Denmark

This page contains information about the Danish pensions dashboard.  For details of other countries’ dashboards, see the main International page.

 

Denmark’s national pensions dashboard service is PensionsInfo.dk:

It is run by Insurance & Pension Denmark (Forsikring & Pension (F&P)) which is the Danish trade association for insurance companies and pension funds (representing 84 organisations operating in Denmark).

The information on this page was provided by F&P’s Head of PensionsInfo Michael Rasch.

This page looks briefly at PensionsInfo.dk’s history, usage and data standards (with links to more detailed information).


History

PensionsInfo is the oldest dashboard anywhere in the world, having originally been launched in 1999.  Read about its history on F&P’s website.

For more than 20 years, PensionsInfo has enabled Danes to get an overview of their pensions and life & ill-health insurance cover.

The dashboard has been continually developed over the twenty years of its existence.  Today, it is a world leader for the provision of a total pension overview, as well as for openness and transparency for consumers.

In 2020, F&P launched a public demo version in English (click EN at the top for English, then Try demo, then DEMO – ONE PERSON).

As you can see from the demo, the dashboard shows the total you might get each year from your future retirement age, as well as a list of what you’ve already got across your different pensions (“Present pension savings”).  It also shows pay outs if you died or became ill:

Clicking GET A FULL OVERVIEW shows how all your different pensions add up to make your total pension income.  The dashboard lets you slide the orange pointer left and right to different ages to see how the individual and total pension amounts would change if you retired earlier or later:

This is possible because all pension providers send the dashboard a set of projected pensions at each different age, on an industry-standard basis.  PensionsInfo simply shows these different projections together.  See more on this under Data Standards below.


Usage

Every year, the F&P team produce a detailed analysis report on which types of Danes log in to PensionsInfo: “Who uses PensionsInfo?” (“Hvem bruger PensionsInfo?”).  The figures on this page relate to 2019, taken from F&P’s 2020 analysis report.

The Danish population is about 5.8 million, with about 4.8 million adults aged 18+.

In 2019, about 1.5 million unique active users logged in to PensionsInfo (31% of the adult population), many using the dashboard several times in the year (there were over 4 million log ins in total in 2019).

This percentage of the population using the dashboard varies significantly by age though, as shown in the graph below:

The dotted blue line shows the average (Gennemsnit) 31% of the population using the dashboard across all ages.  The purple “Users” (Brugere) line shows how this varies by age.  The percentage increases from age 18 to around age 30.  At 30, about 40% of Danes use PensionsInfo.  The percentage stays at around 40% until age 55, when it increases again.  For example, 53% of 59-year-olds, and 58% of 64-year-olds, used PensionsInfo in 2019.

More Danish males than females used PensionsInfo in 2019:

Men (Mænd / purple) accounted for 54% of unique logins while women (Kvinder / blue) accounted for 46%.

Usage is also higher amongst those Danes:

  • with higher levels of education
  • with greater pension wealth
  • with higher current contributions
  • who are employed
  • who move house, and
  • who are divorcing.

Usage is highest amongst those who are nearing, or at, the point of retiring.  The final graph below shows the percentage of Danes who used PensionsInfo in 2019 by their “Years before retirement” (“År før tilbagetrækning”):

57% of Danes who were 3 years before retirement logged in, increasing to 68% of Danes who were 1 year before retirement, or who actually retired (0 years), in 2019.


Data Standards

Data standards for matching people to pensions (“Find”): A couple of hours after birth, every Danish child is allocated a National Identity Number.  Throughout their life, every Government department, every bank, every pension provider, etc. uses this Number to identify them.

PensionsInfo uses it too when Danes log in to the dashboard.  Pension providers can therefore immediately, and safely, match the dashboard user to their pensions because of this unique identification number.

“Finding” pensions digitally in Denmark for PensionsInfo.dk has not therefore been the challenge it will be in the UK where we will need to match on personal data items such as Name, Date of Birth and National Insurance Number.

     
Data standards for showing pension income amounts (“View”): There’s been an industry standard basis for pension projections in Denmark since the 1990s, which was renewed recently.

This means that all pension providers calculate projections in the same way.  In fact,  when a user logs in to PensionsInfo, all their pension providers actually return 11 standard pension projections to the dashboard (to age 60, 61, 62, all the way to age 70).  PensionsInfo then displays these together at the different ages.

As the usage statistics above show, this is of most interest to Danes in their 60s as they are approaching retirement age and considering when to retire.

A small proportion of pension schemes are not able to return future pension income amounts as described above.  For these schemes, contact details are shown on PensionsInfo, so the user can contact them direct.  This is seen as much better than not mentioning these schemes at all on the dashboard.

   
Data standards maintenance: The PensionsInfo data standards are not mandated by Government: rather, F&P oversee the ongoing governance and maintenance of the standards, and providers’ compliance with them.

This flexibility was important in the early days, for example, there was an all new data standard in 2007 when banks and commercial life insurers joined PensionsInfo.  Over the last decade, however, the data standards  have been fairly static with only one minor change in 2016.

One practice PensionsInfo adopts in the standards is for certain data items to be optional until such time as all pension providers are able to provide them.

 

Key reflections on the Danish dashboard with potential relevance for the UK?

  1. Over time, if continually developed well, dashboards can become highly sophisticated and widely used.
         
  2. Older working age adults tend to use dashboards most, with usage peaking in people’s 60s as they approach retirement.
         
  3. Matching / “Find” is relatively simple when a consistent and reliable national identification number is used by all organisations, and showing scheme contact details is helpful for users even if pension amounts aren’t available.
          
  4. Standard, industry-wide and mandated pension projection bases are required in order for dashboards to be able to show a simple total future pension income.
         
  5. Flexibility of the ongoing governance of data standards enables dashboard services to be evolved over time.


Page contents verified 7 June 2021