DENMARK - Danish labour market pension fund PensionDanmark has gained 2,500 new members, all employed in the country's agricultural machinery dealing sector.

Employees are switching to PensionDanmark from blue-collar pension fund Industriens Pension as a result of an agreement which will see the Association of Agricultural Machinery Dealers - the employers' association in that sector - join the Danish Confederation of Employers' Associations in Agriculture (SALA), PensionDanmark said.

The Association of Agricultural Machinery Dealers discussed the pensions move with trade unions Dansk Metal/3F and HK/Privat before it was finalised, it added.

"We think it is natural that the administration of the labour market pension should shift to PensionDanmark as a result of our entry into SALA," said Poul S. Kjærgaard, director of the machinery dealers' association.

"In this regard, it was important to us that it remained simple for member businesses to, for example, make payments into co-workers' pension schemes," he added.

These extra members are unlikely to provide any real benefit for PensionDanmark in terms of economies of scale, since it already has around 500,000 members, a spokesman for the fund said.

He added, however, the scheme was very pleased to see the influx of new members.

"They fit right into our product and service portfolio, and we're pleased that they have given us their trust," he said. 

PensionDanmark had €8.3bn assets under management at the end of 2006.

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