What is refund protection?

Pay-back protection is a type of insurance that you individually choose to have or not to have in your occupational pension. For those who have repayment protection in their occupational pension, the insurance means that the amount that the individual has at death is distributed to the individual's beneficiaries. If the individual does not have repayment protection at death, the capital is instead distributed to the other pension savers within the collective.

Repayment protection costs nothing to have, but if you have repayment protection, you will not be able to take advantage of inheritance gains and this could mean a lower pension in the future.

Inheritance gain is the amount distributed to all savers upon the death of someone who has no repayment protection. Usually the amounts are low when you are younger but get higher and higher as you get older.