# Kundens omkostninger i danske pensionsordninger: Opbygning og sammenligning af ÅOP-nøgletal

Peter Nørholm Sørensen

Studenteropgave: Kandidatafhandlinger

## Abstrakt

84 percent of the Danes were in late 2007 not aware of how many charges they paid on their pensions. Based on this information the purpose of this thesis is to examine whether the lack of customers’ interest in costs could have influence on the customers’ value of the pension at retirement and if so how big the effect is. As a main concern this thesis presents an attempt to generate three cost ratios that are comparable across Pensions and their products. The thesis firstly reviews the products in order to explain the differences and similarities and in order to generate an overview. In the continuation of this, the next part of the thesis presents an overview and short introduction to the costs within the products. The thesis proceeds to review the constructions of the three cost ratios; ÅOPkap_gns, ÅOPadm_gns and ÅOPsamlet_gns. In order to generate the three cost ratios the construction of already generated cost ratios is studied. In addition, three models are built in Excel. Each model can generate the three cost ratios and the value of the pension at retirement. Further the ideas and assumptions underlying the design of the three models are explained and a basic scenario is generated. The second part of the thesis presents the results obtained from the three cost ratios. Based on the results it is possible to compare the costs in the different pensions. According to the results there are significant differences between the costs of the most expensive company and the cheapest company. The biggest difference between the values of the pension is approximately 3.8 millions DKK. So if a customer establishes a pension in the most expensive company he will end up with approximately 48 percent less money for retirement compared to a pension in the cheapest company. Further it can be concluded that costs ”eat up” approximately 55 percent of the highest possible value of the pension at retirement in the most expensive company and 34 percent in the cheapest company. In addition to comparing the results it is studied how sensitive the models are to changes in inputs. It seems that the models are sensitive to inputs and therefore it can be concluded that the results regarding the three models are influenced by the choice of basic scenario but the trends should be similar regardless of the choice of basic scenario. At the end of the thesis an examination is made between the results of the thesis and results from konkurrenceredegørelsen 2008 and arguments in a set of articles. In the continuation of this, the conclusion is that the results in this thesis are roughly equal to the general views on the costs of pensions.

Uddannelser Cand.merc.fir Finansiering og Regnskab, (Kandidatuddannelse) Afsluttende afhandling Dansk 2010 138