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Your pension savings

Contributions to your pension savings is allocated to an instaltment pension.

When you have a 3 i 1 Livspension, your contributions will be allocated to an instalment pension unless you instruct us otherwise, but you can also allocate your savings to other types of pension products. For contributions up to DKK 53,500 (2017) the full amount is allocated to an instalment pension. Any remaining amount will be allocated to a life-long retirement pension.

Instalment pension (Ratepension)

You will receive monthly benefits under your instalment pension for at least ten years. When you retire, we can advise you on how you can extend your instalment benefits to cover a longer period, if you so wish. If you die before your instalment pension has been exhausted, the remaining amount will be paid to your surviving heirs.

You can change your instalment pension plan to a a life-long retirement plan right up until the time you retire.

Life-long retirement pension (Livsvarig alderspension)

Your life-long retirement benefits will be paid out to you monthly for as long as you live. In other words, your life-long retirement benefits will give you financial security throughout your retirement.

As there is an upper limit to how much can be paid into an instalment pension plan, you may sometimes see that part of your contributions are allocated to your life-long retirement pension plan. There is no upper limit to how much can be paid into a life-long retirement pension plan, so you may choose to have your full contributions allocated to this retirement savings product.

However, it is important that you are aware that once an amount has allocated to a life-long retirement pension, it cannot be reallocated to other pension savings products.

Fixed-term retirement pension (Ophørende alderspension)

A fixed-term retirement pension is very similar to an instalment pension. It is paid out over a fixed term of at least ten years and can be amended to cover a longer period, if that matches your financial needs better.

As is the case for contributions to an instalment pension, there is an upper limit to how much you can pay in, and any contributions you make will count towards the maximum contribution applying to your instalment pension plan.

A fixed-term retirement pension differs from an instalment pension in that its benefits will only be paid out for as long as you live. In other words, if you die before your fixed-term pension has been exhausted, the remaining amount will not be paid out to your surviving heirs. In return, you will get higher benefits from a fixed-term retirement pension plan than from an instalment pension plan.

Retirement savings plan (Aldersforsikring)

If you prefer to receive a lump sum benefit when you retire, you may want to contribute to a retirement savings plan. Benefits from a retirement savings plan are paid out as a tax-free lump sum. As the benefits are tax-free, contributions are not eligible for tax relief.

As all contributions from KMD are deducted from your gross salary, you have already received tax relief for the contributions. That means you will be taxed on your entire contribution to a retirement savings plan.