Denmark’s Sampension has reported a 15% increase in regular contributions for 2020 alongside a 59% rise in one-off deposits as a result of more customers transferring pension savings from other companies.

In its annual results statement, the labour-market pension fund said it had gained 31,000 new customers last year, of which 12,000 were from new contracts with companies and organisations such as the Army Constables and Corporals Association (HKKF), insurer If Skadeforsikring and IT firm Dustin.

Hasse Jørgensen, Sampension’s chief executive officer, said: “We participate in tender rounds with fixed low prices all round, without changing this from one bid to another.”

The pension fund said total contributions rose 15% or DKK2.8bn (€377m) during the year to DKK11.7bn.

Within that, one-off deposits and transfers increased 59% from 2019’s level to total DKK2.8bn by the end of last year, it said.

Regular contributions saw a 4.4% increase to DKK7.9bn as a result of the addition of several new pension schemes during the year, Sampension said.

Having already released key investment return figures in January, Sampension gave more details of its 2020 results today, including the fact that its total investment return came to DKK10.3bn last year – down 49% from the previous year.

Assets under management for the main company, Sampension Liv, rose by 0.5% to DKK295bn, the firm said, with savings in average-rate pension products totalling DKK82bn, and those in its market-rate schemes encompassing DKK102bn at the end of 2020.

The broader Sampension group, or community, which includes the other pension funds it runs – the pension fund for architects, the pension fund for agricultural academics and vets, and ISP Pension – saw assets rise by 0.3% to DKK339.5bn.

Sampension also said it had continued to increase its investments in bonds, unlisted shares and real estate in 2020, despite the effects of the pandemic.

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