The national Danish pension fund put more than £1 billion (Dkr9.9 billion) aside in the first half of 2016 to protect itself against people living longer, a move that effectively wiped out its investment return over the period.

ATP reported investment returns of 6.7% in the first half of the year, which amounted to an additional Dkr5.6 billion in assets being added to the pension pot after tax. However, the national scheme said longevity improvements in Denmark, in step with other areas, had increased, so it had made a prudent move to allocate some assets to offset potential future liabilities.