Denmark Compliance Guide: Employment & Payroll, Tax & Regulations
Key Law Terms Overview in Denmark
EOR-Related Laws in Denmark
Employment Laws
Denmark does not have a single labor code. Employment relationships are governed by individual statutes and collective agreements.
For most white-collar employees, the Salaried Employees Act (Funktionærloven) applies. It regulates notice periods, termination protection, severance pay, sick pay, maternity rights, and post-termination restrictions.
Collective agreements may further define wages, working hours, pensions, and termination rules.
Employment Contracts
Both permanent and fixed-term contracts are allowed. Fixed-term arrangements must follow statutory and EU-based rules to prevent misuse.
Employment terms must comply with Danish law and applicable collective agreements.
Income Tax & Payroll
Employment income is regulated by the Personal Income Tax Act and the Withholding Tax Act.
Employers must withhold income tax (A-tax) and the labour market contribution (AM-bidrag) based on the employee’s official tax card. Payroll reporting and tax payments are made monthly.
Social Security
Denmark has a tax-funded welfare system. There are generally no salary-based employer social security contributions.
Mandatory deductions mainly consist of the labour market contribution. Pension obligations may apply under collective agreements or contracts.
Disclaimer: This content is provided for general informational purposes only and does not constitute legal advice.
Danish Law on Salaried Employees (Funktionærloven)
Consolidation Act on the Legal Relationship between Employers and Salaried Employees
Note: This is an unofficial English translation. The legally binding text is the Danish version on Retsinformation.dk
(1) For the purposes of this Act, the term salaried employees shall mean: (a) shop assistants and office workers employed in buying and selling activities, in office work or equivalent warehouse operations, (b) persons whose work takes the form of technical or clinical services (except handcraft work or factory work) and other assistants who carry out comparable work functions, (c) persons whose work is wholly or mainly to manage or supervise the work of other persons on behalf of the employer, (d) persons whose work is mainly of the type specified in (a) and (b). (2) This Act shall only apply in cases where the person concerned is employed by the employer for more than eight hours a week on average and occupies a position in which he works under the instructions of the employer. (3) The provisions of this Act shall not apply to civil servants or civil servants on probation in the state sector, the primary and lower secondary school system, the Danish national church, or the local authorities, to salaried employees covered by the Seamen’s Act of 7 June 1952, or to apprentices covered by the Apprenticeship Act. However, the provisions laid down in sections 10-14 shall apply to salaried employees covered by the Seamen’s Act. (4) This Act shall also apply to fixed-term contracts. The renewal of successive fixed-term employment contracts may only take place if the conditions of section 5 of the Act on Fixed-Term Employment have been fulfilled. A fixed-term employment contract shall mean that the time for the expiry of the employment relationship has been determined on the basis of objective criteria such as a specific date, the completion of a specific task or the occurrence of a specific event.
(1) The employment contract between the employer and the salaried employee may only be terminated by the parties after prior notice has been given in accordance with the rules referred to below. This shall also apply in case of termination of a fixed-term contract before the expiry of the employment contract. (2) If the employer terminates the employment contract, he must give the salaried employee at least (i) one month’s notice to expire at the end of a month during the first six months’ employment, (ii) three months’ notice to expire at the end of a month after six months’ employment. (3) The period of notice laid down in subsection (2)(ii) shall be increased by one month for every three years of service, subject to a maximum of six months. (4) If the employer proves that it has been agreed that the work is of a purely temporary nature and that the employment relationship does not exceed one month, the rule laid down in subsection (2)(i) shall not apply. (5) If the employer proves that the appointment is subject to a probationary period and that the employment relationship does not exceed three months, he must give at least 14 days’ notice. (6) If the salaried employee terminates the employment contract, he must give the employer one month’s notice to expire at the end of a month unless it has been agreed that the employment relationship is of a purely temporary nature and does not exceed one month or that the employment relationship is probationary and does not exceed three months. However, it may be agreed in writing that a longer notice period must be given by the salaried employee provided that the notice period to be given by the employer is extended correspondingly. (7) Notice must be given in sufficient time to allow the termination at the notice given for a period of employment to take place before the expiry of the period. Notice under subsections (2), (3) and (6) must be given in writing no later than on the last day of the month from the end of which the period of notice begins to run. At the request of the salaried employee the employer must set out the reason for the dismissal in writing. (8) If a salaried employee continues to work in an enterprise after a change of ownership, the period during which he was employed in the enterprise as a salaried employee prior to the change of ownership shall be included in the calculation of the period of employment. (9) If residential accommodation is provided for the use of the salaried employee and his family as part of the employment contract, the employer must give the salaried employee at least three months’ notice. The salaried employee shall be entitled to occupy the residence together with his family in return for the agreed consideration (or free of charge) for up to one month after termination of the employment relationship; the salaried employee’s family shall have the same right in the event of his death. Where the employer deems it necessary in the interests of the enterprise, he shall, however, in return for payment of the costs associated with the removal, be entitled to demand that the family vacate the residence immediately. (10) In the event of a work stoppage preceded by the required statutory notice, the rules of the labour market organisations concerning notice shall prevail over the above provisions.
2a. – (1) If a salaried employee who has been continuously employed in the same enterprise for 12, 15 or 18 years is dismissed, the employer shall, on termination of the employment relationship, pay an amount to the salaried employee corresponding to one, two or three months’ salary respectively. (2) The provision laid down in subsection (1) shall not apply if the salaried employee is entitled to old-age pension on termination of the employment relationship. (3) Where on termination of the employment relationship the salaried employee receives an old-age pension from the employer and where the salaried employee has joined the pension scheme in question before attaining the age of 50, no severance pay shall be payable. (4) The provision laid down in subsection (3) shall not apply if the question of reduction or forfeiture of the severance pay due to an old-age pension from the employer has been settled by collective agreement as of 1 July 1996. (5) The provision laid down in subsection (1) shall apply correspondingly in the event of wrongful dismissal.
2b. – (1) If the dismissal of a salaried employee who has been continuously employed in the enterprise in question for at least one year prior to the notice of termination may not be deemed to be reasonably justified by the conduct of the salaried employee or the circumstances of the enterprise, the employer must pay compensation. The amount of the compensation shall be determined in view of the salaried employee’s period of employment and any other circumstances of the case, but may not exceed the salaried employee’s pay for a period corresponding to half the period of notice to which the person concerned is entitled under section 2 (2) and (3). However, if at the time of notice of termination the salaried employee has reached the age of 30, the compensation may amount to up to three months’ salary. (2) If at the time of notice of termination the salaried employee has been continuously employed in the enterprise in question for at least ten years, the compensation referred to in subsection (1) may amount to up to four months’ salary. After 15 years’ continuous employment in the enterprise, the compensation may amount to up to six months’ salary. (3) The provisions laid down in subsections (1) and (2) shall apply correspondingly in the event of wrongful dismissal.
– (1) Where the employer wrongfully refuses to accept the services of the salaried employee or wrongfully dismisses him, and where the salaried employee has at the time when the employment relationship is broken off a right to no more than three months’ notice under section 2, the employer shall be liable to pay compensation corresponding to the salary up to the date on which the employee could have been lawfully dismissed or, if he had already been dismissed, up to the expiry of the period of notice, provided that no higher amount is payable under general liability rules. This shall also apply where the salaried employee is employed for a fixed term, and three months or less remain of this employment. (2) If at the time when the employer wrongfully broke off the employment relationship the salaried employee has a right to more than three months’ notice, the amount of the compensation shall be fixed under general liability rules. This shall also apply where the salaried employee is employed for a fixed term, and three months or more remain of this employment. However, the salaried employee shall, as a minimum, have a right to compensation corresponding to his salary up to the date of the termination of the employment relationship at three months’ notice in accordance with section 2. (3) The provisions laid down in this section shall also apply where the salaried employee terminates the employment relationship due to a serious breach of contract by the employer.
If the salaried employee wrongfully fails to take up his duties or leaves his work, or if the employer terminates the employment relationship due to a serious breach of contract by the salaried employee, the employer shall have a right to compensation for any loss incurred by him as a result thereof. In the event of unlawful absence from work or desertion, the employer shall, as a minimum, have a right to compensation corresponding to half a month’s salary unless there are special circumstances.
– (1) If the salaried employee becomes unable to perform his work due to illness, the resulting absence from work shall be deemed to be lawful absence unless the salaried employee has contracted the disease intentionally or by gross negligence during the period of employment, or if he, at the time when he took over the job, has fraudulently failed to disclose that he suffered from the disease in question. (2) However, it may be stipulated by written agreement in the individual employment relationship that the salaried employee may be dismissed at one month’s notice to expire at the end of a month where the salaried employee has received his salary during illness for a total of 120 days within a period of 12 consecutive months. The validity of the notice shall be dependent on it being given immediately on the expiry of the 120 days of illness and while the salaried employee is still ill, but the validity of the notice shall not be affected by the fact that the salaried employee has returned to work after the notice has been given. (3) If the employer provides the salaried employee with board and lodging as part of the salary, the employer shall be required to provide the salaried employee with the necessary care during illness as long as the salaried employee stays in the employer’s house. (4) In the event of illness of more than 14 days’ duration, the employer shall have a right, without expense to the salaried employee, to demand further information about the duration of the salaried employee’s illness from the employee’s medical practitioner or from a specialist chosen by the salaried employee. If the salaried employee fails to comply with this obligation without adequate justification, the employer shall be entitled to terminate the employment relationship without notice.
– (1) If a salaried employee is called up for national service, whether civil or military, the employer shall not be entitled to dismiss the employee. The employment relationship may only be terminated by giving notice under section 2, and the salaried employee shall have a right to receive his salary in accordance with subsection (2) of this section. However, the salaried employee shall be required to notify the employer as soon as he is informed of the date on which he is to report for duty, but at the earliest so long time before the reporting date that the salaried employee under the rules laid down in section 2 (6) might have given notice of termination to expire at the end of the month preceding the month during which he is to report for duty. Failure to do so shall entitle the employer to terminate the employment relationship without notice with effect from the reporting date the first time the salaried employee is called up and, in the event of subsequent periods of national service, to claim compensation for the loss caused by the failure to notify him. (2) Whilst a salaried employee is not entitled to receive any salary during the first period of national service, the employer shall, in the event of subsequent periods of national service, be required to pay the salary of the salaried employee for the month in which he is called up and for the following month. (3) After a new call-up for national service, the salaried employee shall have a right to reinstatement in his position with the same seniority. If the salaried employee wishes to avail himself of this right, he must inform the employer thereof when notifying him of his call-up, cf. subsection (1) and in that case he shall be required to return to his position upon discharge.
– (1) With a view to the employer’s organisation of the work, a female salaried employee must no later than three months before the expected date of childbirth inform her employer of the expected date for the start of her maternity leave. However, the maternity leave shall in all cases be deemed to have started either if the salaried employee is incapable of working due to the pregnancy four weeks before the expected date of childbirth for the reasons referred to in section 6 (2) of the Act on Entitlement to Leave and Benefits in the Event of Childbirth, or has at this time or later become incapable of working due to the pregnancy and if the incapacity for work continues until childbirth. (2) The salaried employee shall be entitled to half of her salary during absence due to pregnancy and maternity leave from the start of the maternity leave, cf. subsection (1) until 14 weeks after childbirth. (3) The salaried employee shall be entitled to full salary if she becomes incapable of working due to the pregnancy for the reasons referred to in section 6 (2) of the Act on Entitlement to Leave and Benefits in the Event of Childbirth during the period from the start of the pregnancy until the start of the maternity leave, cf. subsection (1). Section 5 (4) shall apply correspondingly. (4) If the employer dismisses the salaried employee before the start of the maternity leave or during the period referred to in subsection (2), she shall be entitled to full salary during the period of notice. If the salaried employee is dismissed during the period referred to in subsection (2), she shall be entitled to full salary from the start of the maternity leave.
On the death of a salaried employee during the period of employment, the salaried employee’s spouse or dependent children under the age of 18 shall be entitled to receive one, two or three months’ salary where the salaried employee at the time of the death has been employed in the enterprise for one, two or three years respectively.
– (1) If the work of a salaried employee in the service of the employer entails expenses for travelling, for board and lodging away from home, etc., the salaried employee shall be entitled to have all necessary expenses paid for by the employer, who shall be required to give the salaried employee an appropriate advance for the payment of these expenses. This shall also apply where it has been agreed that the expenses referred to are to be paid out of agreed salary or commission, but the sales that have taken place are insufficient to cover normal costs. (2) Commission advances paid to a salaried employee may only be recovered by the employer from the outstanding salary claims or earned commission of the salaried employee and may not be recovered as ordinary debts. (3) The payments referred to in sections 2b, 3, 5, 6, 7 and 8 shall for salaried employees paid on a provision basis be calculated on the basis of the commission earnings which the salaried employee presumably would have had if he had not been prevented from carrying out his activities during the periods in question.
– (1) Salaried employees shall have a right to organise for the protection of their interests and to give information to their organisation regarding their own pay and working terms. (2) Any group of staff shall, irrespective of its number, have a right to demand negotiations with the management of the enterprise on pay and working terms through its organisation. (3) If, during the negotiations, no agreement is reached between the parties or one party refuses to take part in the negotiations, either party shall have a right to request that the negotiations be continued with the assistance of a conciliator under the rules laid down in sections 11-13.
– (1) The conciliators referred to in section 10 shall be appointed for each case, in Copenhagen and Frederiksberg by the Industrial Court, in the rest of the country by the director of the state administration in the region in which the enterprise of the employer has its registered office. (2) Applications for the appointment of a conciliator must be made in writing and be accompanied by a brief statement of the facts of the case.
– (1) No later than five days after his appointment, the conciliator shall summon the parties for negotiation and fix the time and place for this negotiation. (2) It shall be the task of the conciliator to seek to reach agreement between the parties in the negotiations chaired by him. If no agreement can be reached, the conciliator shall submit a report on the negotiations to the authority which appointed him. A certified copy of the report shall be submitted to the parties at the same time.
Failure to appear before the conciliator shall be punishable by a fine, which shall accrue to the treasury.
– (1) The conciliators shall receive a fee which shall be fixed by the Minister for Employment. (2) Expenses related to the conciliation procedure shall be advanced from public funds, but shall be shared equally by the parties and may be recovered by levying execution.
A salaried employee shall be entitled to perform duties outside the service without the employer’s consent provided that the duties may be performed without any inconvenience to the enterprise.
After the salaried employee has given or received notice of termination of the employment relationship, the employer must, without any reduction in the salary, grant the salaried employee the necessary absence from work for the purpose of seeking other employment. In this connection, the salaried employee must give due consideration to the employer’s wish that the search for a job should take place at the most convenient times for the operation of the enterprise.
(Repealed)
17a. – (1) If a salaried employee who by agreement or by custom is partly remunerated with participation in profits, bonus or similar payments resigns from his position in a current financial year, he shall be entitled to a pro rata share, having regard to the length of his service in the financial year, of the payment he would have received if he had been employed in the enterprise at the end of the financial year or at the time when the payments are disbursed. (2) Subsection (1) shall not apply to share purchase and subscription options, etc which are subject to the Act on the Use of Rights to Acquire or Subscribe for Shares, etc. in Employment Relationships.
– (1) If the enterprise is transferred as a going concern to another owner, the employment relationships existing at the time of transfer shall continue with the new owner. (2) The new owner shall succeed to all rights and obligations between the previous owner and the salaried employee. (3) The previous owner shall be jointly and severally liable with the new owner for the payment of salary due on transfer of the enterprise.
– (1) If a salaried employee is employed for work abroad, the provisions of this Act shall apply correspondingly unless special arrangements have been agreed in writing between the parties. (2) The provisions of this Act shall not affect the application of collective agreements or any other agreements entered into between the parties which ensure more favourable conditions for the salaried employee.
– (1) The Minister for Employment may, by order, lay down further provisions concerning salaried employees, including provisions regarding termination, notice periods, remuneration, pension schemes, holidays, and other employment conditions. (2) Such orders may also apply to employment relationships covered by collective agreements.
– (1) Any disputes concerning the application or interpretation of this Act shall be referred to the ordinary courts unless otherwise provided. (2) The ordinary courts may refer disputes to the Labour Court for decision in accordance with the rules laid down in collective agreements.
– (1) This Act shall enter into force on 1 January 1998. (2) The Act shall apply to salaried employees employed before its entry into force unless otherwise agreed. (3) Repealed Acts: Act No. 442 of 24 June 1986 on Salaried Employees, Act No. 440 of 17 June 1983, and subsequent amendments.
Disclaimer: This content is provided for general informational purposes only and does not constitute legal advice.
Employer Mandatory Contributions Laws
Arbejdsmarkedets Tillægspension Act
Part I. Introduction
1. For the purpose of paying supplementary pensions to wage earners etc. in accordance with
this Act, ATP (Arbejdsmarkedets Tillægspension) shall be established.
Part II. Persons covered
2.-(1) Members of ATP (Arbejdsmarkedets Tillægspension) shall be the following, cf. however
section 3,
1. wage earners over the age of 16, employed in Denmark or stationed abroad for the
Danish state, Danish undertakings and institutions and on Danish ships,
2. persons receiving a general allowance or severance payment under the “lov om
tjenestemænd i staten, folkeskolen og folkekirken” (Act on Civil Servants in the State,
the Folkeskole (the Danish Primary and Lower Secondary School) and the Evangelical
Lutheran Church of Denmark) or under municipal civil servant regulations or rules,
3. persons who have been dismissed and who receive a salary during the period of notice,
and
4. persons who have been assigned to sheltered employment with remuneration in the
form of salary pursuant to section 103(1) of the Act on Social Services.
(2) Persons who, as wage earners pursuant to subsection (1), have been members of the
supplementary pension scheme for a total of no less than three years and who have, in
addition, paid contributions corresponding to three annual contributions pursuant to section
15, may, at their own request, keep their membership even if they become self-employed. The
supervisory board of ATP (Arbejdsmarkedets Tillægspension) shall lay down more detailed
regulations in this respect.
(3) Following consultation with the interested employers’ organisations and wage earners’
organisations, the Minister for Employment shall lay down regulations ensuring that groups of
persons who are typically employed by several employers within a given week (casual
workers) are covered by the scheme.
2a.-(1) Members of an unemployment insurance fund shall be covered by the scheme during
unemployment if they qualify for unemployment benefits under the Unemployment Insurance
etc. Act or Article 64 or 65 of Regulation (EC) No 883/2004 on the coordination of social
security systems etc. Furthermore, members of an unemployment insurance fund who receive
temporary labour market support pursuant to Part 9b of the Unemployment Insurance etc. Act
shall also be covered.
(2) Wage earners shall be covered by the scheme during absence from work if they qualify for
unemployment benefits under the Sickness Benefits Act or the Act on Entitlement to Leave and
Benefits in the event of Childbirth. The same shall apply to unemployed people who would
have been covered by subsection (1) if the circumstance qualifying them for unemployment
benefits had not existed.
(3) Wage earners in employment shall be covered by the scheme when participating in
education or training qualifying them for compensation under the Act on Travel Allowances and
Subsidies for Vocational Adult and Continuing Training, if they receive pay from an employer or
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
compensation from an unemployment insurance fund, from the Educational Support Agency,
or from their place of education.
(4) Wage earners receiving grants from the municipality when employed in schemes with light
jobs on special conditions (flex-jobs), cf. section 70 of the Active Employment Measures Act,
shall be covered by the scheme.
(5) Persons receiving benefits pursuant to sections 23, 25, 52, 68, 69 j and 74a of the Act on
an Active Social Policy and sections 42, 43 and 66a of the Act on Social Services shall be
covered by the scheme.
(6) Persons receiving a pension pursuant to section 16 of the Social Pensions Act shall be
covered by the scheme.
2b. The following persons may, if they so desire, pay contributions to ATP (Arbejdsmarkedets
Tillægspension) for periods when they receive the following types of benefit:
1. persons who are members of an unemployment insurance fund and who receive a
transitional benefit or early retirement pension under the Act on Unemployment
Insurance, etc.
2. persons receiving flex-job benefits under the Act on Flex Job Benefits,
3. persons who, pursuant to section 74 of the Unemployment Insurance etc. Act, receive
early retirement pension without being members of a Danish unemployment insurance
fund, and
4. persons covered by the “lov om delpension” (Act on Partial Pension).
2c. More detailed regulations regarding the duty to pay contributions under the provisions in
sections 2a and 2b shall be laid down by the Minister for Employment after consultation with
the Minister for Social Affairs and on the recommendation of the supervisory board of ATP
(Arbejdsmarkedets Tillægspension).
3.-(1) The Minister for Employment shall, after consultation with the supervisory board of ATP
(Arbejdsmarkedets Tillægspension), lay down regulations stipulating whether the following
groups are to be covered by this Act:
1. foreign wage earners who are on short-term employment contracts in Denmark,
2. foreign wage earners who, on long-term employment contracts in Denmark for foreign
companies, are covered by a pension scheme in their home country,
3. foreign wage earners employed by Danish diplomatic representations abroad or on
Danish ships, and
4. Danish wage earners employed abroad by Danish undertakings and covered by a
pension scheme applicable there.
(2) The Minister for Employment may depart from provisions of this Act regarding membership
of ATP (Arbejdsmarkedets Tillægspension) and regarding contributions in respect of nationals
of other states or parts thereof and Danish nationals who reside in other states or parts
thereof, provided that a mutual agreement has been made with the relevant states concerning
such persons’ access to supplementary pensions.
4. (Repealed).
Part IIa. (Repealed).
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
4a. (Repealed).
Part III. Personal pensions
5. (Repealed).
6.-(1) For members who entered the scheme no later than 31 March 1965, an annual
supplementary pension shall be paid in respect of seniority acquired before 1 January 1982,
subject, however, to a maximum of 17¾ years, cf. section 7, according to the following scale:
Born in Annual
pension per
seniority
April 1898 DKK 600.00
– 1899 DKK 312.00
– 1900 DKK 216.00
– 1901 DKK 168.00
– 1902 DKK 139.20
– 1903 DKK 120.00
– 1904 DKK 111.43
– 1905 DKK 105.00
October 1905 – April
1917
DKK 108.00
April 1918 DKK 109.71
– 1919 DKK 111.82
– 1920 DKK 113.74
– 1921 DKK 115.50
– 1922 DKK 117.12
– 1923 DKK 118.62
– 1924 DKK 120.00
– 1925 DKK 119.14
– 1926 DKK 118.34
– 1927 DKK 117.60
– 1928 DKK 116.90
– 1929 DKK 116.25
– 1930 DKK 115.64
– 1931 DKK 115.06
– 1932 DKK 114.51
– 1933 DKK 111.33
– 1934 DKK 108.32
– 1935 DKK 105.47
– 1936 DKK 102.77
– 1937 and
after
DKK 100.20
(2) For members who entered the scheme on 1 April 1965 or later, a supplementary pension
shall be paid of DKK 60 per year for each year of seniority, cf. section 7, acquired in the period
before 1 October 1972, and DKK 100 per year for each year of seniority acquired in the period
between 1 October 1972 and 31 December 1981. The maximum seniority that can be acquired
shall correspond to the time from entry into the scheme to 1 January 1982.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
7.-(1) For the time before 1 January 1982, one year of seniority shall correspond to payment
of contributions during a year, cf. section 15, for 11 months before the contributor reaches the
age of 60 and 9 months after such time.
(2) Contribution payments in the individual year, in addition to those mentioned in subsection
(1), shall be credited to the member in other contribution years to the extent necessary to
achieve seniority as stated in subsection (1) or to achieve a pension as stated in section 8(2).
Any surplus contributions shall be regarded as having been paid in the period between 1 July
1992 and 1 January 2002.
(3) Weeks or months for which a 2/3 or 1/3 contribution has been paid under section 15 shall
be included proportionally.
8.-(1) For contributions which relate to the period between 1 January 1982 and 1 July 1992,
an annual pension of DKK 100 shall be paid out per contribution amount of DKK 396 paid in
before the contributor reaches the age of 60 and DKK 100 for each contribution amount of DKK
324 paid in after this time.
(2) During the period mentioned in subsection (1), a pension may be achieved for up to a
maximum of 11 months’ contributions per year before the contributor reaches the age of 60
and for 9 months’ contributions per year after this time. Any surplus contributions shall be
credited to the contributor in accordance with regulations similar to those of section 7(2).
8a. For contributions which relate to the period between 1 July 1992 and 1 January 2002, an
annual pension of DKK 100 shall be paid for each contribution amount of DKK 396 paid in.
8b. For contributions which relate to the period from 1 January 2002 up until 1 January 2008,
with deduction of amounts under section 16, a pension shall be paid as stipulated in Annex A.
The pension shall be determined on the basis of an interest rate of 2% per annum.
8c.-(1) Contributions which relate to the period from 1 January 2008, with deduction of
amounts under section 16, shall be divided into a guarantee contribution and a bonus
contribution. Members shall be paid pensions from guarantee contributions in accordance with
the rate fixed once a year for the following year.
(2) On the recommendation of the supervisory board of ATP (Arbejdsmarkedets
Tillægspension), the Minister for Employment shall lay down more detailed regulations on the
principles for fixing the annual rate, cf. subsection (1). The Minister for Employment shall fix
the rate on the recommendation of the supervisory board of ATP (Arbejdsmarkedets
Tillægspension). The recommended annual rate shall be determined on the basis of a marketvalue-based qualifying interest rate fixed by the supervisory board of ATP (Arbejdsmarkedets
Tillægspension) in accordance with the pension basis, cf. section 18.
(3) On the recommendation of the supervisory board of ATP (Arbejdsmarkedets
Tillægspension) and following consultation with the Danish FSA, the Minister for Employment
shall stipulate the maximum guarantee contribution as a proportion of an annual contribution
and regulations on the principles for fixing the annual guarantee contribution which is actually
applied. At the request of the supervisory board of ATP (Arbejdsmarkedets Tillægspension),
the Minister for Employment shall stipulate the size of the guarantee contribution actually
applied.
9.-(1) A supplementary pension in the form of a personal pension shall be paid in advance
from the first day of the month after reaching state retirement age. Where a request to defer
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
payment of pension is submitted, the pension shall be adjusted in accordance with the
regulations laid down in section 9a. The supervisory board of ATP (Arbejdsmarkedets
Tillægspension) may, however, decide that small pension amounts plus bonus pension shall be
paid either over longer periods at a time or as a capitalised lump sum. The supervisory board
of ATP (Arbejdsmarkedets Tillægspension) shall lay down regulations regarding capitalisation
values, cf. section 18. In said capitalisation, the same remaining life expectancy shall be
applied for men and women.
(2) The calculated annual pension plus bonus pension shall be rounded to the nearest DKK
amount divisible by 12.
(3) In respect of the time before payment is commenced, a maximum of six months’
supplementary pension may be paid.
(4) Supplementary pension, cf. subsection (1), shall be paid on request to members who are
resident abroad.
(5) On the recommendation of the supervisory board of ATP (Arbejdsmarkedets
Tillægspension), the Minister for Employment shall lay down regulations regarding
restructuring of pension commitments in the event of a change in the state retirement age, cf.
the Social Pensions Act.
9a. Payment of the supplementary pension may be deferred, calculated from the state
retirement age. Payment may not, however, be deferred beyond the age of 75. The
supplementary pension shall be increased for each month payment is deferred. The increased
pension shall be acquired in accordance with the rate fixed once a year for the following year
by the Minister for Employment, on the recommendation of the supervisory board of ATP
(Arbejdsmarkedets Tillægspension). The recommended annual rate shall be determined on the
basis of a market-value-based qualifying interest rate, cf. section 8c(2).
10. The Minister for Employment may, on recommendation by the supervisory board of ATP
(Arbejdsmarkedets Tillægspension), lay down regulations regarding calculation and payment of
supplementary pensions.
Part IV. Benefits in the event of death (contributions to Arbejdsmarkedets
Tillægspension Scheme related to the time before 1 January 2002)
Spouse benefits
11.-(1) For spouses surviving members of the supplementary pension scheme who were born
on 1 July 1925 or later and who die on 1 July 1992 or later, a lump sum shall be paid on
death. The right to this lump sum shall not be affected in the event of separation of the
spouses.
(2) The lump sum shall correspond to the capitalised value of a pension benefit which, based
on calculations, would be assumed to be paid to a person of the same age as the deceased
member. Moreover, the pension benefit shall be assumed to be paid out for life as from the
time of death, but not earlier than from the 67th birthday of the person in question. If the
deceased had started receiving pension payments before the age of 67, cf. section 9(1), the
pension benefit shall be assumed to be paid out from the time of death. In said capitalisation,
the same remaining life expectancy shall be applied for men and women.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(3) The pension benefit, cf. subsection (2), shall constitute 35% of the personal pension and
bonus pension the relevant member is entitled to upon death.
Child benefit
11a.-(1) For children surviving members of the supplementary pension scheme who were
born on 1 July 1925 or later and who die on 1 July 1992 or later, a lump sum shall be paid on
death.
(2) For each child under the age of 18, the lump sum shall amount to one times the pension
rights to which the member was entitled at the time of death in the form of a personal pension
and bonus pension from the age of 67, adjusted, where applicable, in accordance with section
9(1) if the deceased had started receiving pension payments before the age of 67 or deferred
receiving pension payments until after the age of 67, cf. section 9a.
(3) The amount mentioned in subsection (2) shall be paid to the legal guardian of the
beneficiary child or children.
Transitional allowance
12.-(1) For a member of the supplementary pension scheme born between 1 July 1925 and
30 June 1941 who dies on or after 1 July 1992, a lump sum shall be paid on their death to
their surviving spouse in addition to the amount under section 11.
(2) The lump sum shall correspond to the capitalised value of a pension benefit for the
surviving spouse. In the calculation, the pension benefits shall be presumed to be paid out
from the time of the death, but no earlier than the 62nd year of the surviving spouse. In said
capitalisation, the same remaining life expectancy shall be applied for men and women, cf.
subsection (4).
(3) The pension benefit, cf. subsection (2), payable to a surviving spouse of a member born
on or before 30 June 1931 shall constitute 15% of the personal pension and bonus pension to
which the relevant member is entitled on 1 July 1992. For members born between 1 July 1931
and 30 June 1941, the percentage shall be phased out evenly so that, for members born on 1
July 1941 or later, there will be no pension benefit.
(4) In the capitalisation, only that part of the pension benefit under subsection (3) which,
combined with the pension benefit under section 11(3), exceeds any personal pension of the
surviving spouse (including bonus pension), cf. part III of this Act, shall be included from the
67th birthday of the surviving spouse or from the time said spouse began taking the pension
payment before the age of 67, cf. section 9(1). If the surviving spouse has not reached the
age of 67 at the time of the death, contributions relating to the period before 1 January 2002
shall be included in the calculation of the personal pension.
Capitalised spouse’s pension etc.
13.-(1) For a member of the supplementary pension scheme born on or before 30 June 1925
who dies on or after 1 July 1992, a lump sum shall be paid on their death to their surviving
spouse, cf. subsection (3).
(2) For surviving spouses, who were born on 1 July 1930 or later, of members who die before
1 July 1992, a lump sum shall be paid, cf. subsection (3).
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(3) The lump sums under subsections (1) and (2) shall be calculated as the capitalised value
of a pension benefit to the surviving spouse corresponding to either half of the personal
pension and bonus pension of the deceased or half of the personal pension and bonus pension
the deceased would have been entitled to receive from the age of 67 on the basis of the
contributions paid in and any bonus allotment.
(4) In the capitalisation, the pension benefit shall be assumed to be paid out from the time of
death, but not earlier than from the 62nd birthday of the surviving spouse, cf. subsection (5).
In said capitalisation, the same remaining life expectancy shall be applied for men and women.
(5) In the capitalisation, however, only that part of the pension benefit, cf. subsection (3)
which exceeds any personal pension of the surviving spouse (including bonus pension), cf. part
III of this Act, shall be included from the 67th birthday of the surviving spouse or from the
time said spouse began taking the pension payment before the age of 67, cf. section 9(1). If
the surviving spouse has not reached the age of 67 at the time of the death, contributions
relating to the period before 1 January 6 shall be included in the calculation of personal
pension.
(6) The lump sums under subsections (1) and (2) shall be paid out provided that the marriage
has lasted for no less than 10 years and that the deceased earned the right to full pension, cf.
sections 6, 7 and 8, for a total of 10 years.
(7) An application for a lump sum under subsection (2) shall be made on or before the 67th
birthday of the surviving spouse, but no earlier than 1 January 2007.
14.-(1) Where the right to receive spouse’s pension and bonus pension has been earned
before 1 July 1992, such pension shall be paid in accordance with regulations hitherto in force.
Such right shall lapse at the time of entry into a new marriage, but may be reinstated on
request if said new marriage is ended.
(2) If, at the same time, the surviving spouse meets the conditions for receipt of a
supplementary pension in the form of a personal pension under part III of this Act, said spouse
shall only be entitled to the larger of such pensions.
(3) The spouse’s pension shall otherwise be paid in accordance with the regulations laid down
in section 9(1).
14a.-(1) ATP (Arbejdsmarkedets Tillægspension) shall pay out a lump sum under sections 11-
13 once ATP (Arbejdsmarkedets Tillægspension) receives notification of death from the civil
registration system (the CPR). If the member lived abroad at the time of death, or if the
beneficiary of the death benefit lives abroad, payment shall be made on request from the
beneficiary.
(2) On the recommendation of the supervisory board of ATP (Arbejdsmarkedets
Tillægspension), the Minister for Employment may lay down regulations on the calculation and
payment of lump sums under sections 11, 11a, 12 and 13, as well as on calculation of personal
pension under section 12(4) and section 13(5). The supervisory board shall lay down
regulations for determining capitalised values, cf. section 18.
Part IVa. Benefits in the event of death (contributions to Arbejdsmarkedets
Tillægspension related to the time after 1 January 2002)
Benefits for spouses and cohabitees
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
14b.-(1) Where the spouse or cohabitee survives a member of the supplementary pension
scheme, a lump sum of DKK 40,000 shall be paid to them on the death of said member. The
right to this lump sum for spouses shall not be affected in the event of separation of the
spouses.
(2) “Cohabitees” shall mean persons who share the same address and who are entitled to
marry each other. In order to earn the right to a benefit under subsection (1), the cohabitees
shall have appointed each other as recipients of such benefit by making written registration of
this with ATP (Arbejdsmarkedets Tillægspension). The cohabitation, cf. 1st clause, shall exist
at the time of registration with ATP (Arbejdsmarkedets Tillægspension). It is a further
condition that cohabitation has existed for no less than two years before death. In the event
that the cohabitee is admitted to an institution, the requirement that they should have the
same address, mentioned in the 4th clause, shall have been met before such admission.
(3) A surviving cohabitee who meets the conditions of subsection (2), apart from the condition
of registration in subsection (2), 2nd clause, may request to be paid the lump sum specified in
subsection (1) if the conditions for registration as a cohabitee under subsection (2) were met
at the time of death.
(4) Benefit under subsection (1) may be paid to a surviving spouse or cohabitee of a member
who has been a member of the supplementary pension scheme for a total of no less than two
years, and who, in addition, has paid contributions corresponding to two annual contributions
pursuant to section 15.
(5) The supervisory board of ATP (Arbejdsmarkedets Tillægspension) may adjust the lump
sum mentioned in subsection (1).
14c. The benefit under section 14b(1) shall be reduced by equal amounts from and including
the year in which the member reaches the age of 66 up to and including the year in which the
member reaches the age of 69, so that the right to such benefit shall lapse completely on the
member’s 70th birthday.
14d. Spouses surviving members of the supplementary pension scheme who are entitled to a
lump sum under sections 11 and 12 and who are simultaneously entitled to a lump sum under
section 14b shall only be entitled to receive the greater of such sums.
Child benefit
14e.-(1) For children surviving members of the supplementary pension scheme, a lump sum
shall be paid on the death of said member. The lump sum for each child under the age of 21
shall be DKK 40,000.
(2) For children under 18, the lump sum shall be paid to the legal guardian of the beneficiary
child or children.
(3) Benefits under subsection (1) may be paid to surviving children of a member who has
been a member of the supplementary pension scheme for a total of no less than two years,
and who, in addition, has paid contributions corresponding to two annual contributions
pursuant to section 15.
(4) The supervisory board of ATP (Arbejdsmarkedets Tillægspension) may adjust the lump
sum under subsection (1).
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
14f. Children surviving members of the supplementary pension scheme who are entitled to a
lump sum under section 11a and who are simultaneously entitled to a lump sum under section
14e shall only be entitled to receive the greater of such sums.
14g.-(1) ATP (Arbejdsmarkedets Tillægspension) shall pay out a lump sum under sections
14b and 14e once ATP receives notification of death from the civil registration system (the
CPR). If the member lived abroad at the time of death, or if the beneficiary of the death
benefit lives abroad, payment shall be made on request from the beneficiary.
(2) On the recommendation of the supervisory board of ATP (Arbejdsmarkedets
Tillægspension), the Minister for Employment may lay down regulations on the calculation and
payment of lump sums under sections 14b and 14e.
Part V. Contributions
15.-(1) The supervisory board of ATP (Arbejdsmarkedets Tillægspension) shall stipulate the
size of the annual contribution, and this shall be the annual contribution to be paid for a
member employed full time by the same employer. The resolution shall be approved by a
simple majority of votes of the board of representatives, subject to the proviso that both a
majority of employer representatives and a majority of wage-earner representatives shall vote
in favour of the resolution.
(2) When renewing collective agreements, the social partners may agree to depart from the
annual contribution of subsection (1), but only if they agree to transfer to a contribution higher
than that which currently applies in the agreement.
(3) The contribution agreed pursuant to subsection (2) shall be increased by the same DKK
amount as that by which the annual contribution under subsection (1) is increased from 1
January 2010.
(4) For members who are not employed full time but are employed by the same employer, 2/3
or 1/3 or no contribution shall be paid depending on the extent of employment.
(5) In order to ensure that the same contribution amount is paid in for members with the
same degree of employment irrespective of the type of employment and the remuneration
period, cf. however subsections (2) and (3), following consultation with the Minister for
Finance and the supervisory board of ATP (Arbejdsmarkedets Tillægspension), the Minister for
Employment shall lay down regulations for calculation of contributions during employment by
the same employer, including more detailed regulations on
1. the breakdown of the annual contribution into pay periods and the number of hours
that determine when full, 2/3, 1/3 or no contribution shall be paid,
2. calculation of the number of hours to form the basis for payment of contributions for
members whose working hours are not known, and
3. the size of the contribution for groups of persons who are typically employed by several
employers within a single week.
(6) The employer shall pay 2/3 of the contribution and the member 1/3.
(7) Members who keep their membership pursuant to section 2(2) shall themselves pay the
total contribution under subsection (1).
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
16.-(1) For all members paying contributions, an amount shall be calculated annually which is
to be deducted in advance from the contributions paid by the individual member prior to
calculation of a pension under section 8c. The amount calculated shall be composed of
1. an amount to cover the benefit in the event of death under section 14b and 14e for the
individual contribution year, and
2. an amount to ensure maintenance of the cover under sections 14b and 14e for the
periods when insufficient contributions are paid to cover the deduction mentioned
above.
(2) For members paying contributions who have reached the age of 70, no amount shall be
deducted to cover the benefit in the event of death under section 14b.
17.-(1) The employer shall withhold the member’s part of the contribution from wage
payments and pay the total contribution to ATP (Arbejdsmarkedets Tillægspension) at the end
of each quarter.
(2) On the recommendation of the supervisory board of ATP (Arbejdsmarkedets
Tillægspension), the Minister for Employment shall lay down more detailed regulations
regarding payment of contributions, including regarding the time limit for payment. These
regulations may provide that ATP (Arbejdsmarkedets Tillægspension) may allow late payment
of contributions and cancel contributions and interest.
(3) If payment of contributions is not made in due time, the employer shall pay interest on the
contributions at 1.5% for each month or part thereof from the end of the quarter, cf.
subsection (1).
(4) ATP (Arbejdsmarkedets Tillægspension) shall have a right of distraint in respect of
contributions and interest.
(5) Subsections (2) to (4) shall apply correspondingly to contributions for members who,
pursuant to section 15(7), pay the total contribution themselves.
(6) If the employer is unable to cover contributions owed, or if these are waived, the wage
earner shall be entitled to pension rights for the contributions that have not been paid.
Part Va. (Repealed).
Part Vb. (Repealed).
Part Vc. Special Pension Savings Scheme (SP)
Persons covered and contributions (Repealed)
17f. (Repealed).
Credits (Repealed)
17g. (Repealed).
Management of accounts (Repealed)
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
17h. (Repealed).
Payment
17i. (Repealed).
17j. (Repealed).
SP Option Scheme (Repealed)
17k. (Repealed).
17l. (Repealed).
SP Basic Scheme (Repealed)
17m. (Repealed).
Transfer to another pension fund (Repealed)
17n. (Repealed).
Other provisions
17o. (Repealed).
17p. (Repealed).
17q. (Repealed).
Part Vd. Supplementary labour market pension for persons receiving early
retirement pensions
17r.-(1) ATP (Arbejdsmarkedets Tillægspension) shall accept contributions to the
supplementary labour market pension for persons retiring early on the basis of submission of
information from Udbetaling Danmark (UDK), cf. sections 33b and 33c of the Social Pensions
Act.
(2) Contributions under subsection (1) shall be used to acquire pension rights based on a
guarantee contribution and bonus contribution under the regulations set out in section 8c,
subject to the proviso that, prior to acquisition, no amount under section 16 is deducted, and
the acquired pension rights do not include rights to benefits under section 14b(4) and section
14e(3).
(3) Contributions under subsection (1) shall be administered and managed by ATP
(Arbejdsmarkedets Tillægspension) together with the fund’s other assets.
(4) A pension supplemented by a bonus pension shall be paid in accordance with the
regulations of section 9, section 9a and section 10, once the member reaches the state
retirement age, cf. section 1a of the Social Pensions Act.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(5) ATP (Arbejdsmarkedets Tillægspension) may lay down cost rates and fees in connection
with management and administration of the supplementary labour market pension for persons
retiring early.
(6) In the event of death, a lump sum shall be paid out, cf. section 33c(4) and section 33d(3)
and (5) of the Social Pensions Act. ATP (Arbejdsmarkedets Tillægspension) shall fix the
amount of the lump sum and the interest rate, as well as the principles underlying the rate of
interest on amounts covered by section 33c(4) of the Social Pensions Act. ATP
(Arbejdsmarkedets Tillægspension) shall pay out a lump sum once ATP (Arbejdsmarkedets
Tillægspension) receives notification of death from the civil registration system (the CPR). If
the member lived abroad at the time of death, payment shall be made on request from the
beneficiary estate of the deceased.
(7) The Danish FSA may lay down regulations for drawing up notes etc. relating to the
supplementary labour market pension for persons retiring early in the annual report etc. in
accordance with section 25m.
17s. (Repealed).
Part VI. Basis for pension and provisions
18.-(1) ATP (Arbejdsmarkedets Tillægspension) shall notify a pension basis to the Danish FSA
no later than the same time as, or before, ATP (Arbejdsmarkedets Tillægspension) starts using
the basis. The same shall apply to any subsequent amendment to this basis. The pension basis
shall include a specification of
1. the basis for calculation of pension, including interest-rate assumptions, qualifying
interest rates, rates, the division into guarantee and bonus contribution etc., cf. Part 3,
2. the basis for calculating benefits in the event of death, cf. parts IV and IVa of this Act,
and
3. regulations regarding distribution of the realised result to members and other
beneficiaries.
(2) The pension basis reported shall be based on adequate assumptions, and it shall be fair to
the members and other beneficiaries.
(3) Every effort shall be made to secure the real value of the pensions through a long-term
bonus policy.
(4) The Danish FSA may lay down more detailed regulations on the conditions mentioned in
subsections (1)–(3), including regulations as to whether and to what extent the notifications
shall be available to the public.
19.-(1) ATP (Arbejdsmarkedets Tillægspension) shall notify a provision basis to the Danish
FSA by no later than the same time as, or before, ATP (Arbejdsmarkedets Tillægspension)
starts using the basis. The same shall apply to subsequent changes of the basis. The provision
basis shall contain a description of the calculation basis for the pension provisions.
(2) The provision basis shall be laid down so that the provisions may be regarded as sufficient
for ATP (Arbejdsmarkedets Tillægspension) to meet its pension obligations.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(3) The Danish FSA may lay down more detailed regulations on the conditions mentioned in
subsections (1) and (2), including provisions on if and the extent to which notifications shall be
available to the public.
19a.-(1) If the Danish FSA deems that the requirements mentioned in section 18 are not
being met, following consultation with ATP (Arbejdsmarkedets Tillægspension), the Danish FSA
shall issue a report in this respect to the Minister for Employment.
(2) If the requirements of section 19 or the requirements in the regulations issued pursuant to
this Act are not met, the Danish FSA may order ATP (Arbejdsmarkedets Tillægspension) to
carry out the necessary changes in the conditions notified within a time limit laid down by the
Danish FSA.
Part VII. Administration
20.-(1) ATP (Arbejdsmarkedets Tillægspension) shall be managed by a committee of
representatives, a board and a chief executive officer.
(2) The Minister for Employment shall lay down the articles of association of ATP
(Arbejdsmarkedets Tillægspension).
21.-(1) The board of representatives shall be composed of 15 employer representatives and
15 wage-earner representatives and a chairperson.
(2) The employer representatives shall be appointed in the following manner, cf. section 25:
1. 10 on the recommendation of the Confederation of Danish Employers.
2. 1 on recommendation by the Minister for Finance.
3. 1 on the recommendation of Danish Regions.
4. 2 on the recommendation of Local Government Denmark.
5. 1 on the recommendation of the Danish Employers’ Association for the Financial Sector.
(3) The wage-earner representatives shall be appointed in the following manner, cf. section
25:
1. 10 on the recommendation of the Danish Confederation of Trade Unions.
2. 3 on recommendation by the Salaried Employees’ and Civil Servants’ Confederation.
3. 1 on the recommendation of the Danish Association of Managers and Executives.
4. 1 on the recommendation of the Danish Confederation of Professional Associations.
(4) The committee of representatives shall appoint its own chairman who may not be linked to
any employer or employee organisation.
(5) Members of the board of representatives shall be appointed for periods of three years at a
time, cf. however section 42. If an appointment takes place during the course of a three-year
period, such appointment shall only apply until expiry of the period. Reappointment may take
place.
22.-(1) The committee of representatives shall be presented with the annual report for
approval and shall process the cases presented by the board or at least four members of the
board.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(2) The board of representatives shall meet once each year and also when the supervisory
board or no less than four members of the supervisory board or ten members of the board of
representatives request such meeting.
23.-(1) The supervisory board shall be composed of the chairperson of the board of
representatives as chairperson, as well as 12 other members who shall be elected from the
members of the board of representatives and appointed as follows, cf. section 25:
1. 4 on the recommendation of the Confederation of Danish Employers.
2. 1 on the joint recommendation of the Danish Regions and Local Government Denmark.
3. 1 on the recommendation of the Minister for Finance.
4. 3 on the recommendation of the Danish Confederation of Trade Unions.
5. 2 on the recommendation of wage-earner representatives on the board of
representatives who represent wage earners employed by the state and municipalities.
6. 1 on the joint recommendation of the Salaried Employees’ and Civil Servants’
Confederation and the Danish Association of Managers and Executives.
(2) Members of the supervisory board shall be appointed for periods of three years at a time.
If an appointment takes place within the three-year period, such appointment shall only apply
until expiry of the current function period of the committee of representatives. The terms of
office shall be renewable.
(3) The supervisory board shall manage administration of ATP (Arbejdsmarkedets
Tillægspension) in accordance with the regulations in this Act and the basis for pension and
provisions notified under sections 18 and 19.
(4) The supervisory board may authorise the chief executive officer to sell administrative
services to a subsidiary undertaking established in accordance with section 26b(1) and (2).
Sales shall take place in accordance with corresponding regulations applying for commercial
services rendered by government institutions under the Finance Act. Accounts for these
activities shall be separate from the other accounting records of ATP (Arbejdsmarkedets
Tillægspension). The Minister for Employment may lay down more detailed regulations on
conditions and supervision.
(5) The supervisory board may authorise the chief executive officer to sell administrative
services to a subsidiary undertaking established in accordance with section 26b(3) and (5),
with the exception of administrative services to subsidiary undertakings which engage in
banking or mortgage-credit institution activities. The services shall be provided pursuant to the
usual business terms of ATP (Arbejdsmarkedets Tillægspension) and terms based on market
conditions.
(6) The supervisory board may, by means of rules of procedure, lay down specific provisions
on the performance of its duties and responsibilities.
(7) The supervisory board shall
1. identify and quantify the significant risks and define a risk profile, including defining the
risks ATP (Arbejdsmarkedets Tillægspension) may accept and their extent, and
2. adopt policies for how ATP (Arbejdsmarkedets Tillægspension) shall manage each of the
significant activities of ATP (Arbejdsmarkedets Tillægspension) and the associated risks,
taking into account the interaction between these.
(8) Based on the risk profile defined and the policies adopted, the supervisory board shall
issue the chief executive officer with written guidelines, which as a minimum shall include
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
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1. verifiable frameworks for the risks to which the chief executive officer may expose ATP
(Arbejdsmarkedets Tillægspension) and their extent,
2. the principles for determining the calculation of the individual risk types,
3. regulations on which transactions require a decision by the supervisory board and which
transactions the chief executive officer can carry out as part of their position, and
4. regulations for how and to what extent the chief executive officer shall report to the
supervisory board on the risks of ATP (Arbejdsmarkedets Tillægspension), including on
the utilisation of the frameworks in the guidelines for the chief executive officer and on
compliance with the limits laid down in the legislation regarding the risks which ATP
(Arbejdsmarkedets Tillægspension) may accept.
(9) The supervisory board shall regularly decide whether the risk profile and policies, as well
as the guidelines for the chief executive officer, are reasonable in relation to the activities,
organisation and resources, including capital and liquidity, of ATP (Arbejdsmarkedets
Tillægspension), and the market conditions under which it engages in its activities.
(10) The supervisory board shall regularly assess whether the chief executive officer is
performing their duties in accordance with the risk profile defined, the policies adopted and the
guidelines for the chief executive officer. The supervisory board shall take appropriate steps if
this is not the case.
(11) The supervisory board shall appoint the chief executive officer and other managing
personnel. General instructions and guidelines issued to members and their employers shall be
approved by the supervisory board.
(12) Following consultation with the Minister for Employment, the Danish FSA shall lay down
more detailed regulations on obligations incumbent on the supervisory board of ATP
(Arbejdsmarkedets Tillægspension) pursuant to subsections (7)–(10).
23a.-(1) A member of the supervisory board or the chief executive officer of ATP
(Arbejdsmarkedets Tillægspension) shall have appropriate experience in carrying out the
duties and responsibilities of their position.
(2) A member of the supervisory board or the chief executive officer:
1. Shall not, at present or in the future, be held criminally liable for violation of this Act,
the Criminal Code, financial legislation, or other relevant legislation, if such violation
entails a risk that the person in question may fail to carry out their duties and
responsibilities adequately.
2. Shall not have filed for financial reconstruction, have filed for bankruptcy or debt
restructuring, or be under financial reconstruction, bankruptcy proceedings or debt
restructuring.
3. Shall not, because of their financial situation or via a company which the person in
question owns, participates in the operation of, or has a significant influence on, have
caused or cause losses or risks of losses for ATP (Arbejdsmarkedets Tillægspension).
4. Shall not have behaved or behave such that there is reason to assume that the person
in question will not perform his duties or responsibilities adequately. In the assessment
of whether a member of the supervisory board or executive board behaves or has
behaved inappropriately, emphasis will be on maintaining confidence in the financial
sector.
(3) Members of the supervisory board and the chief executive officer shall notify the Danish
FSA on the circumstances mentioned in subsections (1) and (2) in connection with their
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
appointment to the management of ATP (Arbejdsmarkedets Tillægspension), and if the
circumstances mentioned in subsections (2) and (3) subsequently change.
(4) As part of the company’s corporate management, cf. section 23b(1), The supervisory
board of ATP (Arbejdsmarkedets Tillægspension) shall identify the key persons in the company
and notify the the Danish FSA.
(5) Subsections (1)-(3) shall apply correspondingly for employees who have been identified as
key persons pursuant to subsection (4).
23b.-(1) ATP (Arbejdsmarkedets Tillægspension) shall have effective corporate management,
including
1. a clear organisational structure with a well-defined, transparent and consistent division
of responsibilities,
2. good administrative and accounting practices,
3. written procedures for all significant areas of activity,
4. effective procedures to identify, manage, monitor and report on the risks to which ATP
(Arbejdsmarkedets Tillægspension) is or may be exposed,
5. the resources necessary for proper performance of the activities of ATP
(Arbejdsmarkedets Tillægspension) under this Act, and appropriate use of these,
6. procedures to separate functions with a view to management and prevention of
conflicts of interest,
7. full internal control procedures,
8. adequate IT control and security measures, and
9. remuneration policies and practices that are consistent with and promote sound and
effective risk management.
(2) Following consultation with the Minister for Employment, the Danish FSA shall lay down
more detailed regulations on the measures which ATP (Arbejdsmarkedets Tillægspension) is to
take in order to have effective forms of corporate management, cf. subsection (1).
23c.-(1) The Minister for Business and Growth shall lay down more detailed regulations on
outsourcing relating to
1. ATP (Arbejdsmarkedets Tillægspension)’s liability for and supervision of a supplier,
including chain outsourcing by said supplier,
2. ATP (Arbejdsmarkedets Tillægspension)’s duty to notify the Danish FSA by no later than
eight business days after establishment of the outsourcing contract,
3. ATP (Arbejdsmarkedets Tillægspension)’s internal guidelines for outsourcing, and
4. requirements which ATP (Arbejdsmarkedets Tillægspension) shall, as a minimum,
ensure are met by the supplier at all times and which shall be agreed in the outsourcing
contract.
(2) Outsourcing, outsourcing activities, supplier and chain outsourcing shall have the same
meaning as in section 5 of the Financial Business Act with the changes necessary.
(3) The Danish FSA may decide that outsourcing carried out by ATP (Arbejdsmarkedets
Tillægspension) shall cease within a time limit specified by the Danish FSA, if the outsourcing
contract or parties to the contract do not comply with regulations stipulated pursuant to
subsection (1).
(4) Section 27b, nos. 1 and 3 shall apply correspondingly to suppliers and sub-suppliers for
outsourcing contracts, cf. subsection (2).
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
24. The chief executive officer shall be responsible for the daily management of ATP
(Arbejdsmarkedets Tillægspension) and shall be responsible to the board.
24a.-(1) The supervisory board of ATP (Arbejdsmarkedets Tillægspension) shall employ a
responsible actuary to carry out the actuarial functions necessary, including calculations and
investigations. The position as responsible actuary shall not be combined with the position as a
member of the supervisory board of ATP (Arbejdsmarkedets Tillægspension) or chief executive
officer.
(2) If a responsible actuary resigns or is dismissed, the supervisory board and the actuary
shall submit separate statements detailing the reason for the resignation or dismissal to the
Danish FSA no later than one month after the resignation or dismissal of the responsible
actuary takes place.
(3) The responsible actuary shall ensure that ATP (Arbejdsmarkedets Tillægspension) complies
with the basis for pension and provisions notified, including ensuring that the basis for pension
and provisions is at all times in accordance with the requirements mentioned in sections 18
and 19. The responsible actuary shall, in this connection, review the actuarial content of the
activities and material in general of ATP (Arbejdsmarkedets Tillægspension).
(4) The responsible actuary shall immediately notify the Danish FSA of any failure to comply
with the conditions mentioned in subsection (3). The responsible actuary shall be entitled to
request from the chief executive officer any information necessary for the execution of their
duties and responsibilities. The Danish FSA may request from the actuary the information
necessary to assess the financial position of ATP (Arbejdsmarkedets Tillægspension).
(5) The responsible actuary shall submit a report to the Danish FSA annually. This report shall
contain an actuarial calculation of the status of ATP (Arbejdsmarkedets Tillægspension) in
accordance with the notified basis for provisions.
(6) The Danish FSA may lay down more detailed provisions on the conditions mentioned in
subsections (1)- (5), including the requirements a person is required to fulfil in order to be
employed as the responsible actuary.
(7) The responsible actuary may request that the supervisory board be convened. The
responsible actuary shall be entitled to attend and speak at the meetings of the supervisory
board unless otherwise stipulated by the supervisory board in the individual case.
(8) The responsible actuary shall attend meetings of the supervisory board when these
matters are discussed, where this is required by one or more members of the supervisory
board.
24b.-(1) Persons employed by the supervisory board of ATP (Arbejdsmarkedets
Tillægspension) in accordance with legislation or the articles of association and employees for
whom there is a significant risk of conflicts between own interests and the interests of ATP
(Arbejdsmarkedets Tillægspension) may not, at their own expense, or through companies they
control,
1. raise a loan or draw on credit already approved in order to acquire securities if the
securities acquired are provided as collateral for the loan or the credit,
2. acquire, issue or trade in derivative financial instruments, except to hedge risk,
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
3. acquire holdings, except for units in Danish UCITS, capital associations and foreign
investment undertakings covered by section 143(1), nos. 2 and 3 of the Investment
Associations etc. Act with a view to selling such units less than six months from the
date of acquisition, or
4. acquire positions in foreign currency, except for euros, if taking the position takes place
with a view to anything other than payment for the acquisition of securities, goods or
services, acquisition or management of real property, or for use when travelling.
(2) The group of persons mentioned in subsection (1) may not acquire holdings in companies
that carry out the activities mentioned in subsection (1), nos. 1–4. This shall not apply,
however, to the acquisition of shares in banks, insurance companies, mortgage-credit
institutions and investment firms, as well as units in Danish UCITS, capital associations and
foreign investment undertakings covered by section 143(1), nos. 2 and 3 of the Investment
Associations etc. Act.
(3) The supervisory board shall decide which employees have a significant risk of conflicts
between their own interests and the interests of ATP (Arbejdsmarkedets Tillægspension), and
who shall therefore be covered by the prohibition. The supervisory board shall ensure that the
relevant employee knows of this decision. The penalty in section 32a shall apply from the time
the employee in question has received information in this respect.
(4) For the persons covered by subsection (1), the supervisory board shall draw up guidelines
for verifying compliance with the bans of subsections (1) and (2), 1st clause, including
guidelines on reporting of investments.
(5) The external auditors shall once a year review the guidelines of ATP (Arbejdsmarkedets
Tillægspension) under subsection (4) and, in the audit book comment relating to the annual
report, state whether the guidelines are adequate and have functioned appropriately, as well
as whether the control procedures of ATP (Arbejdsmarkedets Tillægspension) have given rise
to observations.
(6) Upon request from the supervisory board of ATP (Arbejdsmarkedets Tillægspension), an
account-holding institution has a duty to provide the external auditors of ATP
(Arbejdsmarkedets Tillægspension) with access to information on accounts and custody
accounts and to provide printed statements from these with regard to persons covered by
subsection (1).
(7) The ban in subsection (1), no. 2 shall not cover financial instruments derived from shares
in an undertaking in the same group as ATP (Arbejdsmarkedets Tillægspension), received as
part of the relevant person’s salary.
(8) The prohibition in subsection (1), no. 1 shall not cover loans to buy employee shares or
the instruments mentioned in subsection (7).
(9) Notwithstanding subsections (1)–(8), chief and deputy chief internal auditors may not
have financial interests in undertakings in the same group as ATP (Arbejdsmarkedets
Tillægspension).
24c.-(1) ATP (Arbejdsmarkedets Tillægspension) may not enter into exposures with members
of the board of representatives and supervisory board, the chief executive officer, employees
of the supplementary pension scheme, the supplementary pension scheme’s external auditors,
or the chief and deputy chief internal auditors.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(2) Without the approval of the supervisory board, which shall be entered in the minute book
of the supervisory board, ATP (Arbejdsmarkedets Tillægspension) may not approve an
exposure to or accept collateral from undertakings in which members of the supervisory board,
or persons who in accordance with legislation or provisions in the articles of association are
employed by the supervisory board of ATP (Arbejdsmarkedets Tillægspension), are members
of the executive board or of the supervisory board.
(3) The exposures mentioned in subsection (2) shall be approved pursuant to the usual
business terms of ATP (Arbejdsmarkedets Tillægspension) and terms based on market
conditions. In the audit book on the annual report, the elected auditors of the supplementary
pension scheme shall issue a statement as to whether the requirements of the 1st clause have
been met.
(4) The chief executive officer and the supervisory board shall, in particular, monitor the
propriety and progress of the exposures mentioned in subsection (2).
(5) The regulations in subsections (2), (3), 1st clause, and (4) shall also apply to exposures
established with companies in which persons related to the chief executive officer by marriage,
cohabitation for no less than two years, kinship or relationship by marriage in the direct line of
ascent or descent or as a sibling, are members of the executive board.
24d.-(1) Persons employed by the supervisory board of ATP (Arbejdsmarkedets
Tillægspension) in accordance with legislation or provisions in the articles of association may
not, without the consent of the supervisory board, own or operate an independent business
undertaking, or participate, as a member of the supervisory board, an employee, or in any
other way, in the management or operation of a business undertaking other than ATP
(Arbejdsmarkedets Tillægspension), cf. however section 25p(8) and (9).
(2) Other employees of ATP (Arbejdsmarkedets Tillægspension) for whom there is a significant
risk of conflicts between the interests of the employee and those of ATP (Arbejdsmarkedets
Tillægspension) may not, without the consent of the chief executive officer, own or operate an
independent business undertaking, or participate, as a member of the supervisory board, an
employee, or in any other way, in the management or operation of a business undertaking
other than ATP (Arbejdsmarkedets Tillægspension). The supervisory board shall be informed of
occasions on which the chief executive officer has given consent.
(3) The supervisory board shall decide which employees have a significant risk of conflicts
between their own interests and the interests of ATP (Arbejdsmarkedets Tillægspension), and
who therefore require the consent of the chief executive officer, cf. subsection (2). The
supervisory board shall ensure that the relevant employee knows of this decision. The penalty
in section 32a shall apply from the time the employee in question has received information in
this respect.
(4) The activities mentioned in subsections (1) and (2) may only be carried out where ATP
(Arbejdsmarkedets Tillægspension) or undertakings which are in the same group as ATP
(Arbejdsmarkedets Tillægspension) neither have nor enter into exposures with the business
undertakings mentioned in subsections (1) and (2) or undertakings in the same group as
these. This shall not apply to exposures in the form of holdings, exposures with the
undertakings mentioned in subsections (5) and (6) and exposures with business undertakings
in the same group as ATP (Arbejdsmarkedets Tillægspension) or business undertakings where
ATP (Arbejdsmarkedets Tillægspension), LD (Lønmodtagernes Dyrtidsfond), the Labour Market
Insurance or financial undertakings jointly, or in association with funds and associations
established pursuant to sections 207, 214 and 215(1) of the Financial Business Act, own more
than 4/5 of the holdings.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(5) The ban on exposures stipulated in subsection (4) shall not apply in connection with
participation in the boards of directors of Danish Ship Finance A/S, Dansk
Udviklingsfinansiering A/S, BSU-fonden, LR Realkredit A/S, Bornholms Erhvervsfond,
Grønlandsbanken A/S, Kongeriget Danmarks Fiskeribank, stock exchanges, authorised market
places, clearing centres, central securities depositories, OMX AB, OMX Exchanges Oy, the
Investment Fund for Developing Countries (IFU) and the Investment Fund for Central and
Eastern Europe (IFØ).
(6) The ban on exposures stipulated in subsection (4) shall not apply in connection with
participation in the supervisory board of an undertaking which is temporarily operated by ATP
(Arbejdsmarkedets Tillægspension) pursuant to section 26c(3) to hedge or settle exposures
already entered into.
(7) All authorisations granted by the supervisory board in pursuance of subsection (1) shall
appear in the minute book of the supervisory board.
(8) At least once a year, ATP (Arbejdsmarkedets Tillægspension) shall publish information on
the duties and responsibilities approved by the supervisory board pursuant to subsection (1).
Furthermore, in the audit book comment relating to the annual report, the external auditors
shall issue a statement as to whether ATP (Arbejdsmarkedets Tillægspension) has exposures
with business undertakings covered by subsections (1) and (2).
(9) Notwithstanding subsection (1), the internal auditors may carry out internal audit tasks in
schemes and undertakings that are managed by ATP (Arbejdsmarkedets Tillægspension)
pursuant to other legislation or agreements, without the permission of the supervisory board.
(10) In exceptional circumstances, the Danish FSA may grant exemptions from subsection
(4).
24e. The regulations of the Public Companies Act governing group representation shall not
apply to employees in undertakings through which ATP (Arbejdsmarkedets Tillægspension)
pursues other activities pursuant to this Act.
24f. Following consultation with the Minister for Employment, the Minister for Business and
Growth may lay down more detailed regulations for the content of the remuneration policy
mentioned in section 23b(1), no. 9, including the duty of ATP (Arbejdsmarkedets
Tillægspension) to publish information relating to the Danish FSA’s supervision and stipulate
more detailed regulations regarding the definition of other employees, if the activities have a
significant influence on the risk profile of the undertaking.
24g.-(1) ATP (Arbejdsmarkedets Tillægspension) shall have a scheme under which, via a
specific, independent and separate channel, its employees can report infringements or
potential infringements of the financial regulations committed by the undertaking, including
infringements committed by employees or members of the supervisory board of the
undertaking. It shall be possible to submit reports to the scheme anonymously.
(2) The scheme in subsection (1) may be established through collective agreements.
24h.-(1) ATP (Arbejdsmarkedets Tillægspension) may not expose an employee to
unfavourable treatment or unfavourable consequences as a consequence of the employee
having reported infringement or potential infringement by the undertaking of the financial
regulations to the Danish FSA or through a scheme in the undertaking.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(2) Employees whose rights have been violated through infringement of subsection (1) may
be awarded compensation. The amount of compensation shall be set on the basis of the length
of employment of the employee and on the circumstances of the case otherwise.
(3) Subsections (1) and (2) may not be derogated from to the detriment of the employee.
25.-(1) The committee of representatives and the board should, as far as possible, have a
balanced composition of men and women.
(2) When members are recommended under section 21(2) and (3) and section 23(1), both a
man and a woman shall be recommended. If more than one member is to be recommended,
an equal number of men and women shall be recommended. If an odd number of persons are
to be recommended, one more of one sex than the other shall be recommended. The
organisations shall state their preferences in their recommendations and the Minister for
Employment shall follow said recommendations unless they would result in a disproportionate
representation of the sexes on the board of representatives or the supervisory board. In such
cases the Minister for Employment has the right to appoint others from those recommended so
that the board of representatives and the supervisory board are as far as possible composed of
an equal number of men and women. The Minister for Employment shall decide which of the
persons recommended shall be appointed as members of the board of representatives and the
supervisory board.
(3) If special reasons so dictate, the authority or organisation may depart from subsection (2).
In such cases the authority or organisation shall state its reasons.
Part VIIa. Annual report and audit
25a.-(1) For each financial year, the supervisory board and the chief executive officer shall
prepare an annual report, which shall as a minimum comprise a management’s review, a
statement by management and financial statements comprising a balance sheet, an income
statement and notes, including a statement of accounting policies. When the annual financial
statements have been audited, the auditors’ report shall be included in the annual report.
(2) The annual report shall be prepared in accordance with the regulations stipulated in this
part of this Act as well as regulations issued pursuant to section 25m.
25b. Each individual member of the management shall be responsible for ensuring that the
annual report is prepared in accordance with the legislation and any further accounting and
reporting requirements provided for in the articles of association or by agreement.
Furthermore, each individual member shall be responsible for ensuring that the financial
statements and any consolidated financial statements may be audited in time and that the
annual report may be approved in time. Finally, each individual member of the supervisory
board shall be responsible for ensuring that the annual report is submitted to the Ministry of
Employment and the Danish FSA within the time limits stipulated in legislation.
25c. When the annual report has been prepared, it shall be signed and dated by all the
members of the supervisory board and the executive board. They shall affix their signatures to
a statement by management in which the name and function at ATP (Arbejdsmarkedets
Tillægspension) of each member shall be clearly stated and in which they shall declare whether
1. the annual report has been presented in accordance with the requirements provided for
by legislation and any requirements provided for by the articles of association or by
agreement,
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
2. the financial statements give a fair presentation of the assets and equity and liabilities,
financial position and results for the year of ATP (Arbejdsmarkedets Tillægspension)
and the group respectively, and
3. the management’s review contains a fair review of the development of the activities
and financial circumstances of ATP (Arbejdsmarkedets Tillægspension) and the group
respectively, as well as a description of the most important risks and uncertainty factors
to which ATP (Arbejdsmarkedets Tillægspension) or the group respectively may be
subject.
(2) If the management has added supplementary reports to the annual report, the members
of the supervisory board and the chief executive officer shall state in the statement by
management whether the statement gives a fair review in accordance with generally accepted
guidelines for such reports.
(3) Even if a member of the management disagrees with an annual report in full or in part or
has objections to the annual report being approved with the contents decided upon, said
member shall not be entitled to omit to sign the annual report. However, such member of the
management may state his or her objections giving specific and adequate grounds in
connection with his or her signature and the management endorsement.
25d.-(1) The annual financial statements give a fair presentation of the assets and equity and
liabilities, financial position and results for the year of ATP (Arbejdsmarkedets Tillægspension)
and the group respectively. The management’s review shall contain a fair review of the
circumstances dealt with in the review.
(2) If the application of the provisions of this Act or regulations issued pursuant to
section 25m is not sufficient to give a fair presentation in accordance with subsection (1),
further disclosure shall be made in the financial statements and consolidated financial
statements respectively.
(3) If, in exceptional circumstances, the application of the provisions set out in this part of this
Act or the application of regulations issued pursuant to section 25m conflicts with the
requirement of subsection (1), 1st clause, such provisions or regulations shall be departed
from so that the requirement can be met. Any such departure shall be disclosed in the notes
for each year, always giving specific and adequate grounds and indicating the effect, including,
if possible, the effect in terms of amounts, of the departure on the assets and equity and
liabilities, financial position and the results of ATP (Arbejdsmarkedets Tillægspension) and the
group respectively.
25e.-(1) In order for the financial statements and consolidated financial statements to give a
fair presentation and for the management’s review to contain a fair review, cf. section 25d, the
regulations of subsections (2) and (3) shall be met.
(2) The annual report shall be prepared so as to support users of financial statements in their
financial decisions. Such users of financial statements are private individuals, undertakings,
organisations and public authorities, etc., whose financial decisions must normally be expected
to be affected by an annual report, including members, creditors, employees, customers,
alliance partners, the local community, authorities providing government grants and fiscal
authorities. As a minimum, the decisions in question shall concern
1. investment of the user’s own resources,
2. the management’s administration of the resources of the undertaking, and
3. the distribution of the resources of the undertaking.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(3) The annual report shall be prepared so as to disclose information about matters which are
normally relevant to users of the financial statements, cf. subsection (2). The information
disclosed shall also be reliable in relation to users’ normal expectations.
25f.-(1) The annual report shall be prepared in accordance with the basic assumptions set out
below:
1. It must be prepared in a clear and understandable manner (clarity).
2. The substance of transaction rather than formalities without any real content must be
accounted for (substance over form).
3. All relevant matters shall be included in the annual report unless they are insignificant
(materiality), but where several insignificant matters are deemed to be significant when
combined, they must be included.
4. The operation of an activity is based on a going concern assumption unless it is to be
discontinued or it is assumed that it will not be possible to be continued. If an activity is
discontinued, classification and presentation as well as recognition and measurement
must be adjusted accordingly.
5. Any change in value shall be shown, irrespective of the effect on the income statement
(neutrality).
6. Transactions, events and changes in value shall be recognised when they occur,
irrespective of the time of payment (accruals basis).
7. Methods of recognition and measurement basis must be applied uniformly to the same
category of matters (consistency).
8. Each transaction, event and change in value shall be recognised and measured
individually, and individual matters shall not be offset against each other (gross
presentation).
9. The opening balance sheet for the financial year shall correspond to the closing balance
sheet for the previous financial year (formal consistency).
(2) Presentation and classification, method of consolidation, method of recognition and
measurement basis as well as the monetary unit applied may not be changed from period to
period (actual consistency). However, a change may be made if this results in a fairer
presentation being given, or if the change is necessary in order to comply with new regulations
issued pursuant to section 25m(3).
(3) The provisions of subsection (1), nos. 6–9, and subsection (2) may be departed from in
exceptional circumstances. Section 25d(3), 2nd clause shall apply correspondingly in such
cases.
25g.-(1) The assets and liabilities of ATP (Arbejdsmarkedets Tillægspension) shall, unless
otherwise provided for pursuant to section 25m, be measured at fair value. Assets and
liabilities shall be depreciated and revalued in accordance herewith and depreciation and
revaluation amounts shall be recognised in the income statement unless otherwise specified
pursuant to section 25.
(2) The fair value shall be determined as the market value of the relevant asset or liability on
a well-functioning market. Where such an asset or liability is not traded on a well-functioning
market, a recognised method shall be employed to calculate the fair value of the relevant asset
or liability.
25h.-(1) Supplementary reports, e.g. reports on knowledge and know-how and employee
conditions (knowledge accounts), environmental issues (green accounts), the social
responsibility of ATP (Arbejdsmarkedets Tillægspension) (social accounts) and ethical
objectives and follow-up to same of ATP (Arbejdsmarkedets Tillægspension) (ethical accounts),
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
shall give a fair review in accordance with generally accepted guidelines for such reports. Such
reports shall meet the quality requirements of section 25e(3) and the basic assumptions set
out in section 25f(1) and (2), subject to the special terms required by the nature of the case.
(2) The methods and measurement basis used for the preparation of the supplementary
reports shall be disclosed in the reports.
25i. The financial year shall be the calendar year. This requirement shall also apply to any
subsidiary undertakings.
25j. Recognition, measurement and disclosure in monetary units shall be denominated in
Danish kroner (DKK).
25k. The annual report shall be audited by the external auditors of ATP (Arbejdsmarkedets
Tillægspension), cf. section 25p. Such audit shall not apply to the management’s review and
the supplementary reports included in the annual report, cf. section 25h. The auditor shall,
however, issue an opinion on whether the information in the management’s review is in
accordance with the financial statements and any consolidated financial statements.
25l.-(1) After the annual report has been approved by the board of representatives pursuant
to section 22(1), the audited and approved annual report and a transcript of the audit book
regarding the audit of the annual report shall be submitted to the Ministry of Employment and
the Danish FSA without undue delay, but no later than four months after the end of the
financial year. If the supervisory board has appointed internal auditors, the audit book of the
chief internal auditor shall also be submitted.
(2) The annual report submitted shall as a minimum include the compulsory elements and the
full auditors’ report. Where ATP (Arbejdsmarkedets Tillægspension) wishes to publish
supplementary reports as specified in section 25h, such reports shall be submitted with the
compulsory elements of the annual report, so that the compulsory elements and the
supplementary reports jointly form a single document, designated as the »årsrapport« (annual
report).
(3) Together with the submission of the annual report under subsection (1), a copy of the
annual report from all subsidiary undertakings of ATP (Arbejdsmarkedets Tillægspension) shall
be submitted.
25m.-(1) The Danish FSA shall lay down more detailed regulations on the annual report,
including regulations on the recognition and valuation of assets, liabilities, revenue and
expenditure, presentation of the income statement and balance sheet, and requirements
regarding notes and the management’s review.
(2) The Danish FSA shall also lay down regulations on consolidated financial statements,
including regulations on when the annual report shall include consolidated financial
statements.
(3) The Danish FSA may lay down regulations on the preparation and publication of interim
statements covering shorter periods than the annual report.
25n. In order to ensure that the annual reports of ATP (Arbejdsmarkedets Tillægspension) are
in accordance with the regulations of this part of this Act and the regulations issued pursuant
to section 25m, the Danish FSA may
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
1. provide guidance,
2. take action against violations, and
3. order that errors be corrected and that violations be remedied.
25o.-(1) The Danish FSA may require ATP (Arbejdsmarkedets Tillægspension) to regularly
submit accounts to the Danish FSA in accordance with more detailed guidelines laid down by
the Danish FSA.
(2) The Danish FSA may demand that the submission of financial statements referred to in
subsection (1) be supplemented with reports on individual matters, signed by the chief
executive officer, supervisory board or responsible actuary of ATP (Arbejdsmarkedets
Tillægspension).
25p.-(1) The annual report of ATP (Arbejdsmarkedets Tillægspension) shall be audited by at
least one auditor who is a state-authorised public accountant. The board of representatives
shall appoint the auditors, but may cancel such appointment at any time. The Ministry of
Employment may in exceptional cases appoint an extra auditor. This auditor shall act under
the same conditions and according to the same regulations as the auditors elected by the
board of representatives.
(2) The auditors of ATP (Arbejdsmarkedets Tillægspension) shall also be the auditors of any
subsidiary undertakings.
(3) Subsection (2) shall not apply to subsidiary undertakings which are not domiciled in
Denmark.
(4) The supervisory board may decide to appoint internal auditors, headed by a chief auditor.
(5) On a change of auditors, where the change is caused by special circumstances, ATP
(Arbejdsmarkedets Tillægspension) and the outgoing auditor shall submit separate statements
of the change to the Danish FSA no later than one month after the termination of office.
(6) Where an auditor is deemed clearly unfit to perform their duties and responsibilities, the
Minister for Employment may dismiss the person in question and instead appoint an auditor
who shall act until a new election may be held.
(7) The auditors shall keep an audit book for use by the supervisory board, and this shall be
presented at each meeting of the supervisory board. Each addition to the auditor’s record shall
be signed by all the members of the supervisory board.
(8) The supervisory board may not permit, cf. section 24d(1), the chief and deputy chief
internal auditors to perform audit tasks in undertakings outside the group, cf. however section
24d(9). Nor may the supervisory board permit the chief and deputy chief internal auditors to
perform work other than audit tasks in undertakings within the group in schemes managed by
ATP (Arbejdsmarkedets Tillægspension) or in undertakings within the same joint administrative
organisation, cf. section 24d(9). In exceptional circumstances, the Danish FSA may grant
exemptions from the 1st clause.
(9) The supervisory board may not permit, cf. section 24d(1), the chief and deputy chief
internal auditors to assume duties and responsibilities which result in them coming into conflict
with provisions on legal capacity corresponding to those that apply to external auditors
pursuant to the State-Authorised Public Accountants and Registered Public Accountants Act.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
25q.-(1) Auditors shall always be entitled to attend meetings of the supervisory board when
matters relevant to the audit or the presentation of the financial statements are addressed.
(2) The auditors shall attend meetings of the supervisory board when these matters are
discussed, where this is required by one or more members of the supervisory board.
(3) The auditors shall be entitled to be present at a meeting of the board of representatives.
The auditors shall be present if so requested by the supervisory board or a member of the
board of representatives.
(4) The Danish FSA shall lay down regulations on performance of the audit of ATP
(Arbejdsmarkedets Tillægspension). The Danish FSA may also lay down regulations concerning
internal auditors.
(5) The Danish FSA may order the auditors and, where the supervisory board has appointed
internal auditors under section 25p(4), the chief internal auditor also, to disclose information
about ATP (Arbejdsmarkedets Tillægspension).
25r. An external auditor and a chief internal auditor shall immediately notify the Danish FSA of
matters which are of material importance to the continued operation of ATP (Arbejdsmarkedets
Tillægspension), including matters which may be observed by the auditors while performing
their audit in undertakings with which ATP (Arbejdsmarkedets Tillægspension) is closely linked,
cf. the definition in the Financial Business Act.
Part VIII. Placement of funds
26.-(1) ATP (Arbejdsmarkedets Tillægspension) shall invest its assets such that the interests
of its members are safeguarded as well as possible. When placing assets, every endeavour
shall be made to maintain the real value of the assets.
(2) Following consultation with the Minister for Employment, the Danish FSA may lay down
more detailed regulations for how the interests of members are safeguarded as well as
possible.
26a. (Repealed).
26b.-(1) ATP (Arbejdsmarkedets Tillægspension) may invest its assets in fully owned
subsidiary undertakings, the objects of which is to provide administrative services, except for
portfolio management, for:
1. pension funds and similar schemes in life-assurance companies covered by the Financial
Business Act,
2. undertakings established in a Member State of the European Union or a country with
which the Union has entered into an agreement for the financial area which carry out
activities either as a labour-market pension scheme or as an institution for occupational
retirement provision, and which have obtained authorisation to carry out such activities
pursuant to national provisions stipulated in accordance with common European
regulation,
3. pension schemes, authorities and other providers of retirement pensions, early
retirement pensions and similar, with a view to providing information to members,
customers, etc.,
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
4. pensions, savings and assurance schemes established by a Member State of the
European Union or a country with which the Union has entered into an agreement for
the financial area, or
5. associations of the undertakings mentioned in nos. 1 to 3 or for management
undertakings for customers covered by nos. 1 to 4.
(2) Assets may also be invested in fully owned subsidiary undertakings, the object of which is
to provide administrative services for:
1. schemes relating to payment of the employers’ expenses in connection with maternity
leave,
2. collective-agreement-based competence-development and education funds and
associations of such, or
3. management undertakings for customers covered by nos. 1 and 2.
(3) The assets may also be invested in fully or partly owned subsidiary undertakings, the
object of which is to pursue financial business, except for insurance activities, cf. however,
subsection (4).
(4) Investment of assets directly or indirectly in one or more undertakings within the field of
bank and mortgage-credit institution activities covered by subsection (3) may not lead to ATP
(Arbejdsmarkedets Tillægspension) thereby achieving a market share in excess of 5% of the
total loan market of the country in question within the field of bank and mortgage-credit
institution activities. Similarly, the sum of corporate lending and corporate mortgage-credit
lending may not be in excess of 7.5% of the total loan market of the country in question within
corporate lending and corporate mortgage-credit lending.
(5) The assets may also be invested in fully or partly owned subsidiary undertakings, the
object of which is
1. to provide services, except for portfolio management, to undertakings established in a
Member State of the European Union or a country with which the Union has entered
into an agreement for the financial area which carry out activities outside Denmark
either as a labour-market pension scheme or as an institution for occupational
retirement provision, and which have obtained authorisation to carry out such activities
pursuant to national provisions stipulated in accordance with common European
regulation, or to provide services and insurance brokering for insurance companies to
these undertakings and the employers and members who may be covered by the
institutions for occupational retirement provision for which the subsidiary undertaking
otherwise provides services,
2. to manage alternative investment funds, or
3. to establish, own and operate real property and infrastructure including technical
installations, transport installations and buildings.
(6) A potential sale of services from ATP (Arbejdsmarkedets Tillægspension) to such
subsidiary undertaking covered by subsections (1) and (2) shall take place in accordance with
the regulations in section 23(4).
(7) A bank or mortgage-credit institution in which ATP (Arbejdsmarkedets Tillægspension) has
directly or indirectly invested assets, cf. subsection (3), may not use the name and logo of ATP
(Arbejdsmarkedets Tillægspension) in its marketing.
26c.-(1) Investment of funds by ATP (Arbejdsmarkedets Tillægspension) in a single
undertaking may not lead to ATP (Arbejdsmarkedets Tillægspension), alone, together with
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
Labour Market Insurance, or together with subsidiary undertakings, being able to exercise a
controlling influence on the undertaking, unless otherwise provided by subsection (2) or (3).
(2) Subsection (1) shall not apply to the investment of funds in subsidiary undertakings under
section 26b(1), (2), (3), and (5).
(3) ATP (Arbejdsmarkedets Tillægspension) may temporarily pursue other activities to hedge
or settle exposures already entered into or with a view to participating in restructuring of
business undertakings. ATP (Arbejdsmarkedets Tillægspension) shall inform the Danish FSA
regarding this matter.
26d. (Repealed).
26e. (Repealed).
26f. (Repealed).
26g. (Repealed).
26h. (Repealed).
26i. (Repealed).
Part IX. Supervision etc.
27.-(1) The Danish FSA shall ensure compliance with section 23(7)–(10), section 23b(1),
sections 23c and 24a, section 24b(3)–(9), sections 24c and 24d, as well as parts VI, VIIa and
VIII, except section 24h(2).
(2) The Danish FSA’s supervisory board shall be included in supervision under subsection (1)
within the competence areas of supervisory board, cf. section 345(7) of the Financial Business
Act.
(3) The Danish FSA may order ATP (Arbejdsmarkedets Tillægspension) to carry out, within a
specified time limit, measures that the Danish FSA considers necessary to ensure compliance
with the parts and provisions of this Act mentioned in subsection (1), with the exception of
section 23b(1), no. 5. Where the Danish FSA finds that the requirement of section 23b(1), no.
5 has not been met, the Danish FSA shall notify this to the Minister for Employment following
consultation with ATP (Arbejdsmarkedets Tillægspension).
(4) The Danish FSA may order ATP (Arbejdsmarkedets Tillægspension) to remove the chief
executive officer or an employee designated as a key person pursuant to section 23a(1)-(3)
within a time limit stipulated by the Danish FSA, if, pursuant to section 23a(1)-(3), cf.
subsection (5), said person cannot occupy the position.
(5) The Danish FSA may order ATP (Arbejdsmarkedets Tillægspension) to remove the chief
executive officer or an employee designated as a key person pursuant to section 23a(4) when
legal proceedings have been instigated against such person in a criminal procedure relating to
violation of the Criminal Code, the Arbejdsmarkedets Tillægspension Act or financial legislation,
until the criminal procedure has been concluded, if a conviction would mean that the chief
executive officer does not meet the requirements of section 23a(2), no. 1, cf. subsection (5).
The Danish FSA shall lay down a time limit within which the requirements of the order shall be
met.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(6) Orders issued pursuant to subsections (4) and (5) may be brought before the courts at the
request of ATP (Arbejdsmarkedets Tillægspension) and of the chief executive officer. Such
request shall be submitted to the Danish FSA within four weeks of the date on which the order
was issued. The request shall not act as stay of proceedings for the order, but the court may,
by court order, decide that the chief executive officer may retain his/her position during the
legal proceedings. The Danish FSA must bring the case before the courts within four weeks of
receiving a request. The case shall be brought through civil proceedings.
(7) The Danish FSA may, at its own initiative or on application, withdraw an order issued
pursuant to subsections (4) and (5). If the Danish FSA refuses an application for withdrawal,
the applicant may demand that the refusal be brought before the courts. Such request shall be
submitted to the Danish FSA within four weeks from the date on which the refusal was notified
to the person. Requests for judicial review may, however, only be submitted if the order has
no time limit, and no less than five years have elapsed from the date of issue of the order, or
no less than two years after the refusal of withdrawal by the Danish FSA was affirmed by
judgement.
(8) Where the Danish FSA finds that a member of the supervisory board does not meet the
requirements of section 23a(2), it shall inform the Minister for Employment in this respect. The
Minister for Employment shall then reach a decision as to whether the member of the
supervisory board may continue to exercise their duties and responsibilities.
(9) At the same time as the order under subsections (4) and (5) is issued, or the case is
brought before the courts under subsection (7), the Minister for Employment shall be
informed.
27a.-(1) The Danish FSA shall examine those circumstances of ATP (Arbejdsmarkedets
Tillægspension) which are subject to supervision by the Danish FSA, cf. section 27(1),
including through reviews of regular reports and through on-site inspections.
(2) Following an on-site inspection of ATP (Arbejdsmarkedets Tillægspension), a meeting shall
be held, including as participants the supervisory board, chief executive officer, responsible
actuary, external auditors and chief internal auditor of ATP (Arbejdsmarkedets Tillægspension),
unless such on-site inspection exclusively concerns clearly demarcated areas of activity within
the undertaking. At said meeting, the Danish FSA shall announce its conclusions regarding the
on-site inspection.
(3) Following an inspection visit, significant conclusions shall be submitted in the form of a
written report to the undertaking’s supervisory board, chief executive officer, the responsible
actuary, the external auditors and the chief internal auditor.
(4) The Danish FSA shall submit a copy of the report to the Minister for Employment at the
same time as forwarding the report to the management.
27b.-(1) ATP (Arbejdsmarkedets Tillægspension), suppliers and sub-suppliers shall provide
the Danish FSA with such information as is necessary for the authority to carry out its
activities.
(2) The Danish FSA may at any time, on proof of identity and without a court order, gain
access to ATP (Arbejdsmarkedets Tillægspension) with a view to obtaining information,
including during on-site inspections.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(3) The Danish FSA may at any time, on proof of identity and without a court order, have
access to service suppliers and sub-suppliers in order to obtain information about the
outsourced activity.
(4) To the extent required to assess the financial position of ATP (Arbejdsmarkedets
Tillægspension), the Danish FSA shall be entitled to obtain information and, at any time, on
proof of identity and without a court order, have access to undertakings with which ATP
(Arbejdsmarkedets Tillægspension) has special direct or indirect links.
(5) The Danish FSA may demand any information, including accounts, accounting records,
printouts of books, other business records, and electronically stored data deemed necessary
for the activities of the Danish FSA.
(6) After consultation with the Minister for Employment, the Danish FSA may lay down more
detailed regulations on the information on the financial situationof ATP (Arbejdsmarkedets
Tillægspension) that ATP (Arbejdsmarkedets Tillægspension) shall submit to the Danish FSA
and on the information that ATP (Arbejdsmarkedets Tillægspension) shall publish. XX
27c. The Danish FSA shall provide the Minister for Employment with an annual report on
supervision of ATP (Arbejdsmarkedets Tillægspension) and a separate report based on a
review of the responsible actuary’s report relating to the actuarial status of ATP
(Arbejdsmarkedets Tillægspension), cf. section 24a(5). ATP (Arbejdsmarkedets
Tillægspension) shall be informed of the contents of the report.
27d. The ATP (Arbejdsmarkedets Tillægspension) shall pay a fee to the Danish FSA. The fee
shall be set pursuant to part 22 of the Financial Business Act.
27e. Decisions made by the Danish FSA under this Act or regulations issued pursuant to this
Act may be brought before the Company Appeals Board by the person against whom said
decision is directed no later than 4 weeks after notification of such a decision was submitted.
27f.-(1) Section 354 of the Financial Business Act regarding the duty of confidentiality of the
Danish FSA shall, with the necessary changes, apply to this Act.
(2) Section 354g of the Financial Business Act on a ban on disclosing information on a person
who has reported violations or potential violations of financial regulations to the Danish FSA
shall apply correspondingly for information that a person has reported pursuant to section 24g.
(3) When stipulating who shall be considered party under this Act, section 355 of the Financial
Business Act shall apply with the changes necessary. Status as party and powers as party
according to section 355 of the Financial Business Act shall be limited under this Act to matters
where a decision of the Danish FSA is made after 1 July 2004.
27g.-(1) Reactions made pursuant to section 27(2), cf. section 345(2), no. 4 of the Financial
Business Act, or by the Governing Board of the Danish FSA to ATP (Arbejdsmarkedets
Tillægspension) shall be made public, and publication shall state that the reaction concerns
ATP (Arbejdsmarkedets Tillægspension), cf. however, subsection (3). ATP (Arbejdsmarkedets
Tillægspension) shall make this information public on its website in a place where it logically
belongs without delay and no later than three business days after ATP (Arbejdsmarkedets
Tillægspension) has received notification of the reaction. At the time of publication, ATP
(Arbejdsmarkedets Tillægspension) shall insert a link, which provides direct access to the
reaction, on the home page of the website of ATP (Arbejdsmarkedets Tillægspension) in a
visible manner, and the link and any attached text shall clearly state that this is a reaction
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
from the Danish FSA. If the ATP (Arbejdsmarkedets Tillægspension) comments on the
reaction, this shall be further to the reaction, and the comments shall be clearly separated
from the reaction. Removal of the link from the home page and the information from the
website of ATP (Arbejdsmarkedets Tillægspension) shall take place according to the same
principles as ATP (Arbejdsmarkedets Tillægspension) uses for other messages; however, the
link and the information shall be available on the website for three months as a minimum and
shall not be removed until after the next meeting of the board of representatives at the
earliest. The Danish FSA shall publish the information on the website of the authority.
Reactions made pursuant to section 27(2), cf. section 345(7), no. 6 of the Financial Business
Act, and decisions made by the Danish FSA to pass on cases for police investigation shall be
made public on the website of the Danish FSA, stating that it concerns ATP (Arbejdsmarkedets
Tillægspension), cf. however subsection (3).
(2) If a case is passed on for police investigation and a conviction has been made in full or in
part or a fine has been accepted, the verdict, acceptance of fine or a summary hereof shall be
made public, cf. however, subsection (3). If the verdict is not final, or if it has been appealed,
this shall be stated in the publication. Publication by ATP (Arbejdsmarkedets Tillægspension)
shall be made on the latter’s website in a place where it logically belongs, without delay and no
later than 10 business days after a verdict has been delivered or a fine accepted. At the time
of publication, ATP (Arbejdsmarkedets Tillægspension) shall insert a link, which provides direct
access to the judgement, acceptance of fine or summary on the home page of the website of
ATP (Arbejdsmarkedets Tillægspension) in a visible manner, and the link and any attached text
shall clearly state whether this relates to a verdict or an acceptance of fine. If ATP
(Arbejdsmarkedets Tillægspension) comments on the verdict, the acceptance of fine or the
summary, any comments shall be made further to this, and the comments shall be clearly
separated from the verdict, the acceptance of fine or the summary. Removal of the information
from the website of ATP (Arbejdsmarkedets Tillægspension) shall take place according to the
same principles as ATP (Arbejdsmarkedets Tillægspension) uses for other messages; however,
the link and the information shall be available on the website for three months as a minimum
and shall not be removed until after the next meeting of the board of representatives at the
earliest. ATP (Arbejdsmarkedets Tillægspension) shall notify the Danish FSA about publication,
and forward a copy of the verdict or acceptance of fine. The Danish FSA shall subsequently
publish the verdict, acceptance of fine or a summary hereof on its website.
(3) Publication pursuant to subsections (1) and (2) may not, however, take place if it will
mean disproportionate damage for ATP (Arbejdsmarkedets Tillægspension), or if issues
relating to investigations or consideration of the common good make publication inadvisable.
Furthermore, no publication may take place of cases covered by section 19a(1). Publication
may not contain information covered by section 30 of the Access to Public Administration Files
Act.
(4) If publication is omitted pursuant to subsection (3), 1st clause, publication pursuant to
subsection (1) or subsection (2) shall be effected when the considerations necessitating
omission no longer apply. This shall only apply, however, for up to two years after the date of
the reaction.
(5) At the same time as publication pursuant to subsection (1) or subsection (2), the Danish
FSA shall issue a report in this respect to the Minister for Employment.
27h.-(1) Following consultation with the Minister for Employment, the Minister for Business
and Growth may lay down regulations stipulating that written communication to and from the
Danish FSA about circumstances covered by this Act or regulations issued pursuant to this Act,
shall take place electronically.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(2) Following consultation with the Minister for Employment, the Minister for Business and
Growth may lay down detailed regulations on electronic communication, including the use of
specific IT systems, special electronic formats and electronic signatures or the like.
(3) An electronic message shall be deemed to have reached the recipient when it is available
to the recipient of the message.
27i.-(1) Following consultation with the Minister for Employment, the Minister for Business
and Growth may lay down regulations stipulating that the Danish FSA and the Danish Business
Authority may issue decisions and other documents according to this Act or regulations issued
pursuant to this Act without a signature, with an electronic or similarly provided signature or
by means of a technique that clearly identifies the person who has issued the decision or
document. Such decisions and documents shall be equivalent to decisions and documents with
a personal signature.
(2) Following consultation with the Minister for Employment, the Minister for Business and
Growth may lay down regulations stipulating that decisions and other documents that are
made or issued exclusively on the basis of electronic data processing may indicate merely the
Danish FSA as the sender.
25j.-(1) Where this Act or regulations issued pursuant to this Act require a document issued
by other parties than the Danish FSA to be signed, this requirement may be met by the use of
a technique which clearly identifies the person who has issued the document, cf. however,
subsection (2). Such documents shall be equivalent to documents with a personal signature.
(2) Following consultation with the Minister for Employment, the Minister for Business and
Growth may lay down more detailed regulations for departure from the signature requirement.
In this connection, it may be decided that the personal signature requirement cannot be
derogated from for specific types of documents.
25k.-(1) If ATP (Arbejdsmarkedets Tillægspension) discloses information about the ATP
(Arbejdsmarkedets Tillægspension), and if the public has become aware of the information, the
Danish FSA may order ATP (Arbejdsmarkedets Tillægspension) to publish corrective
information within a time limit stipulated by the Danish FSA, if
1. the Danish FSA deems the information to be misleading, and
2. The Danish FSA deems that the information could be detrimental to the members of
ATP (Arbejdsmarkedets Tillægspension), its other creditors or financial stability in
general.
(2) If ATP (Arbejdsmarkedets Tillægspension) fails to correct the information in accordance
with the order from the Danish FSA and within the time limit stipulated by the Danish FSA, the
Danish FSA may publish the order issued according to subsection (1).
27l. The Danish Minister for Business and Growth may lay down regulations regarding the duty
of ATP (Arbejdsmarkedets Tillægspension) to make public information about the Danish FSA’s
assessment of ATP (Arbejdsmarkedets Tillægspension), and whether the Danish FSA may
publish the information before ATP (Arbejdsmarkedets Tillægspension). XX
Part X. Board of appeal
28.-(1) Decisions by ATP (Arbejdsmarkedets Tillægspension) pursuant to this Act regarding
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
1. membership
2. contributions, including calculation and collection, or
3. pensions may,
with the exception of decisions made pursuant to section 15(1) and decisions covered by part
VI, be brought before a board of appeal within a time limit of four weeks from the day the
decision was notified.
(2) The board of appeal may obtain independent expert assistance for assessment of cases.
(3) The board of appeal shall comprise five members, who, in addition to one proxy for each
member, shall be appointed by the Minister for Employment for a term of three years. Three of
the members shall be appointed on the recommendation of the President of the Supreme
Court, the President of the Maritime and Commercial Court and the Danish Labour Court
respectively, and two members shall be appointed on the recommendation of the employer
representatives and wage-earner representatives on the board of representatives of ATP
(Arbejdsmarkedets Tillægspension) respectively.
(4) The board of appeal shall draw up its own rules of procedure.
28a. The board of appeal may endorse decisions on imposing extraordinary contributions, cf.
the Labour Market Fund for Posted Employees Act, as officially endorsed documents.
Part XI. Miscellaneous provisions
29. Claims for benefits under this Act, except for payments mentioned in section 17i(2), 2nd
and 3rd clauses, may not be made subject to attachment, enforcement or other legal
proceedings. Contracts completed by the persons entitled with regard to these claims shall be
invalid.
30.-(1) Any person who employs one or more wage earners and who is covered by this Act
shall submit information in this respect in accordance with whatever more detailed regulations
the Minister for Employment lays down on the recommendation of the supervisory board of
ATP (Arbejdsmarkedets Tillægspension).
(2) Public authorities, insurance companies that write industrial injuries insurance,
unemployment insurance funds, as well as employers, wage earners and unions shall disclose
on request to ATP (Arbejdsmarkedets Tillægspension) any information that is of significance in
determining issues involving pensions pursuant to this Act.
(3) ATP (Arbejdsmarkedets Tillægspension) may, for administration of this Act, gain electronic
access to information from the income register, cf. section 7 of the “Lov om et
indkomstregister” (Act on an Income Register).
(4) Subsection (3) covers all information necessary for calculation, collection and payment of
contributions to ATP (Arbejdsmarkedets Tillægspension) for payment of pensions and benefits
in the event of death as well as duties in respect of control etc. In this connection, coordination
and comparison of information may take place to check that payment of contributions and
benefits is undertaken pursuant to the Act and regulations issued pursuant to this Act.
31. The Access to Public Administration Files Act shall not apply for investment activities
exercised by ATP (Arbejdsmarkedets Tillægspension).
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
32.-(1) Unless a more severe penalty is prescribed under other legislation, a fine or
imprisonment of up to four months shall be imposed on any person who, as a member of the
supervisory board or board of representatives, or as chief executive officer, actuary or auditor
of ATP (Arbejdsmarkedets Tillægspension):
1. omits to perform his duties under this Act,
2. gives incorrect or misleading information to the Minister for Employment, other public
authorities or the management on matters concerning ATP (Arbejdsmarkedets
Tillægspension),
3. is guilty of gross or frequently repeated negligence or carelessness that may entail
losses for ATP (Arbejdsmarkedets Tillægspension) or the members.
(2) Under section 152 of the Criminal Code, cf. section 152e, the persons mentioned in
subsection (1) and employees of ATP (Arbejdsmarkedets Tillægspension) shall be obliged to
keep confidential all information they obtain in connection with their activity.
32a.-(1) Any person violating section 23a(3), cf. subsection (2), nos. 1 and 2, and sections
25l and 25r shall be liable to a fine or imprisonment of up to four months unless a more severe
penalty is prescribed under other legislation. Any person violating the provisions of section
23(7)–(10); section 23b(1), nos. 1-9; sections 24b and 24c; section 24d(1), (2), 1st clause,
(3), (7) and (8); section 24g(1); section 25a(1), 1st clause; section 25c(1) and (2) and (3),
1st clause; sections 25d and 25e; section 25f(1), (2), 1st clause and (3), 2nd clause; sections
25g, 24h, 25i and 25j; section 25k, 1st clause; section 25o; section 25p(2) and (5); section
27g(1), 1st to 5th clauses, and (2), 1st to 7th clauses, shall be liable to a fine. ATP
(Arbejdsmarkedets Tillægspension) shall be liable to a fine if ATP (Arbejdsmarkedets
Tillægspension) fails to comply with an order issued pursuant to section 27(3), (4) and (2).
(2) In regulations issued pursuant to this Act, fines may be stipulated for any violation of the
provisions of said regulations.
(3) The period of limitation for non-compliance with the provisions in this Act or regulations
issued pursuant to this Act shall be five years.
33.-(1) The following shall be liable to a fine:
1. an employer, who fails to make the submission of information mentioned in section
30(1) by the due date, or who fails to pay in due time the total contributions for a
member of ATP (Arbejdsmarkedets Tillægspension) in their employ,
2. any person who fails to comply with a request for information from ATP
(Arbejdsmarkedets Tillægspension) or the board of appeal pursuant to section 30(2), or
any person who gives ATP (Arbejdsmarkedets Tillægspension) or the board of appeal
incorrect or misleading information on matters significant to decisions pursuant to this
Act.
(2) If such offence has been committed with the intention of withholding contributions from
ATP (Arbejdsmarkedets Tillægspension), or in the event of other particularly aggravating
circumstances, the penalty may be increased to imprisonment for up to two years.
(3) Cases shall be treated as police cases. If the charge relates to the type of offence
mentioned in subsection (2), parts 68, 69, 71 and 72 of the Administration of Justice Act on
legal remedies shall apply to the same extent as in cases, which under ordinary regulations,
come under the jurisdiction of the public prosecutor.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
34. Regulations issued by the Minister for Employment under the provisions of this Act may
stipulate fines for any violation of the provisions of said regulations.
35. Companies etc. (legal persons) may incur criminal liability according to the regulations in
part 5 of the Criminal Code.
36.-(1) Objections to the size of the contributions posted for a member may not be submitted
after more than 3 years from receipt of a statement of account from ATP (Arbejdsmarkedets
Tillægspension) regarding said contributions. In other cases objections may not be submitted
after 5 years from the date a contribution should have been paid to ATP (Arbejdsmarkedets
Tillægspension).
(2) Claims for individual pension benefits pursuant to this Act shall be subject to a period of
limitation of five years after the benefit is payable.
37. Benefits pursuant to this Act shall not be included in calculations of the income used to
determine the basic amount for the state retirement pension.
38.-(1) This Act shall not extend to the Faeroe Islands and Greenland, cf. however
subsections (2) and (3).
(2) Danish wage earners who are not domiciled on the Faeroe Islands, and who are employed
on the Faeroe Islands by the Danish state or by undertakings and institutions with
headquarters or management in the other part of the Realm shall be covered by this Act
provided they otherwise meet the conditions of membership.
(3) Danish wage earners who are not domiciled in Greenland, and who are employed in
Greenland by the Danish state or by Danish undertakings and institutions shall be covered by
this Act provided they otherwise meet the conditions of membership of ATP (Arbejdsmarkedets
Tillægspension). Similar regulations shall apply to Danish wage earners who are not domiciled
in Greenland, and who are employed by foreign undertakings and institutions in Greenland.
Part XII. Entry into force
39. Amounts shall be withheld from pay and the employer’s contribution shall be paid on the
basis of pay that is earned from the start of the pay week in which 1 April 1964 falls. For those
on a salary paid monthly, however, this shall be as from 1 April 1964.
40. Persons born in March 1898 shall be in receipt of a supplementary pension in accordance
with the regulations in this Act calculated from 1 April 1965, notwithstanding the provisions of
section 5(1) and section 9(1), to the extent that they meet the conditions of section 8 on
attainment of pension seniority.
41. Payments of supplementary pensions shall commence on 1 April 1965.
42. Following consultation with the board of representatives, the Minister for Employment shall
lay down regulations for the term of office of the employer representatives and wage-earner
representatives.
43. – – –
44. This Act shall enter into force immediately.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
Section 2 of L 1999 1077 reads as follows:
2.-(1) The date of entry into force of this Act shall be laid down by the Minister for
Employment.
(2) The reduction in the amount of compensation shall take place for the first time in respect
of the amount of compensation paid on the basis of contributions paid to ATP
(Arbejdsmarkedets Tillægspension) in the period from 23 February to 22 May 2000.
(3) In 2000, the amount of compensation shall be reduced by a third of the annual reduction
on each of the three payments subsequent to the date the Act enters into force. In 2001 and
subsequent years, the amount shall be reduced by a quarter on each of the quarterly
payments.
Section 2 of L 1999 1085 is identical to section 2 of L 1999 1077, except that the Act may not
enter into force before 1 January 2000.
Section 11(1) and (2) of L 2000 1253 read as follows:
11.-(1) This Act shall enter into force on 1 January 2001.
(2) The previous regulations of the Arbejdsmarkedets Tillægspension Act and the Act on a
Labour Market Fund relating to compensation for participation in adult vocational training shall
continue to apply to compensation covered by section 68(4) of Act no. 399 of 31 May 2000 on
Adult Vocational Training Systems.
Section 2 of L 2001 332 reads as follows:
2.-(1) This Act shall enter into force on 1 January 2002. However, section 1, no. 14 shall take
effect from 1 January 2001.
(2) Only periods of cohabitation from 1 January 2002 shall be included in the cohabitation
requirement of two years under section 14b(2), as inserted by section 1, no. 12.
(3) Only membership and contributions relating to the period from 1 January 2002 shall be
included in the waiting periods of two years under section 14b(3) and section 14e(3), as
inserted by section 1, no. 12.
(4) Contributions relating to the period from 1 January 2020 may not form a basis for
calculation of benefits under sections 11 and 11a.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(5) Members who have reached the age of 65 on 1 January 2002 shall not be covered by
section 1, nos. 12 and 13 of this Act.
Section 6 of L 2002 357 reads as follows:
6.-(1) This Act shall enter into force on 10 June 2002, cf. however subsection (2), and shall
take effect for the first time for crediting of contributions paid in for the 2001 income year.
(2) Section 1, no. 1 and sections 2–5 shall enter into force on 1 January 2003, cf. however
subsection (5). Amounts deposited in an individual’s account in the Temporary pension savings
Scheme, cf. part 5b hitherto in force, shall be transferred as at 1 January 2003 to the same
individual’s account in the Special Pension Savings Scheme (SP). Notwithstanding section
30(1) of the Act on Taxation of Pension Schemes, the merging of the account in the Temporary
Pension Savings Scheme and the account in the Special Pension Savings Scheme, cf. the 1st
clause, shall not be regarded as a transaction where the account transferred to the Special
Pension Savings Scheme no longer meets the requirements of part 1 of the Act on Taxation of
Pension Schemes. Any adjustment to the amount for the Temporary Pension Savings Scheme
for the 1998 income year shall take place in accordance with the regulations hitherto in force,
cf. Consolidated Act no. 5 of 4 January 2001. Adjustments after 1 January 2003 shall be made
to the relevant individual’s account in the Special Pension Savings Scheme.
(3) Any adjustment to the amount for the Special Pension Savings Scheme for the 1999 and
2000 income years shall take place in accordance with the regulations hitherto in force, cf.
Consolidating Act no. 5 of 4 January 2001.
(4) (Repealed).
(5) Taxes on lump sums paid in accordance with section 14b(1) and section 14e(1) of the
Arbejdsmarkedets Tillægspension Act, cf. section 29B, no. 2 of the Act on Taxation of Pension
Schemes, in the wording of section 4, no. 1 of this Act, shall apply to benefits for spouses and
cohabitees as well as child benefits paid where death occurs on or after 1 January 2004.
Section 7 of L 2003 421 reads as follows:
7.-(1) This Act shall enter into force on 1 January 1998. (1) This Act shall enter into force on
1 July 2003, cf. however, subsections (2) to (7).
(2) Section 17f(1)–(5), (6), 2nd, 3rd and 6th clauses, and (7); section 17h(1)–(3); section
17i(1), and section 17(j), in the wording of section 1, nos. 1 and 4, section 2, section 3, no. 1,
and section 5 of this Act, shall enter into force on 1 January 2004. Section 17k(1) and (2),
section 17l(1), (2) and (4), and section 17n(1)–(4), in the wording of section 1, no. 1, section
3, nos. 2 and 3, and section 4 of this Act, shall enter into force on 1 January 2005.
(3) Section 17f(6), 1st clause, as stated in section 1, no. 1 of this Act shall apply to
amendments of annual tax statement regarding the 1998 income year 1998 and implemented
on 1 January 2004 and thereafter. Section 17f(6), 4th clause, as stated in section 1, no. 1 of
this Act, shall apply to amendments of annual tax statement regarding the 1998 income year
for persons whose death was registered after 1 September 2003.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(4) Section 17f(6), 1st clause, as stated in section 1, no. 1 of this Act shall be effective for
amendments of annual tax returns and computations regarding the 2001 income year and
later income years, and implemented on 1 January 2004 and thereafter. Section 17f(6), 4th
and 5th clauses, as stated in section 1, no. 1 of this Act, shall be effective for arrears and
amendments of annual tax statement regarding the 2001 income year and later for persons
whose death was registered after 1 September 2003.
(5) Section 17g(1) and (2), as stated in section 1, no. 1 of this Act shall be effective for the
first time for credits of contributions paid in for the 2003 income year. For the period up to 30
June 2003, ATP (Arbejdsmarkedets Tillægspension) shall lay down interest rates on the
amount collected regarding the 2003 income year.
(6) Section 17i(2) and (3) as stated in section 1, no. 1 of this Act, shall be effective for
pension savings collected regarding the income years 2002 and later for persons whose death
was registered on 1 January 2003 and thereafter.
(7) From 1 January 2004 and irrespective of the age of the account holder, changes in pension
savings paid in which are consequential upon changes in tax assessments for the 1999 and
2000 income years shall not lead to changes in the amounts credited to personal SP (Special
Pension Savings Scheme) accounts, but they shall be added to or deducted from the
adjustments pool under section 17p, in the wording of section 1, no. 1 of this Act.
(8) When section 6(4) of Act no 357 of 6 June 2002 is repealed, cf. section 6 of this Act, the
remaining funds shall be transferred to the adjustments pool in accordance with section 17p, in
the wording of section 1, no. 1 of this Act.
(9) Costs incurred by ATP (Arbejdsmarkedets Tillægspension) in establishing the SP (Special
Pension Savings Scheme) option and the possibility of transferring SP (Special Pension Savings
Scheme) accounts in accordance with section 17k and section 17n respectively, in the wording
of section 1, no. 1 of this Act, shall be paid by the account holders in the Special Pension
Savings Scheme. The non-recurrent expenses incurred by the Central Customs and Tax
Administration in connection with the SP (Special Pension Savings Scheme) option and the
possibility of transferring SP (Special Pension Savings Scheme) accounts, cf. 1st clause, shall
similarly be paid by the account holders in the Special Pension Savings Scheme. On 1 July
2003 ATP (Arbejdsmarkedets Tillægspension) shall transfer DKK 3 million to the Central
Customs and Tax Administration to cover said non-recurrent expenses.
(10) For persons who have reached the age of 60 before 1 July 1999, the age limit in section
17f(2), (3) and (6), 3rd clause, and section 17h(4), in the wording of section 1, no. 1 of this
Act, shall be 66 years; in section 17f(6), 1st clause and (7), in the wording of section 1, no. 1
of this Act, the age limit shall be 66½ years; and in section 17f(6), 2nd clause, section 17j(1),
section 17r(5), and section 17s(1), in the wording of section 1, no. 1 of this Act, the age limit
shall be 67 years.
Section 2 of L 2004 308 reads as follows:
2.- (1) This Act shall enter into force on the day after notification in the Danish Law Gazette.
(2) Employers with a duty to withhold contributions, unemployment insurance funds, the
Public Employment Service (AF), municipalities as well as Lønmodtagernes Garantifond (LG)
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
shall cease collecting special pension savings with effect on salaries, unemployment benefits,
allowances etc. to be paid on 1 June 2004 and thereafter.
(3) Any refund of special pension savings collected for 2004 for persons covered by section
17f(1), 1st clause shall be at the initiative of the state tax authorities. The Minister for
Taxation may lay down more detailed regulations on refund.
(4) Any refund of special pension savings collected for 2004 for persons covered by section
17f(3), 1st clause, cf. however section 17f(3), 6th clause, in the wording of section 1, no. 2 of
this Act, shall be at the initiative of the unemployment insurance fund, the Public Employment
Service or the municipality.
(5) Any refund of special pension savings collected for 2004 for persons covered by section
17f(3), 3rd clause shall be at the initiative of Lønmodtagernes Garantifond (LG).
(6) Following consultation with the Minister for Taxation, the Minister for Employment shall lay
down regulations for repayments by ATP (Arbejdsmarkedets Tillægspension) to the Central
Customs and Tax Administration of contributions relating to 2004 transferred on account.
(7) ATP (Arbejdsmarkedets Tillægspension) shall reverse transferred contributions collected
for 2004 for persons covered by section 17f(3), 1st and 3rd clauses to unemployment
insurance funds, the Public Employment Service (AF), municipalities and Lønmodtagernes
Garantifond (LG).
(8) The Minister for Employment may lay down more detailed regulations on refund and
reversal of the amounts mentioned in subsections (4), (5) and (7). The Minister for
Employment shall furthermore lay down more detailed regulations on the distribution of
returns on the funds in the special holding pool for 2004 after deduction of the costs of
managing the holding pool.
(9) The Minister for Employment may lay down more detailed regulations on excluding
income-dependent subsidy schemes from this Act.
Section 7 of L 2004 365 reads as follows:
7.-(1) Chief internal auditors or deputy chief internal auditors may, notwithstanding the ban in
section 24b(8) of the Arbejdsmarkedets Tillægspension Act in the wording of section 2, no. 4
of this Act, and of section 63 of the Workers’ Compensation Act, cf. section 24b(8) of the
Arbejdsmarkedets Tillægspension Act in the wording of section 3, no. 2 of this Act, maintain
and utilise financial interests owned by said chief internal auditors or deputy chief internal
auditors at the entry into force of this Act.
(2) Persons covered by section 24d(1) of the Arbejdsmarkedets Tillægspension Act in the
wording of section 2, no. 4 of this Act, who on the date of entry into force of this Act have
duties and responsibilities pursuant to section 24h of the Arbejdsmarkedets Tillægspension
Act, cf. Consolidating Act no. 689 of 20 August 2002, may, without the consent of the
supervisory board, continue with such duties and responsibilities provided the relevant duties
and responsibilities are notified to the Danish FSA no later than 31 December 2004. If, as at 1
July 2004, ATP (Arbejdsmarkedets Tillægspension) has exposure with the undertaking for
which said duties and responsibilities are performed, the approved exposure as at 1 July 2004,
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
notwithstanding section 24d(4) of the Arbejdsmarkedets Tillægspension Act in the wording of
section 2, no. 4 of this Act, may continue to the originally agreed expiry date.
(3) Persons covered by section 24d(2) of the Arbejdsmarkedets Tillægspension Act in the
wording of section 2, no. 4 of this Act, who on the date of entry into force of this Act have
duties and responsibilities pursuant to section 24h of the Arbejdsmarkedets Tillægspension
Act, cf. Consolidating Act no. 689 of 20 August 2002, or who, on the date of entry into force of
this Act are not covered by section 24h of the Arbejdsmarkedets Tillægspension Act, cf.
Consolidating Act no. 689 of 20 August 2002, may, without the consent of the executive
board, continue with such duties and responsibilities provided the relevant duties and
responsibilities are notified to the Danish FSA no later than 31 December 2004. If, as at 1 July
2004, ATP (Arbejdsmarkedets Tillægspension) has exposure with the undertaking for which
said duties and responsibilities are performed, the approved exposure as at 1 July 2004,
notwithstanding section 24d(4) of the Arbejdsmarkedets Tillægspension Act in the wording of
section 2, no. 4 of this Act, may continue to the originally agreed expiry date.
(4) For undertakings in which persons covered by section 24d(1) and (2) of the
Arbejdsmarkedets Tillægspension Act in the wording of section 2, no. 4 of this Act, who on the
date of entry into force of this Act have duties and responsibilities pursuant to sections 24i, 24j
and 24l of the Arbejdsmarkedets Tillægspension Act, cf. Consolidating Act no. 689 of 20
August 2002, and in which, as at 1 July 2004, ATP (Arbejdsmarkedets Tillægspension) has
exposure, the approved exposure as at 1 July 2004, notwithstanding section 24d(4) of the
Arbejdsmarkedets Tillægspension Act in the wording of section 2, no. 4 of this Act, may
continue to the originally agreed expiry date.
(5) The transitional regulations of subsections (2)–(4) shall apply correspondingly to persons
covered by section 63 of the Workers’ Compensation Act in the wording of section 3, no. 2 of
this Act and section 5c of the Lønmodtagernes Dyrtidsfond Act in the wording of section 4, no.
2 of this Act.
(6) The regulations of section 23 of the Arbejdsmarkedets Tillægspension Act in the wording of
section 2, no. 4 of this Act, section 62 of the Workers’ Compensation Act in the wording of
section 3, no. 2 of this Act, and section 4a of the Lønmodtagernes Dyrtidsfond Act in the
wording of section 4, no. 2 of this Act shall only apply to members of the executive board and
members of the supervisory board who are appointed to their position or take up their duties
and responsibilities after entry into force of this Act.
Section 2 of L 2005 1059 reads as follows:
2.-(1) This Act shall enter into force on the day after notification in the Danish Law Gazette.
(2) In connection with the calculation of the final tax of a municipality or regional authority for
the calendar year 2006, carried out in accordance with section 16 of the Act on Municipal
Income Tax, the calculated final tax shall be adjusted for the calculated effect on final tax in
line with the changes in the municipalities’ tax base for 2006, which follows from section 1, no.
2 of this Act.
(3) The calculated adjustment of the municipalities’ final tax under subsection (2) shall be
determined by the Minister for the Interior and Health on the basis of information available on
1 May 2008.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(4) The Minister for Employment may lay down more detailed regulations on excluding
income-dependent subsidy schemes from this Act.
Sections 2 and 3 of L 2008 109 read as follows:
2. This Act shall enter into force on 1 March 2008. Section 1, nos. 2, 3 and 9–16 shall take
effect from 1 January 2008.
3.-(1) Notwithstanding section 9(1) of the Arbejdsmarkedets Tillægspension Act, in the
wording of section 1, no. 3 of this Act, a supplementary pension in the form of a personal
pension for the period from 1 January 2008 to 30 June 2009 shall be provided on request from
the first of every month after the member has reached state retirement age, and shall be paid
in advance on a monthly basis. Notwithstanding section 12 of the Social Pensions Act, for the
purposes of calculation of the supplementary pension, from 1 January 2008 to 30 June 2009
the state retirement age shall be
1) 65 years for members born before 1 January 1959,
2) 65½ years for members born in the period from 1 January 1959 to 30 June 1959,
3) 66 years for members born in the period from 1 July 1959 to 31 December 1959,
4) 66½ years for members born in the period from 1 January 1960 to 30 June 1960, and
5) 67 years for members born after 30 June 1960.
(2) On the recommendation of the supervisory board of ATP (Arbejdsmarkedets
Tillægspension), the Minister for Employment shall lay down more detailed regulations
regarding conversion of pension commitments from the age of 67 to state retirement age, cf.
subsection (1).
(3) Notwithstanding section 9a(1) of the Arbejdsmarkedets Tillægspension Act, in the wording
of section 1 no. 3 of this Act, payment of supplementary pension until 31 December 2008
cannot be deferred beyond the age of 70.
Section 2 of L 2008 1063 reads as follows:
2.-(1) The bill may be ratified immediately after adoption.
(2) This Act shall enter into force on 8 November 2008.
(3) In connection with the calculation of a municipality’s final tax and church tax for the
calendar year 2009, carried out in accordance with section 16 of the Act on Municipal Income
Tax, the calculated final tax shall be adjusted for the calculated effect on final tax in line with
the changes in the tax base for municipal tax and church tax for 2009, cf. section 17f(1) of the
Arbejdsmarkedets Tillægspension Act, as amended by section 1, no. 1 of this Act.
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
(4) The calculated adjustment of final municipal and church tax under subsection (3) shall be
determined by the Minister for Social Affairs on the basis of information available on 1 May
2011.
Section 3 of L 2009 117 reads as follows:
3. Notwithstanding section 9(1) of the Arbejdsmarkedets Tillægspension Act, as amended by
section 1, no. 10 of this Act, in the period from 1 April 2009 to 30 June 2009 supplementary
pension shall be paid in the form of a personal pension one month in advance from the first of
the month after the member has reached state retirement age. Notwithstanding section 12 of
the Social Pensions Act, in relation to calculation of the supplementary pension in the period
from 1 April 2008 to 30 June 2009, the state retirement age shall be
1. 65 years for members born before 1 January 1959,
2. 65½ years for members born in the period from 1 January 1959 to 30 June 1959,
3. 66 years for members born in the period from 1 July 1959 to 31 December 1959,
4. 66½ years for members born in the period from 1 January 1960 to 30 June 1960, and
5. 67 years for members born after 30 June 1960.
Sections 5 and 6 of L 2009 1263 read as follows:
5.-(1) This Act shall enter into force on the day after publication of this Act in the Danish Law
Gazette, cf. however subsections (2)–(4).
(2) Section 1, nos. 2 and 4 shall enter into force on 1 May 2010.
(3) Section 17o of the Arbejdsmarkedets Tillægspension Act, in the wording of section 1, no. 5
of this Act, shall enter into force on 1 October 2010.
(4) Section 3, nos. 1 and 4 shall enter into force on 1 May 2010.
(5) Section 4, nos. 1–4 shall enter into force from the 2010 income year.
6.-(1) Disbursements from SP (Special Pension Savings Scheme) accounts covered by the
draft of section 17 of the Arbejdsmarkedets Tillægspension Act which applies up until entry
into force of this Act shall be subject to tax as set out in section 29B, no. 2 of the Act on
Taxation of Pension Schemes.
(2) Transfer of an SP (Special Pension Savings Scheme) account, as mentioned in section
17j(10) of the Arbejdsmarkedets Tillægspension Act, in the wording of section 1, no. 3 of this
Act, to a pension scheme with annuity payments or an instalment insurance or instalment
savings account for pension purposes covered by part 1 of the Act on Taxation of Pension
Schemes for the same person, shall not be treated as payment in or out under the Act on
Taxation of Pension Schemes. Section 41(9) of the Act on Taxation of Pension Schemes shall
apply correspondingly.
(3) On transfer of an SP (Special Pension Savings Scheme) account during disbursement to an
instalment pension scheme, the payment process already commenced shall be continued in the
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
instalment pension scheme according to more detailed agreement with the receiving insurance
company etc. in instalments of identical size and in such a manner that the last instalment
shall be paid out in the same year that the last instalment of the SP (Special Pension Savings
Scheme) account would have been paid out. The payment process in a receiving instalment
insurance or instalment savings account shall be otherwise calculated in accordance with the
principles of section 8 and section 11A respectively of the Act on Taxation of Pension Schemes.
Subsection (2) shall apply correspondingly to reversals of amounts deriving from LD
(Lønmodtagernes Dyrtidsfond), cf. section 17f(14) and section 17j(12) of the
Arbejdsmarkedets Tillægspension Act in the wording of section 1, no. 1 and section 1, no. 3
respectively of this Act, and to transfer of the amount deposited in an SP (Special Pension
Savings Scheme) account in an insurance company etc. other than ATP (Arbejdsmarkedets
Tillægspension) which derives from an account in LD (Lønmodtagernes Dyrtidsfond), cf.
section 7a(3) of the Lønmodtagernes Dyrtidsfond Act in the wording of section 2, no. 1 of this
Act.
(4) Section 23(4) of the Act on Taxation on Yields of Certain Pension Scheme Assets shall
apply correspondingly to transfers, mentioned in subsection (2), of separate SP (Special
Pension Savings Scheme) accounts in banks or pension funds which take place on 1 January
2010 or later.
Section 22(12)–(19) of L 2012 1380 reads as follows:
(12) With effect from 1 January 2013, amounts saved in separate accounts in the
supplementary labour market pension for persons retiring early held with ATP
(Arbejdsmarkedets Tillægspension) shall be transferred to ATP (Arbejdsmarkedets
Tillægspension) for the purposes of their administration and management, together with the
other assets of the fund.
(13) For account holders who on 31 December 2012 have a separate account in the
supplementary labour market pension for persons retiring early held with ATP
(Arbejdsmarkedets Tillægspension), the account holders’ amounts deposited shall be used to
acquire a whole-life pension in ATP (Arbejdsmarkedets Tillægspension) on 1 January 2013
under the regulations set out in section 8c of the Arbejdsmarkedets Tillægspension Act, subject
to the proviso that, prior to acquisition, no amount under section 16 of the Arbejdsmarkedets
Tillægspension Act is deducted, and the acquired pension rights do not include rights to
benefits under section 14b(3) and section 14e(3) of the Arbejdsmarkedets Tillægspension Act,
cf. however subsection (14).
(14) The account holder’s amounts deposited under subsection (13) shall be divided into a
guarantee contribution, representing 80% of the amounts deposited and used to acquire a
guaranteed pension, and a bonus contribution, which is transferred to the bonus potential of
ATP (Arbejdsmarkedets Tillægspension).
(15) The guarantee contribution under subsection (14) shall be used to acquire a guaranteed
pension on 1 January 2013 in accordance with a rate fixed by the Minister for Employment, cf.
subsection (16). For the acquisition of a guaranteed pension, no amount under section 16 of
the Arbejdsmarkedets Tillægspension Act shall be deducted, and the acquired pension rights
shall not include rights to benefits under section 14b(3) and section 14e(3) of the
Arbejdsmarkedets Tillægspension Act.
(16) The Minister for Employment shall fix a rate on the recommendation of the supervisory
board of ATP (Arbejdsmarkedets Tillægspension), cf. subsection (15). The rate shall be fixed
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
on the basis of a market-value-based qualifying interest rate calculated as of 31 December
2012 in accordance with the principles of the ATP (Arbejdsmarkedets Tillægspension) pension
basis, cf. section 18 of the Arbejdsmarkedets Tillægspension Act.
(17) Account holders who on 31 December 2012 have a separate account in the
supplementary labour market pension for persons retiring early held with ATP
(Arbejdsmarkedets Tillægspension) and who were born in the period from 1 January 1949 to
31 December 1952 may however opt to defer acquisition of a whole-life pension from ATP
(Arbejdsmarkedets Tillægspension) until they reach state retirement age, at which time it shall
have a value corresponding to their amounts deposited in the separate account as of 31
December 2012, plus the rate of interest up to the state retirement age. Breakdown into a
guarantee contribution and bonus contribution and acquisition of a guaranteed pension shall be
in accordance with the regulations laid down under section 8c of the Arbejdsmarkedets
Tillægspension Act at the time the account holder reaches state retirement age.
(18) ATP (Arbejdsmarkedets Tillægspension) shall lay down more detailed regulations on the
size of the interest rate and the principles for rate of interest on the deposits on 31 December
2012, cf. subsection (17).
(19) On the recommendation of ATP (Arbejdsmarkedets Tillægspension), the Minister for
Social Affairs and Integration may lay down more detailed regulations for the transfer on 1
January 2013 of separate accounts in the supplementary labour market pension for persons
retiring early held with ATP (Arbejdsmarkedets Tillægspension) and the acquisition of pension
rights in ATP Livslang Pension, cf. subsections (13)–(17).
While this translation was carried out by a professional translation agency, the text is to be regarded as
an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July
2017. Only the Danish document has legal validity.
November 2016, GlobalDenmark Translations
ANNEX A
The pension basis from 1 January 2002 to 31 December 2007
For each DKK 100 contributed, cf. section 8b, the following pension rights will be earned from
the age of 67
at the
age of
pension at 67
years
at the
age of
pension at 67
years
16 years DKK 18.30 42 years DKK 12.17
17 years DKK 18.02 43 years DKK 11.96
18 years DKK 17.75 44 years DKK 11.76
19 years DKK 17.48 45 years DKK 11.56
20 years DKK 17.21 46 years DKK 11.35
21 years DKK 16.95 47 years DKK 11.15
22 years DKK 16.69 48 years DKK 10.95
23 years DKK 16.43 49 years DKK 10.75
24 years DKK 16.18 50 years DKK 10.55
25 years DKK 15.93 51 years DKK 10.35
26 years DKK 15.69 52 years DKK 10.15
27 years DKK 15.44 53 years DKK 9.95
28 years DKK 15.21 54 years DKK 9.75
29 years DKK 14.97 55 years DKK 9.54
30 years DKK 14.74 56 years DKK 9.34
31 years DKK 14.51 57 years DKK 9.13
32 years DKK 14.29 58 years DKK 8.93
33 years DKK 14.06 59 years DKK 8.72
34 years DKK 13.84 60 years DKK 8.51
35 years DKK 13.63 61 years DKK 8.29
36 years DKK 13.41 62 years DKK 8.07
37 years DKK 13.20 63 years DKK 7.84
38 years DKK 12.99 64 years DKK 7.61
39 years DKK 12.78 65 years DKK 7.38
40 years DKK 12.58 66 years DKK 7.14
41 years DKK 12.37 67 years DKK 7.15
Note: The rates are based on a common mortality rate for men and women in the ratio 50:50
ANNEX B
The following countries are covered by Zone A:
EU Member States, other countries with full membership of the Organisation for Economic Cooperation and Development (OECD), and other countries that have entered into special loan
agreements with the International Monetary Fund (IMF) and are affiliated with the General
Agreement on Borrowing (GAB). However, a country that restructures its foreign national debt
due to poor credit quality shall be excluded from Zone A for a period of five years.
Note: the text is to be regarded as an unofficial translation based on the latest official Consolidating Act as published by Karnov on 1 July 2017. Only the Danish document has legal validity.
Disclaimer: This content is provided for general informational purposes only and does not constitute legal advice.
Income Tax Withholding & Payroll Reporting
Unofficial Model Legal Clauses Based on the Danish Personal Income Tax Act (Personskatteloven), the Withholding Tax Act (Kildeskatteloven), and administrative rules issued by the Danish Tax Agency (Skattestyrelsen). This text is provided for informational and compliance-reference purposes only and does not constitute an official translation. The Danish-language statutory texts published on Retsinformation.dk remain legally binding.
Section 1 – Scope of Application
(1) These provisions govern the obligation to withhold, report, and remit personal income tax and labour market contributions in respect of employment income paid to individuals performing work in Denmark or otherwise subject to Danish tax liability under applicable law.
(2) The provisions apply to all employers, including foreign entities acting as employers of record, who pay remuneration qualifying as taxable employment income under Danish tax law.
(3) The provisions apply irrespective of whether the employment relationship is permanent, fixed-term, full-time, or part-time.
Section 2 – Taxable Employment Income
(1) Employment income shall include salaries, wages, bonuses, commissions, allowances, benefits in kind, taxable reimbursements, pension-related payments, and any other remuneration derived from an employment relationship.
(2) Employment income shall be deemed taxable when the employee acquires a legal right to the remuneration, regardless of the time of actual payment.
(3) Benefits provided in non-cash form shall be included in taxable income at their taxable value as determined under Danish tax rules.
Section 3 – Labour Market Contribution (AM-bidrag)
(1) Employers shall withhold a labour market contribution at a flat rate of eight percent (8%) of the employee’s gross employment income.
(2) The labour market contribution shall be calculated prior to the computation of personal income tax.
(3) The obligation to withhold the labour market contribution applies to all taxable employment income unless expressly exempted by law.
Section 4 – Personal Income Tax Withholding (A-tax)
(1) Employers shall withhold personal income tax (“A-tax”) from employment income in accordance with the employee’s tax card or withholding instructions issued by the Danish Tax Agency.
(2) Personal income tax withholding shall include state income tax, municipal income tax, and any applicable church tax, calculated in accordance with applicable tax rates and thresholds.
(3) Employers shall apply the withholding rates and deductions specified in the employee’s tax card without modification.
(4) Where a valid tax card is not available, withholding shall be performed in accordance with default withholding rules prescribed by the Danish Tax Agency.
Section 5 – Payroll Reporting Obligations
(1) Employers shall report all salary payments, taxable benefits, withheld taxes, and labour market contributions through the Danish digital income reporting system (eIndkomst or successor system).
(2) Reporting shall be performed on a monthly basis and shall include accurate and complete payroll data for each employee.
(3) Reporting obligations apply even where no salary has been paid during the reporting period, if required under administrative rules.
Section 6 – Remittance of Withheld Amounts
(1) Employers shall remit withheld personal income tax and labour market contributions to the Danish Tax Agency within the statutory deadlines applicable to the employer’s reporting category.
(2) Failure to remit withheld amounts within the prescribed deadlines may result in interest charges, penalties, or other enforcement measures under Danish tax law.
(3) Withheld amounts shall be deemed to be held in trust for the Danish tax authorities and may not be used for any other purpose.
Section 7 – Employer Liability
(1) Employers shall be liable for the correct calculation, withholding, reporting, and remittance of taxes and contributions withheld from employment income.
(2) Errors or omissions in withholding or reporting may result in employer liability for unpaid taxes, penalties, and interest, regardless of whether the tax is ultimately payable by the employee.
(3) Employer liability under this section is without prejudice to the employee’s final annual tax assessment.
Section 8 – Annual Tax Assessment
(1) Final determination of the employee’s income tax liability shall be made through the annual tax assessment issued by the Danish Tax Agency.
(2) Differences between taxes withheld and final tax liability shall be settled directly between the employee and the Danish tax authorities.
(3) Employers shall not be responsible for adjustments arising from the annual tax assessment, provided that withholding and reporting obligations have been fulfilled correctly.
Section 9 – Administrative Authority
(1) The Danish Tax Agency (Skattestyrelsen) shall be the competent authority for administration, supervision, and enforcement of the provisions governing income tax withholding and payroll reporting.
(2) The Danish Tax Agency may issue binding instructions, guidance, and technical requirements for compliance with payroll reporting and withholding obligations.
Section 10 – Legal Status
(1) These provisions constitute an unofficial model representation of Danish income tax withholding and payroll reporting law.
(2) In the event of inconsistency, the official Danish-language legislation published on Retsinformation.dk shall prevail.
Official Danish Law References (Danish Language)
Personal Income Tax Act (Personskatteloven): https://www.retsinformation.dk
Withholding Tax Act (Kildeskatteloven): https://www.retsinformation.dk
Danish Tax Agency (Skattestyrelsen): https://skat.dk
Disclaimer: This content is provided for general informational purposes only and does not constitute legal advice.
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Regulation Updates in Denmark
Discover the latest employment and compliance updates in Denmark — helping you stay ahead in a changing regulatory landscape.
Pay Limit Scheme
What it is: The Pay Limit Scheme policy update clarifies which salary components and documentation count toward the pay-limit and reiterates employer responsibilities in relation to payment into a Danish bank account and the use of employer application forms for sponsoring work permits.
What it changes: The update specifies which salary components and required documentation count toward the pay-limit and restates employer responsibilities, including payment into a Danish bank account and use of employer application forms.
Who is affected:
- Employers involved in sponsoring work permits
What employers should do:
- Ensure understanding of which salary components and documentation count toward the pay-limit
- Comply with requirements for payment into a Danish bank account
- Use the employer application forms as required
Notes: Effective month: 2026-04. Manual verification recommended.