As a general rule, you can only withdraw your savings once you leave the labour market. However, there may be circumstances in which you can withdraw them earlier, for example if you take early retirement or move abroad permanently.
You’ll need to contact us to keep your savings
When you reach state pension age, your holiday allowance funds will be paid out automatically unless you contact us. You can, in fact, choose to leave your savings with us rather than have them paid out.
Around three months before you reach state pension age, you will receive a letter from us regarding the payouts for your accrued holiday allowance funds. In the letter, we will explain what you need to do if you wish to defer the payouts. You can have your holiday allowance funds paid out at any time if you have chosen to defer the payouts.
Advantages of leaving your savings where they are
There is no upper age limit on how long you can keep your savings with us. It may be advantageous to leave your savings with us until you need the money, as returns are credited to your savings on an ongoing basis.
Returns vary over time, and there may be both positive and negative fluctuations. You can always log in to see how much your savings have grown over time.
Whether you choose to receive payouts or leave the money in the scheme, it will have no impact on your other pension schemes.
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You can apply to have your Holiday Allowance paid out if you leave the labour market permanently before reaching state pension age. You can do so if you meet one of these seven conditions:
- receives an early retirement pension
- receives a senior pension
- receives a post-retirement allowance
- receives an ‘early pension’ under the Social Pension Act
- receives flexi-benefit
- receives an old-age pension established as part of an employment relationship
- have taken up permanent residence abroad, i.e. have had an address abroad for at least 6 months.
You can apply for payouts of your holiday allowance funds at the earliest once you have left the labour market.
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Your holiday allowance funds will be paid automatically into your NemKonto no later than 6 weeks after you reach state pension age. Unless you choose to defer the payouts and keep the savings, with ongoing returns being credited to your account until the payouts are made at a later date. You will receive a letter with information on how to defer the payouts three months before you reach state pension age.
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Once you have deferred your payment, you can always choose to have your holiday allowance funds paid out. Simply log in to the self-service portal at borger.dk, where you will be able to request payouts.
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Whether you choose to have the money in the scheme paid out as payouts or leave it in the scheme has no bearing on your other pension schemes. It does not affect the amount you receive in state pension, disability pension, senior pension or early retirement pension.
If you receive early retirement benefit, state pension, flexi-benefit or housing benefit, this may in some cases affect your benefit. If you are unsure whether the payouts might affect your benefit, you should contact the organisation making the payouts.
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If you do not have a MitID or are unable to place an order online for any other reason, you can fill in a form instead and send it to our customer service team. You can download the form here.
