+45) 7033 7070, if you are unsure of the amount of your lifelong pension savings.