ATP – a work pension supplement is paid upon retirement/folkepension and is paid until the end of life (old age pensioner according to Danish law).
All EU residents, who have worked in Denmark for more than 39 hours a month (in a country-owned company) have contributions to their personal ATP account. Anyone who has an ATP at the age of retirement is entitled to an ATP supplement from the end of life.
ATP contributions are listed on each pay slip. For at least 117 hours a month and monthly salary, monthly contributions to ATP are 284 DKK – the employee himself pays 1/3 of the contribution (94.65 kr.) And the employer pays 2/3 of the contribution (189.35 kr.).
If, at the age of retirement, the annual pension supplement from ATP is less than 2.850 DKK per year (before compulsory taxes), the amount is paid once a year after deduction of 40%. If the annual pension supplement is greater than 2.850 DKK, the pension supplement is paid monthly after deduction of 40%.
Individuals who do not reside in Denmark but have ATP contributions and old-age pensions are required to apply to ATP for payment of their pension supplement and to indicate their address and bank account number. Contributions on the ATP account do not decrease over time.
Employees who have worked full-time and whose accounts have been paid ATP contributions for at least 2 years since 2002 (paid amount of 6,816 DKK) have valid Life Insurance.
In case of death ATP Life Insurance pays a lump sum to the insured’s family. 50,000 DKK (minus 40% tax) is paid to the spouse / cohabiting partner and every child under 21. The amount of the insurance is paid to the partner only if he / she has been registered with the insured at the same address for 2 years before the death of the insured. The amount of insurance payout decreases with the age of the insured. If the insured person is at the age of 66 in the event of death, the amount of the insurance benefit will be reduced by 10,000 DKK. The amount of the insurance benefit disappears completely if the insured person reaches the age of 70 at the time of death. In the event of the death of the insured, the life insurance may be requested no later than 5 years after the death of the insured.