Nordnet launches livrente – Denmark’s largest pension product
Today, Nordnet launches “livrente,” Denmark’s most significant pension savings type, allowing customers to save in the country’s primary pension vehicle. This launch marks Nordnet’s major entry into the Danish pension market.
Until now, Nordnet offered the Danish pension products permissible under its banking license – “ratepension” and “aldersopsparing”. Through Nordnet’s newly established Danish pension branch, the livrente pension product is now possible to launch. This is the pension type with the most substantial capital allocation within the Danish market.
“Our livrente is an excellent product for Danish pension savers, and it’s exciting to be able to positively influence the Danish pension market. With Nordnet’s livrente product, pension savers gain access to the market’s broadest range of investment products at lower fees than those of traditional pension providers,” says Lars-Åke Norling, CEO of Nordnet.
The livrente product has no exact equivalent in other Nordic pension markets but is similar to a combination of private pension, occupational pension, and salary exchange savings. Contributions to livrente can be made in three ways – by the employer, through salary exchange, or as a direct deposit from the individual. For personal deposits, there is an annual deductible limit of DKK 58,100, while there is no cap on tax deductions for salary exchange contributions.
Livrente is our most important launch this year and a significant step toward establishing Nordnet as a Nordic one-stop shop for savings and investments. With this launch, we are opening access to an addressable market of approximately DKK 2 trillion, and given our strong position in the Danish savings market, I believe we can capture market share relatively quickly,” Norling adds.
Nordnet will initially focus on the segment of pension savings eligible for transfer to other pension providers. In contrast to Sweden, transferring such pension savings in Denmark does not require a signature from the previous employer, removing a common obstacle for savers looking to reduce costs or consolidate their pension savings. Customers can also open a new livrente account with Nordnet or make private deposits into transferred savings.
For further information, please contact:
Johan Tidestad, Chief Communications Officer, johan.tidestad@nordnet.se, +46 708 875 775
Marcus Lindberg, Head of Investor Relations, marcus.lindberg@nordnet.se, +46 764 923 128
Nordnet is a pan-Nordic leading digital platform for savings and investments. Through innovation, simplicity and transparency, we challenge traditional structures, and give private savers access to the same information, tools and services as professionals. Visit us at www.nordnetab.com, www.nordnet.se, www.nordnet.no, www.nordnet.dk or www.nordnet.fi.
