ATP to adjust investment strategy following review recommendations

Denmark’s ATP pension fund says it will reconsider its investment strategy after receiving the full report from an independent evaluation group.

The board and executive management will now examine and discuss the recommendations before making adjustments. The review group advised ATP to reassess the overall risk in its investment portfolio and examine the scale of its illiquid investments, such as property, which cannot be quickly sold for cash.

ATP Chairman Torben M. Andersen said the review found that the pension fund fundamentally provides an inexpensive and good product. “With the full background report in hand, we can now examine the substance and use it as an important input to strengthen the continued work of securing the best possible ATP pensions for Danes,” he said in a company press release.

The evaluation group presented its recommendations in June. It was chaired by Jesper Berg, a former director of Denmark’s Financial Supervisory Authority, and included economics professors Magnus Dahlquist and Andrew Ang.

ATP launched the independent review in early 2025 after facing criticism of its investment model. The criticism followed an exceptionally large negative return of 64.5 billion Danish kroner in 2022. ATP said it would continue using external reviews for individual issues and broader themes. The mandatory pension scheme covers about 5.8 million people, including workers, employers and some recipients of transfer income.

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With the full background report in hand, we can now examine the substance and use it as an important input to strengthen the continued work of securing the best possible ATP pensions for Danes.