Danish pension fund AkademikerPension has been reprimanded by the country’s financial watchdog for failing to provide ready information to some members about their pensions for several years.
The Danish Financial Supervisory Authority (Finanstilsynet, FSA) announced yesterday that it had issued an injunction to the DKK157bn (€21bn) pension fund regarding the lack of annual overviews for certain members of the pension fund.
It said: “The Danish FSA finds that several members for the years 2022-2024 have not received information to which they are entitled under the rules, and that there are still members who cannot access their personal page on the pension fund’s website and do not receive the information in question without contacting the pension fund.”
AkademikerPension had thus failed to comply with its obligation to provide information pursuant to section six of the Executive Order on Information on Life Insurance Contracts, the FSA said.
In a response to the FSA’s action, AkademikerPension acknowledged the injunction, or official order (påbud) and the principle that scheme members had to have statutory information about their pension scheme, but said the impact of the failings had been limited.
“The fact that a very small group of members (less than 2%) have not received or had personal access to their information between 2022 and 2025 is due to some quite extraordinary IT challenges due to the replacement of our core system,” the pension fund said.
“We would like to emphasise that these members have always been able to obtain this information by personal contact,” AkademikerPension said, adding that they had therefore not been cut off from their personal information.
The Gentofte-based pension fund said it was “working intensively” to meet the FSA’s demand before the three-month deadline.
