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Tax rules when making pension contributions

In the following, we outline the tax rules governing your pension contributions. The rules described apply only if you are a tax resident of Denmark. The rules may differ depending on whether your contributions are made through your employer or you make them personally.

Contributions made through your employer

Your employer will deduct the premium from your salary before tax. You are not taxed on your premium, nor can you get tax relief for it. This means you cannot claim the amount on your tax return.

Personal contributions

If you make personal contributions to your retirement plan, either as a single premium or because you are maintaining payments on an existing plan, we will report your contributions to the Danish Custom and Tax Administration. This means your contribution will appear from your tax return.

Contributions to life-long age pension plans, disability pension plans, supplementary incapacity pension plan, widow/widower/cohabitant's pension and children's pension

(tax code 1)

If paid through your employer, no restrictions apply for contributions to any of the above covers. Regular monthly contributions to a personal pension plan are eligible for full tax relief provided you contribute to your pension plan for a minimum of ten years. If your total contributions are made for less than ten years (a single premium, for example), you can deduct one-tenth of your total contributions each year for ten years. If your annual contribution amounts to DKK 46.900 or less, the entire amount is eligible for tax relief in the year made.

You can deduct contributions [in all tax brackets including the top tax bracket]

Contributions to instalment pension plans and fixed-term retirement savings plans

(tax codes 2 and 9)

The rules for these types of plan are the same whether contributions are made through your employer or by you personally.

Contributions to instalment pension plans and fixed-term retirement savings plans are eligible for tax relief by up to DKK 50,900 per year. This amount is the total maximum deduction for your contribu-tions to all your instalment pension plans and fixed-term retirement savings plans.

We make sure that your annual contributions to instalment pension plans and fixed-term retirement savings plans paid through us will not exceed DKK 50,900. If your contributions exceed this amount, we will allocate them to other pension products.

You can deduct contributions [in all tax brackets including the top tax bracket]

Contributions to a retirement savings plan

(tax code 33)

If you have a 3 i 1 Livspension, 3 i 1 Opsparing (market rate) or a Supplerende Pension (supplementary pension plan), you can contribute to a retirement savings plan through us. Contributions are capped at DKK 28,100 per year. This is the total maximum contribution you can make to all your retirement savings plans.

You are taxed on your entire contribution. If you contribute through your employer, we will report the amount to the Danish Custom and Tax Administration as 'B income'. If you make personal contributions, you will already have been taxed on the amount contributed.

Contributions made to your group life insurance

(tax code 5)

The part of your premium that covers insurance components with tax-free benefits is not eligible for tax relief. This might apply to your cover for certain critical illnesses, disability benefits, lump sums from incapacity pension plans, death benefit and benefits to children on your death. Payments for a continuation of coverage insurance are not eligible for tax relief either.

You will be taxed on any contributions paid for the above types of cover. We report such amounts annually to the Danish Custom and Tax Administration as 'B income'. In order to avoid a residual tax liability, you should make sure the premium is shown on your preliminary tax assessment.

If you make contributions to a personal continuation of coverage insurance, you will already have been taxed on the amount paid.

Contributions made to other pension plans (with tax-free benefits)

(tax code 7)

If you have a pension plan with Sampension that pays tax-free benefits, you will be taxed on the entire interest accrued during the saving period. The amount will be taxed as 'B income'. We will report the amount to the Danish Tax and Customs Administration.

Employer contributions count before personal contributions

If you make contributions to other pension plans – through your bank, for example – you should ensure you observe the above rules applying to pension contributions. Contributions paid through your employer count before any personal contributions you may make.

Labour market contribution (Arbejdsmarkedsbidrag (AMB))

If contributions to your pension plan are paid through your employer, you will not have paid AMB on the amount. Instead, we will deduct the AMB amount that applies to your contribution and send the amount to the Danish Tax and Customs Administration. For contributions you make on a personal pension plan, you will already have paid AMB on the amount.