Investment with VækstPension

You can see the funds you have in Netpension under Funds and return - the same information can be found under Investment in Mit Velliv. When you have under 15 years left until retirement, we will gradually start to reduce the risk exposure of your investment. The investment principle of VækstPension is simple and tailored to you: We take advantage of your chance of getting a high return while you are young and can tolerate a high risk.

When you approach retirement age, we gradually reduce the risk, secure your pension savings and ensure stability of your periodic benefits.


Automatic gradual reduction of risk

Risk and return go hand in hand: The higher the risk, the higher the potential return. You can read more about the investments in the four risk profiles.

The composition of funds depends on the risk profile you choose (Low, Medium, High or Guarantee), and on whether you want active or index-based management or aftryk based management of your investments.

More about risk profiles

How do we prioritise your investments under the different risk profiles.

Low risk - stable return, lower return potential

A relatively large part of your savings will be invested defensive in e.g. bonds.

Medium risk - stable return, increased return potential

A moderate part of your savings will be invested defensive in e.g. bonds.

High risk - high return potential, increased risk of loss

Up to 100 per cent of your savings will be invested in e.g. shares involving a higher risk.

Since 1 January 2021, it is no longer possible to add an investment guarantee when setting up a new or changing the investment profile of an existing pension scheme. If you already have an investment guarantee, you are guaranteed at least the same amount as the amount paid in (excluding costs and any insurance payments). This also applies if you should die before you retire. Investments in VækstPension Garanti fond A are similar to investments in VækstPension fond 4 up until the gradual risk reduction begins, after which point the risk is gradually reduced up until and during retirement to a fund with 0% risk investments. The investment guarantee is taken into account when making the investments, which is why the share in high-risk investments may be changed.

Aktiv, Index or Aftryk

The difference between the investments in Aktiv (Active), Index and Aftryk (‘Aftryk’ is a Danish word that can be translated as ‘footprint’) is the risk diversification of the investments and the day-to-day attention paid to individual investments.

Choosing Aktiv investment management gives you the best risk diversification and good opportunities for a high return. Our investment experts monitor the market, select the individual securities (for example, shares in specific companies) and regularly evaluate the composition of the investments (for example, shares, bonds, real estate, alternative investments, etc.) In addition, you will get access to attractive investment types which private individuals would not otherwise be able to invest in.

Index-based investments automatically follow a number of the most widely used indexes in the world (five for shares and five for bonds), and the risk is therefore less diversified. However, you will not get the potential additional gains from an actively managed pension scheme. On the other hand, your investment management expenses are lower.

Aftryk investments are managed with a focus on the best possible environmental and social impact, and no investments are made in companies in the following industries: coal, oil & gas, arms, tobacco, alcohol, gambling and pornography. In this way, your savings have a lower impact on the world, including a lower carbon footprint. The focus on achieving the best possible environmental and social impact poses some limitations on how we can invest your savings, and this affects the return that you can expect. In the long term, we expect returns on a level with the other Velliv products, but with a different short-term risk and thus a different level of volatility.

You are free to change between Aktiv, Index and Aftryk management via the self-service solution in Mit Velliv / Netpension.

Main types of investments Aktiv Index Aftryk
Secure investments Danish government bonds X X X
Danish mortgage bonds X X X
Investments grade foreign bonds X X X
Danish real estate (selected with focus on stability) X    
Main types of investments Aktiv Index Aftryk
Income investments High yield foreign bonds X X X
Emerging market bonds X X X
Forestry investments X    
Credit funds X    
Main types of investments Aktiv Index Aftryk
Return investments Listed Danish shares X X X
Listed foreign shares X X X
Equity funds with unlisted shares (incl. 'emerging markets' and 'stable shares') X   X
Equity funds with unlisted shares ('Private Equity') X   X
Hedge funds X    


Aktiv investments

Your savings are invested in five funds, representing the sum of the different investments.

Risk profile Start fund End fund
High VP Fund 5 VP Fund 3
Medium VP Fund 4 VP Fund 2
Low VP Fund 3 VP Fund 1
Guarantee VP Guarantee fund A VP Guarantee fund B

The investments in Guarantee Fund A resemble VP Fund 4 until the gradual reduction starts, and then the proportion of risky investments is gradually reduced to 0% on retirement.

Index-based investments

Your savings are invested in two funds, representing the sum of the different investments.

Risk profile Start fund End fund
High VP Index Shares  45 % VP Index shares
55 % VP Index bonds
Medium 70 % VP Index shares
30 % VP Index bonds
20 % VP Index shares
80 % VP Index bonds
Low 45 % VP Index shares
55 % VP Index bonds
VP Index bonds 
Guarantee 70 % VP Index Guarantee A 
30 % VP Index Guarantee B 
0 % VP Index Guarantee A 
100 % VP Index Guarantee B

Aftryk-based investments

Risk profile 

Start fund 

End fund 


100% VækstPension Aftryk Equities 

45% VækstPension Aftryk Equities 

55% VækstPension Aftryk Bonds 


70% VækstPension Aftryk Equities 

30% VækstPension Aftryk Bonds 

20% VækstPension Aftryk Equities 

80% VækstPension Aftryk Bonds 


45% of VækstPension Aftryk Equities 

55% of VækstPension Aftryk Bonds 

100% VækstPension Aftryk Bonds 

Investment strategy

With VækstPension, we want to provide solid, long-term returns at no unnecessary risk. Our investment strategy for VækstPension is based on our notion of how we provide the best long-term investment return:

Long-term view

VækstPension has a long investment horizon. That is one of the strongest options you have as an investor. You can stay cool and avoid getting carried away by the news flow.

Active management

The investment strategy is also based on the conviction that active investment provides a better return than generally generated by the marked. The strategy is managed and implemented by our team of investment experts. They are highly specialised in different parts of the capital markets and have extensive experience with investment.

Velliv's investment experts constantly consider return potentials and risks, and take action if deemed relevant, to ensure that the portfolio has the optimum composition at all times.


We use external advisers to ensure market-leading asset management within highly specialised parts of the portfolio, e.g. emerging markets, High Yield and Small Cap. We select and monitor the external advisers in cooperation with the expert team in Nordea. They have some of the best resources in the market.

Strong risk management

Our investment team has shown that it is possible to beat the market. Predicting future returns involves a high degree of uncertainty. But what we can do is manage our risks. Our investment team uses leading analytic tools to measure and manage the risk of the portfolios. This widely explains the good balance between risk and return we have delivered historically.

The purpose of this page is to give you an overview

The information on this webpage is general. Contact us for personal advice based on your individual situation