If you haven't been deducted for all your pension contributions
21/03-2025
Today, the Danish Tax Agency officially releases the annual tax assessment notice for 2024. Some Danes are in for a surprise when they review their tax assessment notices, because they've not gotten tax relief on all their pension contributions. Fortunately, help is available.
Usually, your pension company will arrange for any excess contributions to an annuity certain scheme above the limit of DKK 63,100 (2024) to be automatically transferred to a whole-life annuity scheme where all contributions are eligible for tax relief
However, there are a couple of exceptions where this doesn't happen automatically. These are:
- If you've changed jobs during the year, you may have contributed to annuity certain schemes in multiple pension companies and thus exceeded the contribution limit of DKK 63,100.
- If you're saving up for pension through both a pension company and a bank, you may collectively have contributed more than DKK 63,100, unless your pension company has been informed about how much you're saving in the bank.
How to check if you've overpaid your annuity certain scheme
If you've paid more than the limit of DKK 63,100 to your annuity certain scheme, it'll be highlighted at the top of your tax assessment notice along with any excess tax or outstanding tax.
To correct an overpayment to your annuity certain scheme, you need to download and complete this form from the Danish Tax Agency. The form must be sent to us along with an overview of your contributions to employer-administered and, if applicable, private pension schemes. You can find this information on www.tastselv.skat.dk - look for the section ‘Tax information’ when you are logged in. Please only send us the information that relates to pension contributions.
Once you've done so, we can transfer the excess amount from your annuity certain scheme to an whole-life annuity. This way, you'll get full tax relief or deduction for the contribution. Please note that unfortunately, we cannot help you until you’ve completed the form from the Danish Tax Agency and sent it to us along with your tax information.
You can find further assistance on how to complete the form from the Danish Tax Agency here.
| Have you made contributions to a private annuity certain scheme - e.g. through your bank? |
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Tax rules state that you must always correct contributions to a private annuity certain scheme first, if one exists. This applies, for example, if you save up for your retirement through your bank or still contribute to a pension scheme with another company other than the one where your current employer has chosen to have a pension agreement.
If you've overpaid, you can choose to transfer the excess amount to a whole-life annuity scheme. When your scheme is a private annuity certain scheme, you also have the option of getting the excess amount refunded. Contact the company or bank where you have your private pension savings for assistance.
You indicate which of the two options you want when you complete the form from the Danish Tax Agency. Send the form to the bank or pension company where you have your private annuity certain scheme, along with an overview of your contributions to employer-administered and, if applicable, private pension schemes. You can find this information on www.tastselv.skat.dk - look for the section ‘Tax information’ when you’re logged in. Please only send us the information that relates to pension contributions.
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