The National Bank of Denmark published data showing that Danish pension savings in unit-linked products reached DKK 2,153bn at the end of the first quarter of 2025, almost the same level as pension savings in average-rate products at DKK 2,154bn. The narrowing gap reflects a multi-year shift towards unit-linked schemes, driven primarily by stronger net contributions. Since 2015, cumulative net contributions have been DKK 910bn higher for unit-linked products than for average-rate products. The first quarter of 2025 continued this pattern, with net contributions of DKK 16bn to unit-linked products and net payments of DKK 9bn from average-rate products. Market performance has also played a role: unit-linked pension savings have increased by DKK 736bn since 2015 largely due to returns on pension companies’ financial market investments, while average-rate pension assets increased by DKK 310bn over the same period when net contributions are excluded; equities make up a larger share of unit-linked investments, while bonds are more prominent in average-rate products.
National Bank of Denmark 2025-06-03
National Bank of Denmark reports unit-linked pension savings at DKK 2,153bn, nearly matching average-rate products
The National Bank of Denmark reported Danish pension savings in unit-linked products reached DKK 2,153bn at the end of Q1 2025, nearly matching average-rate products at DKK 2,154bn. This reflects a long-term shift towards unit-linked schemes, driven by stronger net contributions and favorable market performance. Since 2015, unit-linked pension savings have grown significantly due to higher net contributions and returns on financial market investments.