The remuneration policy is determined by the Board of Directors of LD Pensions. No remuneration committee has been appointed, nor have any external experts been consulted. LD Pensions' external auditor reports to the Board on the monitoring of compliance with the Remuneration policy. The Remuneration policy was last revised in June 2025.
Organisation and strategy
The remuneration policy reflects LD Pensions' business model and supports sound and effective risk management. Outsourcing is a key strategic element of the business model and helps, amongst other things, to adjust costs and reduce internal vulnerability in relation to the performance of key functions. As a result of outsourcing, LD Pensions’ own organisation is modest in size, and staff primarily carry out management, control and governance tasks, whilst day-to-day operations are handled by Partners.Â
The remuneration policy sets out the framework and general terms and conditions for various groups. The remuneration policy for these groups is described below. The remuneration policy does not cover the subsidiaries Kapitalforeningen LD and LD Equity 1 K/S, as these do not have their own staff.
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At its first meeting of the year, the Board of Directors sets the remuneration for the Chair, Vice Chairman and other members for the current year. The Board also takes a provisional decision on the adjustment of remuneration for the coming calendar year.
This consists solely of a fixed annual remuneration for members of the Board of Directors in LD Pensions. The remuneration is paid on an ongoing basis and only for the period of the year during which the board member is appointed. Board members do not receive pension contributions or pension commitments. No severance pay is paid to board members.
The total remuneration paid to the Board of Directors during the calendar year is set out in LD Pensions' annual report.
Remuneration of board members:
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The Board of Directors determines the Director’s salary and terms of employment on the recommendation of the Chairmanship. Decisions on salary adjustments and any changes to terms and conditions are taken once a year in the first quarter of the year, or upon new appointments or other significant changes. The Board of Directors may delegate the determination of the Executive Board’s annual salary adjustment to the Chairmanship.
The Director of LD Pensions is the sole member of the Executive Board. The Director is not eligible for variable remuneration and receives only a fixed salary.
Until 1 June 2025, a pension contribution of 15% was deducted from the director’s salary and paid into the LD Pensions pension scheme. On 1 June 2025, LD Pensions switched to a net salary plus an employer-paid pension contribution of 10 per cent. The change from gross to net salary had no impact on the total salary of the managing director.Â
The Director is not contractually entitled to severance pay. No severance pay was paid to members of the Executive Board in 2025. Â
The Director is the Chair of the Board of Directors of Kapitalforeningen LD. No remuneration is paid for the work as Chair of the Board.
Executive Board remuneration in 2021
Executive Board remuneration in 2022
Executive Board remuneration in 2023
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The Board of Directors designates the group of other significant risk-takers.Â
Within the framework of the Remuneration policy, the Chief Executive determines the remuneration and terms of employment for other key risk-takers and informs the Board of Directors thereof. Salary adjustments are made once a year on 1 April and upon new appointments or other significant changes.
Other key risk-takers are not covered by variable remuneration and receive a fixed salary only. Until 1 June 2025, the group of key risk-takers received a gross salary including a 10% pension contribution to LD Pensions’ pension scheme. On 1 June 2025, LD Pensions switched to net pay with the addition of a 10% employer-paid pension contribution. The switch to net pay has no material impact on the remuneration of key risk-takers. Other key risk-takers did not receive pension contributions or any salary components other than those stated here.Â
Severance pay for other key risk-takers may not exceed an amount equivalent to 12 months’ salary.Â
The total remuneration for other key risk-takers is stated in LD Pensions' annual report as amounting to DKK 5.1 million in 2025. The salary figures relate to 3.0 full-time equivalents. The amounts and full-time equivalents exclude the CEO’s salary. Â
At the end of 2025, the group of other significant risk-takers comprised the Head of Business (key person), the Head of Finance & Risk (key person) and the Head of Investments.Â
The Head of Finance & Risk and the Business Manager are also members of the board of Kapitalforeningen LD. No remuneration is paid for their work on the board.
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‘Other employees’ refers to employees who are not members of the Executive Board or key risk-takers.
The Director shall, following consultation with the employee’s immediate line manager, determine the annual pay adjustment with effect from 1 April and decides on pay and terms of employment at the time of appointment and in the event of other significant changes to the employee’s job description.
In LD Pensions, variable remuneration may be used to a limited extent for other staff members. The variable remuneration consists of a one-off annual payment, which may not exceed one month’s salary for the individual staff member.Â
Following consultation with the employee’s line manager, the Director determines the amount of the one-off variable bonus on the basis of an assessment of the employee’s outstanding performance over the past year. The assessment of an individual’s performance is not directly linked to LD Pensions’ results in terms of returns or asset growth.
Variable remuneration must be consistent with and promote sound and effective risk management, and must support LD Pensions’ business strategy, values and long-term objectives.
Once a year, the Board of Directors sets the maximum amount that the Chief Executive may allocate to variable remuneration during the calendar year.
New-hire bonus and retention bonus
A recruitment bonus may be used where deemed appropriate to attract qualified staff to the organisation. Similarly, a retention bonus may be used as a tool to maintain a qualified workforce. The Board of Directors’ specific approval is required if the Executive Board wishes to award a sign-on bonus.
The Board of Directors sets out the framework for the use of retention bonuses. Where retention bonuses are awarded to key risk-takers, this must be done in accordance with the rules on the permitted ceiling for variable remuneration for the Executive Board, as set out in the Executive Order on Remuneration policy and Remuneration in LD Pensions.Â
The award of a retention bonus to key risk-takers must be made in accordance with the rules on deferral and repayment set out in the aforementioned executive order. Apart from the above, no framework has currently been established for recruitment bonuses and retention bonuses, as LD Pensions has not utilised these types of bonuses. Should recruitment bonuses or severance bonuses be awarded to the Executive Board and other key risk-takers, the amounts awarded and other terms and conditions will be set out in LD Pensions' annual report.
Information
LD Pensions reports annually to the Danish Financial Supervisory Authority on the total remuneration for all employees, as well as the remuneration for the board of directors, the Executive Board and key risk-takers.
The report covers salaries earned during the previous financial year, and the information must be submitted to the Danish Financial Supervisory Authority by 1 May at the latest. Reports for LD Pensions are submitted collectively under a single business area, as defined in the LD Act.
Once a year, LD Pensions submits a report to the Minister for Employment on the remuneration paid to the board of directors in the previous financial year and the expected remuneration for the current and forthcoming financial years.
The total amount relating to remuneration earned during the financial year for all employees is set out in the annual report. Remuneration earned by the Board of Directors, the Executive Board and key risk-takers is also set out in LD Pensions' annual report. It is evident from this that only fixed salaries were paid.
LD Pensions has chosen to supplement the statutory information with details of the remuneration paid to individual members of the Board of Directors and the Executive Board. This information can be found under the relevant group above.Â
