400 BEC employees at members' meeting: What we know so far

12. May 2026

5 min

Nykredit's agreement to acquire BEC has created uncertainty and raised several questions among employees – both at BEC and Nykredit.

Many employees are still trying to understand how the agreement will affect their roles and employment conditions.

Until a possible regulatory approval is in place, many questions will remain unanswered.

These were the words of Finansforbundet's senior negotiator Marianne Kjær when she answered questions the other day at a members' meeting with about 400 BEC employees.

"As long as the agreement hasn't been approved, negotiations cannot be initiated and concrete changes cannot be planned. This means that, at this point, very little can be settled,” she says.

At the members' meeting, where numerous comments and questions were raised, Marianne Kjær outlined what, after all, can be considered settled when facing a business transfer.

In this article, she answers some of the most important questions.

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Marianne Kjær, senior negotiator at Finansforbundet.

You will keep your terms

What happens to my terms if Nykredit acquires BEC?

According to Marianne Kjær, your present employment terms generally remain the same.

"When you're employed under a collective agreement, your terms are covered by the collective agreement and the individual agreements you have already entered into," she says.

"Any changes to the terms of the collective agreement will generally only take effect when the current collective agreement expires on 31 March 2028 or if a new collective agreement is made," she explains.

What are my rights if I am terminated?

Should you be terminated, you have a number of rights under your employment contract, the Danish Salaried Employees Act (funktionærloven) and the standard collective agreement.

Your most important rights include a notice period and compensation in the event of termination, which you can read more about in the FAQ below.

At the same time, you should be aware of any individual circumstances that may be important in your specific situation, says Marianne Kjær.

According to Marianne Kjær, in case of a major round of cutbacks, there is an obligation to negotiate with the employee representatives and an obligation to inform the local labour market council.

"So our goal is to reach an agreement on the terms that will apply. But those negotiations cannot begin until the acquisition has been approved by the authorities."

Nykredit has announced that it plans to merge BEC and Nykredit's IT organisation in a new subsidiary called Nykredit Financial Technologies.

Nykredit's acquisition of BEC

Nykredit already owns approximately 69 per cent of BEC, and according to the agreement, Nykredit will take over the remaining approximately 31 per cent from the remaining owners of BEC.
The agreement is subject to regulatory approval. The acquisition is expected to be completed during the second half of 2026.
Following regulatory approval, Nykredit will take full ownership of BEC and convert the company into a subsidiary of the Nykredit Group under the name of Nykredit Financial Technologies.
The new Nykredit Financial Technologies will be among Denmark's largest IT workplaces. However, synergies, including terminations, are planned in connection with the merger.

Terms cannot be changed overnight

What are my rights if my employer changes my terms of employment?

Another key topic at the members' meeting was the question of what changes must be accepted if the acquisition is approved.

According to Marianne Kjær, employees must generally accept "minor changes" to their working conditions.

Such changes may be implemented without notice or with appropriate notice, and they fall within what is known as the employer’s managerial prerogative.

They may, for example, include changed procedures, new IT systems or new tasks within one's job title.

If, on the other hand, your terms of employment are subject to "essential changes", notice corresponding to your individual notice period is required, she says.

“If essential changes are proposed, the employee must either accept the new terms or be treated as terminated, with the rights arising under the Danish Salaried Employees Act, the collective agreement and the individual contract."

According to Marianne Kjær, whether a change is deemed "essential" depends on an individual assessment of the employment contract and the employee’s specific circumstances.

Longer commute?

Are the following changes essential?

At the members' meeting, several employees asked what changes are considered essential. For example in relation to longer commute, working from home and working hours.

With respect to your commute, you must generally accept that you may have to travel further to the office, i.e. typically 30 to 45 minutes each way, says Marianne Kjær.

"However, the assessment always depends on your employment contract and your specific and individual circumstances."

As regards working from home, you must also accept any deterioration in accordance with the other company’s policy.

"If, on the other hand, special individual terms and conditions regarding working from home have been agreed upon in your contract, the change must be assessed in light of this," she says.

New procedures will generally not be considered an essential change, and neither will an alignment of working hours – for example from 36 to 37 hours – if financial compensation is offered, says Marianne Kjær.

If your terms become subject to essential changes

As a general rule, you have two options if you are faced with a change that is considered essential.

You may accept the change. Thus, your employment will continue on the new terms, which typically take effect after notice corresponding to your notice period.

You may decline the change. The employer will in that case treat this as a termination of employment. But you are entitled to the same terms as if you had been terminated, including notice period and rights under the Danish Salaried Employees Act, the collective agreement and your employment contract.

If, at some point, changes are proposed, Finansforbundet recommends contacting your union representative or the union for individual advice.

Much remains to be seen

As long as the acquisition of BEC has not been approved by the authorities, negotiations cannot be initiated on a new collective agreement, organisation, staffing or specific changes to procedures and positions.

This also means that, at the moment, no information is available on terminations, on where tasks will be carried out or on the plan for a future merger.

According to Marianne Kjær, it is not a matter of unwillingness to keep employees informed, but of the framework that applies to an ongoing regulatory process.

Until a decision is made, there are quite simply matters that neither the employer nor the trade union may decide upon.

Finansforbundet has compiled the answers in an FAQ, including information about your rights if you are terminated.

FAQ (English version)

Disclaimer – English translation

This English version is provided as a service to our English-speaking members.

In the event of any discrepancies or doubt between the English translation and the original Danish text, the Danish version shall prevail.

Will you seek to negotiate specific mitigation measures?

If there are large-scale redundancy rounds, there is an obligation to negotiate with the employee representatives and an obligation to inform the local labour market council. Our aim is therefore to reach an agreement on the terms and conditions that will apply.

However, those negotiations can only begin once the acquisition has been approved by the authorities. There is no requirement as such for different or better terms simply because larger redundancy rounds are involved, but the local representatives, in collaboration with Finansforbundet, will seek to secure the best possible agreement.

Will there be redundancies before or after the transfer to Nykredit?

Unfortunately, we are not yet able to answer that.

What happens to my terms and conditions of employment if BEC is acquired by Nykredit?

Generally, nothing will happen to your current terms and conditions of employment.

If you are employed under a collective agreement, your terms follow from the collective agreement and the individual agreements you already have.

Generally, any changes to collectively agreed terms can only take effect when the current collective agreement expires on 31 March 2028, or if agreement is reached on a new collective agreement.

What are my rights if I am made redundant?

If you are made redundant, you have several of rights under your contract of employment, the Danish Salaried Employees Act (Funktionærloven) and the Standard Collective Agreement.

The key rights are briefly described below.

Please note that there may always be individual circumstances which may be relevant in your particular situation.

Notice period

Your notice period depends on your length of service in the company and what is agreed in your contract of employment. At a minimum, you are entitled to the following notice from your employer:

Employees length of service	Employers notice period
First 3 months (probationary period, if agreed)	14 days
Up to 6 months	1 month
Between 6 months and 3 years	3 months
Between 3 years and 6 years	4 months
Between 6 years and 9 years	5 months
More than 9 years	6 months

Severance payments on redundancy

If you have long service, you may be entitled to a severance payment.

A severance payment is a one-off amount paid when you leave. It is calculated based on your salary, but it does not extend your notice period.

There are two different bases for severance payments for long service:

1) The Danish Salaried Employees Act (Funktionærloven)

12 years service: 1 month’ salary
17 years service: 3 months’ salary

2) The Standard Collective Agreement

If you have been employed for more than 12 years and have reached a certain age (see below) at the time your employment ends, you may also be entitled to:

40 years old: 1 month’ salary
45 years old: 2 months’ salary
50 years old: 3 months’ salary + 8 months’ pension contributions
55 years old: 5 months’ salary + 20 months’ pension contributions
60 years old: 6 months’ salary + 20 months’ pension contributions

If there are multiple redundancies, negotiations must also take place on so-called mitigation measures (e.g. support to find a new job, training, the possibility of garden leave, etc.).

At present, it is too early to say anything specific about what measures this may lead to.

Am I entitled to a payment if I am made redundant with less than 12 years’ service?

Yes, in certain cases.

If you:

are made redundant for reasons attributable to your employer
are not entitled to other types of severance payment
and do not have the prospect of a new job when your employment ends

then you are entitled to a payment corresponding to 1 months salary under the rules of the Standard Collective Agreement.

Can I expect to be placed on garden leave during my notice period?

Generally, you work during your notice period.

Your employer decides whether you will be placed on garden leave and, at present, it is too early to say anything generally about the possibilities.

What rights do I have if my employer changes my terms and conditions of employment?

Generally, employees must accept minor changes to their working conditions.

Such changes may be implemented without notice or with reasonable notice and fall within what is known as the employers management prerogative (ledelsesretten). This might include, for example:

changes to work processes
a new IT system
new tasks within your job title/role

If, on the other hand, the changes to your terms and conditions of employment are material, the changes must be notified with your individual notice period.

In practice, this means that your employer terminates your current employment and at the same time offers continued employment on the new terms.

Whether a change is material always depends on a specific assessment of your contract of employment and your individual circumstances (see below regarding specific changes).

How much additional travel time must I tolerate if my workplace is changed?

Generally, you must tolerate additional travel time of around 30-45 minutes each way.

The assessment looks at the difference between your current and your new travel time.

However, the assessment always depends on:

what your contract of employment says
your specific and individual circumstances

Are the following changes material?

If I am no longer on job pay
As a general rule, this is not a material change.
If my working hours change from 36 to 37 hours
If the change is part of a harmonisation and you are compensated financially, it will generally not be considered a material change.
If my senior scheme lapses
Your agreement on senior part-time work will generally continue. A change or discontinuation may be material and requires a specific assessment.

Please note that Nykredits company collective agreement also contains rules on senior part-time work.
If the homeworking policy is changed
As a general rule, changes to a general homeworking policy are not material.

However, if special individual homeworking terms have been agreed in your contract, the change must be assessed in light of those terms.

What options do I have if I am presented with a material change to my terms?

As a general rule, you have two options:

You accept the change
Your employment continues on the new terms, which typically take effect after notice corresponding to your notice period.
You reject the change
If you do not accept the change, the situation is treated as a termination by your employer.

You are therefore entitled to the same terms as if you had been made redundant, including the applicable notice period and rights under the Danish Salaried Employees Act (Funktionærloven), the collective agreement and your contract of employment.

Can I refuse to be transferred to a new employer?

No, you cannot.

In a transfer of undertaking, employees automatically transfer to the new employer with their existing rights and obligations.

If you do not wish to continue with the new employer, you must resign your position yourself giving your own notice period, unless you are subjected to a material change to your role as described above.