DENMARK – PensionDenmark has posted a surplus of DKK4.3m (€576m) for 2005.

The result was included in PensionDenmark’s first annual report since its merger with B&A Pension, HTS Pension and PKS Pension.

Prior to the merger, which occurred last August, PensionDenmark provided administration services to the other three.

A spokesman said that the result reflected a substantial growth in premiums, a very satisfactory investment yield and strong consolidation.

PensionDanmark is Denmark’s largest labour market pension fund, administering mandatory defined contribution schemes for some 500,000 blue-collar workers.

B&A Pension was a fund for building and construction workers, HTS Pension for trade, transportation and private service workers, and PKS Pension for agricultural and public service workers.