After months of research, The Danish Pension Fund for Pharmaconomists has chosen PKA for its new partner to manage the 7.800 members' pensions.

The supervisory board of The Danish Pension Fund for Pharmaconomists began the search for a new administrator for the pension fund's members and their savings of more than DKK 10 billion.

As previously reported by FinansWatch, several pension funds and companies, such as Sampension, have been invited to compete for the task.

"We have had several high-quality offers, but we believe that PKA was the best option. We have gained a solid platform, competent in service and professionalism, and with a low cost level," says the pension fund's chairman, Henrik Klitmøller Rasmussen, in a press release.

The switch to PKA will take effect on Jan. 1, 2018.

Chance of lower costs

The Danish Pension Fund for Pharmaconomists, the smallest independent pension fund in Denmark, expects that the new administrator will help to reduce expenses.

"After about a year, the restructuring will have paid for itself. Afterwards, the administrative costs will be reduced by more than half. It is a significant saving, and it will ultimately give each pharmaconomist more money for retirement. It also means that our members will see a significant upgrade in service quality," says Klitmøller Rasmussen,

Peter Damsgaard Jensen, CEO of PKA, is also happy to have won the deal in competition with other interested parties.

"The more members, the more robust is PKA, and the better our opportunity to get our current and future members more benefits like high returns, low expenses, and increased pensions. So I am very happy to welcome the pharmaconomists to PKA, and I am also proud that PKA was chosen for the task in competition with other competent pension funds," says Damgaard Jensen.

English Edit: Marie Honoré