What is pension?

Many find pension a difficult concept to understand – but it is actually quite simple. Spend a few minutes here and learn all you need to know about pension.

Your pension scheme can provide financial security for you and your family in the following three situations: If you fall seriously ill, if you die and, of course, when you retire:

If you fall seriously ill
If you are diagnosed with a critical illness, you may be entitled to a lump sum payment. If you are too ill to work, you may be awarded monthly benefit payments until you retire, and your scheme is in "afdeling 1" – we will continue the monthly contributions to your pension scheme, even though you no longer receive a salary.
If you die
In case of your death, a spouse's and children's pension will typically be paid out as well as a lump sum payment. You have the option to change your coverages.
When you retire
When you retire, you will receive monthly benefit payments. Depending on your scheme, your benefit payments may be paid out for the rest of your life or for a period of e.g. 10, 15 or 20 years.

Your pension scheme should fit your life situation

To ensure that your pension scheme fits your life situation, we need to know you. If you have just had children or have recently bought a new home, for example, it would be best if you could remain in your home if you were to fall ill and could no longer work – and you therefore might need a slightly higher cover for loss of occupational capacity for a certain period of time. You should therefore check your pension every two to three years or if you experience major life-changing events, such as if you divorce, have children, buy a new home or get married.

Contact an adviser, who can help you make a plan for your pension scheme and your coverages – whether you are 30 years of age or are approaching retirement.

It could happen to anyone

Many think “That won’t happen to me. I will not fall ill or die prematurely”. But think it over – today almost four in ten customers actually need their pension BEFORE they retire. This is either because they fall ill or die prematurely. So it could happen – it happens every day. It is therefore a good idea to be prepared so that you and your family are financially secured – no matter what.

What should I do?

We recommend that you consider the following questions:

Am I sufficiently covered?
How do I want to invest my savings?
Will the right beneficiaries receive my savings if I die?
Do I have pension schemes with other providers which would be advantageous for me to pool with The Pension Fund for Agricultural Academics and Veterinary Surgeons?

Once you have considered these questions, you do not need to think much about your pension – unless you experience life-changing events in relation to your family (you marry, divorce, have children, set up a home with your partner), your job situation (you change jobs or your employment ends) or yourself (you fall seriously ill, consider retiring, etc.).