Icon
IconInvesting your savings 

Risk labelling

We invest your savings in several different assets, e.g. bonds, equities and real estate.

Taking risk is necessary
We invest your savings in securities, e.g. bonds, equities, real estate etc., to increase your savings and give you the highest possible outcome when you retire.

Investing in securities may imply that the value of the savings fluctuates year by year, and this is called investment risk.   

See the risk on your pension savings
To make it easier for you to understand and compare the risk related to your pension savings, all pension products are labelled with a risk value between 1.0 and 5.9:

  • 5.9 is the highest risk value indicating that your savings may fluctuate a lot.
  • 1.0 is the lowest risk value indicating that your savings fluctuate less.

Short-term and long-term risk
There are two types of risk in terms of pension savings. The short-term risk which shows how much the value of your savings can fluctuate within one year. The long-term risk shows the uncertainty of your future benefits when you retire. 

The risk value is only evidence of the short-term risk - that is how much the value of your savings can increase or decrease during the next year.

The risk depends on your age
A high risk gives the possibility of a high return. Accordingly, many pension schemes have a high risk at a young age. In P+ this only applies to members admitted to P+ Life cycle. At a young age you have many years to regain possible losses resulting from negative developments on the financial markets. As you grow older, the time for regaining possible losses is reduced. Accordingly the risk applying to theses pension schemes is reduced with time.

Members admitted to P+ Life cycle can choose between 3 risk profiles (High, Middle and Low). It applies to each risk profile that the risk - and accordingly the risk value - is reduced as the member approaches retirement. The difference between the risk profiles is the level of risk, the time when the risk starts being reduced and the level of sustainability. 

For members who are not admitted to P+ Life cycle, but have entered into a pension agreement with an average interest rate before 1 November 2021, the risk is not gradually reduced, and accordingly the risk level is constant. 

Members of P+, former JØP with guaranteed benefits  and members of P+, former DIP under Regulations 1 and 2 have their pension savings in P+ Grundlag. And as a large part of the benefit is guaranteed, it is not linked with any risk, and there is no risk level on P+ Grundlag. 

Risk profiles which have names associated to a certain risk level, e.g. 'High', must have a risk value which lies within certain risk banks defined by Insurance & Pension Denmark.

The bands are based on a pension sector average for products with homogeneous naming of risk level, and exceedings as regards the band thus express a deviation from a pension sector average. 


At 1 January 2022, P+'s profiles deviate from Insurance & Pension Denmark's risk classification at the following times:  

  • Low: The risk value is 0.1-0.3 above Insurance & Pension Denmark's risk band applying to low risk in the following years: 22 to 11 years until retirement as well as 6, 8 and 9 years until retirement and 2 years until to 5 years after retirement where the risk value is classified as middle risk according to Insurance & Pension Denmark's risk classification.

  • Middle: The risk value is 0.4-1.0 above Insurance & Pension Denmark's risk band applying to middle risk in all years where the risk value is classified as high risk according to Insurance & Pension Denmark's risk classification.

  • High: Does not deviate at any time.

  • Sustainable: The profile is classifiled as Middle risk. The risk value is 0.4-1.0 above Insurance & Pensions Denmark's risk band applying to Middle risk in all years where it is classified as High risk according to Insurance & Pension Denmark's risk classification. 

  • P+ Vælger: The profile is classified as Middle risk. The risk value is 0.1-1.3 above Insurance & Pension Denmark's risk band for Middle risk in the interval 9 years before pension to 5 years after where it is classified as High risk according the Insurance & Pension Denmark's risk classification. 

  • P+ Aktiemax: The profile is classified as High risk. The risk value does not deviate at any time.

  • P+ Obligationsmax: The profile is classified as low risk. The risk value is 0.1 above Insurance & Pension Denmark's risk band applying to Low risk 3-5 years after retirement where is it classified as Middle risk according to Insurance & Pension Denmark's risk classification. 


The risk values are based on social assumptions for the 1. half of 2022.