PKA in numbers
  • 4 pension funds with a total of 320,000 members
  • 90% of members are women.
  • AUM , market value, in 2018 approx € 36,8 bn.
  • Average annual return last ten years 7,2%
  • Annual contributions in 2018 approx. € 1,2bn.
  • Benefits paid out 2018 approx. € 0,9 bn.

Together we give back more

PKA is one of Denmark’s biggest pension funds.

PKA delivers life-long security via simple pension schemes based on the solidarity of 320,000 members, showing the way via well-developed member democracy. The point is that our members are not just members – they are also our owners. We are thus able to spend the full return we generate on making sure their life is financially secure.

Our members form the backbone of our welfare society

... in their work, they provide health, care and service to Danes every day. We have taken good care of our members’ pensions since 1954.

We are fully aware that few people think about pensions and PKA often. But we think about our members every day. While we keep costs down. Generate solid returns. And offer simple digital solutions for self-service and for having a broad pension overview.

We are proud to be a green leader in the pension industry

With DKK 300 billion in our pension fund, we take the lead when it comes to responsible investments.

Today, our combined net assets have reached such a size that our responsible investments make a notable difference. For example, we push for sustainable building construction in Denmark and we help provide growth in developing countries.

We take new approaches and find it natural to invest in the sun, the wind and the UN sustainable development goals. The point is that long-term, responsible investments generate good returns to our members, while also contributing towards a sustainable future.

The four PKA pension funds

Health Care Professionals

The Health Care Professionals` Pension Fund
(Pensionskassen for Sundhedsfaglige)

Annual report 2018 Health Care Professionals

State Registered Nurses and The Medical Secretaries

The State Registered Nurses` and Medical Secretaries` Pension Fund (merged 2014)
(Pensionskassen for Sygeplejersker og Lægesekretærer)

Annual report 2018 The State Registered Nurses and Medical Secretaries

Social Workers, Social Pedagogues and Office Staff

The Social Workers`, Social Pedagogues` and Office Staffs Pension Fund (merged 2014)
(Pensionskassen for Socialrådgivere, Socialpædagoger og Kontorpersonale)

Annual report 2018 Social Workers, Social Pedagogues` and Office Staff

The Health Care Professionals` Pension Fund
(Pensionskassen for Sundhedsfaglige)

Annual report 2018 Health Care Professionals

The State Registered Nurses` and Medical Secretaries` Pension Fund (merged 2014)
(Pensionskassen for Sygeplejersker og Lægesekretærer)

Annual report 2018 The State Registered Nurses and Medical Secretaries

The Social Workers`, Social Pedagogues` and Office Staffs Pension Fund (merged 2014)
(Pensionskassen for Socialrådgivere, Socialpædagoger og Kontorpersonale)

Annual report 2018 Social Workers, Social Pedagogues` and Office Staff

The Pharmaconomists' Pension Fund

The Pharmaconomists` Pension Fund

(Pensionskassen for Farmakonomer)

Annual report 2018 Pharmaconomists 

The Pharmaconomists` Pension Fund

(Pensionskassen for Farmakonomer)

Annual report 2018 Pharmaconomists 

Investment policies

Investments returns must meet the demand from the liabilities regarding the participants pensions. Hence the investment strategy has one major target – to exceed the long term return target based on a predefined riskbudget.

Based on the required rate of return for the investment portfolio and the solvency levels of the pension funds a risk budget is calculated. This is done through a comprehensive model (pension protection limits), where all assets are stressed according to their volatility and correlation with other assets.

The portfolio is allocated into the following five assets classes: nominal bonds, credit, equity (listed and unlisted), real assets (index linked bonds, real estate, infrastructure, etc.) and absolute return strategies.

However , pension funds members are very concerned that investments like  other activitites add to the social responsibility of the funds. This must be reflected in the way investments are handled.

The labour market pensions in Denmark

In Denmark, labour market pensions - the second pillar in a three-pillar system - are normally established either with life insurance companies or through pension funds.

Some characteristics of PKA- Pension Funds :

  • Established as part of collective agreements between employers and employees.
  • Contributions fixed in these agreements as a certain percentage of income. PKA fund contributions range from 13 to 18%.
  • Members are employed by many different employers - in PKA pension funds predominantly the regions,local authorities or the state.
  • Members have similar education and are employed in the same sector. As a result, an employee changing his or her job e.g.from one hospital to another remain a member of the same pension fund.
  • As with most occupational systems in Denmark, PKA pension funds are hybrids between DB and DC-systems. Pensions are thus guaranteed benefits at the level obtained on the basis of the contribution paid. The pension schemes are fully funded.
  • PKA pension funds are subject to EU life directives and national insurance legislation. However, it differs from an insurance company because it is fully owned by members.
  • The various occupational pension funds do not compete for members because membership is mandatory and determined according to education and employment. As a result, co-operation is possible among several occupational pension funds. PKA is an example of this.
  • The actual administration fee is 1,45-1,65% of the contributions paid.