ATP, the manager of the Danish state-owned SP pension scheme, says approximately DKK25bn (€3.35bn) could be withdrawn from the scheme and spent on luxuries by the Danish population when the government allows access to the assets later this year.

A study conducted by ATP in April found six out of 10 Danes aged between 25 and 65 will withdraw their assets from the Special Pension Savings Scheme (SP) this year.

The Danish government announced in March it would open the SP, used by 2.9 million people, from 1 June until the end of this year in a bid to stimulate the Danish economy. (See earlier IPE story: SP access opened to stimulate Danish economy)

The average sum held by individuals is understood to be approximately DKK14,600 (€1,959), but most people taking the money are planning to spend it on luxuries, such as holidays and flat-screen TVs, according to ATP's findings.

A fifth of those questioned said they leave the assets where they are, while another fifth have yet to decide.

The actual sum of money involved could mean approximately DKK9bn, after tax, will be pumped into the Danish economy in the space of just a few months .

ATP has flagged the event as being "the largest disbursement exercise of its kind in Danish history".

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