Pensions in Denmark: All You Need to Know
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- čas přidán 7. 07. 2024
- If you're an expat in Denmark, in this one we'll do a crash course on the pension setup.
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TIMESTAMPS:
00:00 - The Three Pillars of Danish Pensions
01:22 - The State Pension (Folkepension)
02:29 - Occupational Pensions (Arbejdsmarkedspensioner)
04:20 - Private Pensions (Privatpensioner)
05:19 - Pension Taxation and Payouts
07:03 - If You Leave Denmark - Jak na to + styl
Bro huge thanks to your channel. I feel like I have a "how to survive in Denmark" starter pack when I open your channel.
Keep it up.
Happy to hear that!
One thing I suggest for any expat is to be under pensions scheme 53A, which allows payment of pension when leaving the country without the 60% penalty. The downside is that you pay taxes to the pension contribution each month and that no deductions apply to this plan (still miles beneficial vs. potentially given away 60% to the Danish state)
Can you also take the 53A immediately when staying in Denmark? And what about taking leaving it in Denmark when going abroad?
Ha-ha in a sad way 😢
As a Dane living abroad and having worked and paid full tax half my career in other countries - (almost 26 years in DK before I left) , I was suddenly (a few years ago) contacted by no less than 3 other countries, spread over 2 different continents,- letting me know that when I retire, the only 2 things I need to be 100% sure to get out of Europe, is myself and, to make sure. I bring all my documents proving I have worked in this little death camp and, they will make sure get MY pénsíon out from there on my behalf - all of it!
This was an extremely nice gesture and I will awsik of their offer but, this contact from these 3 Countries sadly - again and, not surprising, proves us all right in knowing the horrible "administration" in this sad old place, is doing everything in their power, to pay anything to us.. OUR money (forced "savings")...
I love the countries, eager to get the money out from there for me but, not the point here.
I only wonder, how many Danish people these Danish "administration-psycho's manage to destroy completely this way..... destroy until and after, they pass away 😰??
Moving away from súch a (nazi-) regime, is clearly meant to become a nightmare and, for many, a direct HELL 😰!!
All this said, let me hereby *, yell to all other Danes abrosd(the few still alive), that, as Denmark clearly, find it "funny" to abuse all laws in order to destroy the lives of us all - still and, you have to find yourselves some real. Lawyers, to help you get all. your belongings, including you lives, OUT of there before it's too late as, these subjects simply steal as the ravens they are and, always were and will stay. NO. real laws in place there, this being national and International laws 😰😰😰
@@SMuld You should choose it immediately when starting receiving pension contributions from your company. Not 100% sure but I think you can leave it in the pension found when you leave.
Hi. One of my friend (from india) working in denmark and having 53A pension scheme. He will leave denmark on 30 July. Currently he has 70,000 Dkk in his dancia pension savings . The question is how much he will get total in pension when leaving denmark by next month.
@@hammadahmad9986 100% of that, minus any fees the pension administrator might charge. He will not pay any taxes on that, except on the gains of the current year when he leaves.
The video is incomplete, it would have been greatly informative, specially to foreigners, to talk about the 53A pension scheme in alternative to the regular work pension scheme.
The 53A demands you to pay 40% or whatever tax bracket you are in a monthly basis, even by not having the money (it goes directly to the investment funds as the regular pension). If not declared to skat the year before, get ready for paying it during tax return calculations.
This pension allows people to cash it out 100% of the value at once and without paying any further tax even in the case one loses the job, and before retirement age. Staying or leaving Denmark it doesnt matter.
This pension is highly recommended to expats who do not want to retire in Denmark. In the regular pension scheme, you will only get paid back after retirement age (without never paying taxes on it) and throughout a minimum of 10 years, even if you have few on the account by just having worked in Denmark a few years. Even if you move out the country, you most likely will not be entitle to exceptions and will need to wait age or pay the 60% penalty.
Any worker can always change back and forth between regular and 53A scheme, no fee for that as far as I know, talk with your work pension company (mine is PFA).
To me, the 53A is a type of security in case losing a job, for instance. It is also a way to provide a great new start if I need to leave Denmark and start new on another. The investment funds are the same regardless of pension type, and you can chose your own risk for the investment (A to E, from high to low). If you plan to or already are in Denmark for a long time and approaching retirement age, it totally worth to be/move to the regular pension since you dont pay taxes on it. As I am opened to work in Denmark for as long as I can, my choice is the 53A pension for the first 10-15y and switch to the regular pension later on...
Hope that hlps a few!
Thanks for sharing !
Thanks Mario, still complicated though 😁
Hi Mario, for the unrealized taxes on investment gains I believe you pay directly to SKAT, meaning you don't need to add more money to the pension or sell (you can't sell) to pay for it. That's only applicable to the ASK account.
Mario, you forgot to mention about ATP Livslang Pension. It based on the number of hours you work, for full time job you contribute 99 dkk every month, which is 1/3, and your employer contributes around 200kr.
Thanks for video. 2 questions:
1. Taxation of payouts in retirement is only happening on the principal, not on gains anymore, isn’t it? Otherwise isn’t it a double taxation? I.e would they tax you 42% on unrealized gains and then another 40% on a payout?
2. What about early retirement? If I happen to have 20million kroner in my pension account, do I have to wait/work until 67? I have no chance of enjoying those millions when I am over 70 but if I retire at 60, then perhaps I have some life in me still 😂
Good questions - You can cash them out earlier but you'll get taxed at that insane %. Else yep, it's way into the future. The taxation on the pension after you get it is as income?
du glemmer at fortælle at man også har atp , samt hvis man bor til leje får en stor del af huslejen betalt , samt andre ting som fp
Hey Mario, moving pension accounts between countries, even within EU, is not possible. Unfortunatelly.
How sure are you ?
@@MarioScianHQ fairly sure, if you want to move them you need to use schema 53, which basically means that that money would not be tax deductable.