On Wednesday 15 July 2026, Luxembourg's National Pension Insurance Fund (Caisse nationale d'assurance pension - CNAP) published its 2025 annual report.

According to the CNAP, the report provides an overview of the organisation and activities of the National Pension Insurance Fund and presents the financial results of Luxembourg's general pension scheme for the past year. 

In 2025, the CNAP paid a total of €7.55 billion in pension benefits to 243,427 recipients located in 119 different countries. 

During the year, the fund processed 25,043 pension applications and 13,524 requests for information. It also handled an average of 2,113 incoming letters per day, issued 266,500 outgoing letters and recorded 36,200 visits to its service counters. 

"The topic of pensions was in the spotlight throughout 2025, and the staff of the National Pension Insurance Fund (CNAP) observed growing public interest in the services the CNAP provides to insured persons and pension beneficiaries," said CNAP President Alain Reuter in the foreword to the report. He added: "The international nature of the CNAP's work intensified further in 2025. Mixed insurance careers now account for more than 61% of careers giving rise to a pension, while nearly 53% of pensions are exported outside Luxembourg, reflecting developments in the Grand Duchy's labour market over recent decades. It is therefore not surprising that the processing of pension applications and the management of current pensions have become more complex, and that the number of letters, pension checks and contacts with foreign institutions has increased significantly."

The report also outlined the pension reform discussions that took place throughout 2025, culminating in legislation adopted in December 2025 and entering into force on 1 January 2026. The reform provides for a gradual increase in the overall contribution rate to 25.5%, greater flexibility regarding recognised study periods, changes to the insurance career requirements for early retirement at the age of 60 and the introduction of a progressive pension allowance for eligible employees, subject to employer agreement.

According to the report, the pension reserve benefited from favourable financial market performance in 2025, increasing by €1.37 billion to reach €32.05 billion at year-end. However, the report noted that the balance between contributions and pension expenditure continues to weaken. The reserve now corresponds to 4.24 times annual pension expenditure, its lowest level since 2013, while the dependency ratio rose to 46.2%, reflecting slower employment growth alongside a rising number of pension beneficiaries.

The CNAP also highlighted the success of its first Pensiounsdag, held in Marnach in October 2025 under the slogan "Mir komme bei Iech". During the event, advisers carried out more than 250 individual pension consultations, while thirteen organisations from Luxembourg's social security sector presented their services to visitors. Preparations for the 2026 edition are already underway.

Regarding staffing, the report noted that the CNAP recruited fourteen new employees during 2025 to replace retiring staff and those leaving for new professional opportunities. It reaffirmed the institution's commitment to maintaining high-quality services for insured persons and pension beneficiaries while implementing the recent pension reforms.

The full report (in French) is available on the CNAP website.