AP Pension corrects payout error for thousands

AP Pension discovered an error in an IT process affecting the returns of up to 4,359 current and former customers. The company announced it has rectified the process to prevent recurrence and will fully compensate the customers, so no financial burden will be placed upon them. Affected customers have been notified through e-Boks. Customers who received less return will be compensated, while those who received more can keep it. The error involved a flaw in an automated policy change process, which could have led to insufficient information or incorrect investment product placement. Roughly half of the affected customers received a higher return than entitled. The compensation cost is estimated at 20 million kroner, accounted for in the year’s financial statement. Customers will be informed of the implications by the end of March 2025. AP Pension has nearly 500,000 customers, and a similar issue was reported at Nordea Pension in November due to an IT error.