The pension expectations of Danes

The Danish pensions system has undergone great change in recent years. From primarily being covered by a tax-funded pensions system, an increasing number of Danes will in future be covered by occupational pension schemes and personal pension savings as a supplement to their state pension. This means greater variation in future pensions schemes, which may result in more complex combinations that are less comprehensible for the individual. In the light of this, this report studies three aspects. First whether working Danes have realistic expectations concerning their spending opportunities after retirement. Second whether retired Danes are content with their financial situation and whether they feel their expectations for retirement spending have been met. Thirdly the report examines from where Danes get information about their pension plan and whether they understand the information made available to them. The report was commissioned by the Danish Ministry of Social Welfare and is based on a questionnaire survey of 9,500 Danes extracted from the Danish civil register. The extract comprised people born in eight different years with a five-year interval between each from 1920 to 1955.