Luxembourg

Pension 'forecasts were always wrong'

The pension fund's reserves currently account for almost €18 billion, which is enough to pay pensions for four and a half years without increasing contributions.

26.09.2017

The pension fund's reserves currently account for almost €18 billion, which is enough to pay pensions for four and a half years without increasing contributions. According to the "Inspection générale de la sécurité sociale" (IGSS), this would cost €25 billion up to 2020.

Over the past 20 years, the reserves have steadily increased. "This is due to the fact that the proportion of employees compared to pensioners has risen sharply," said Sylvain Hoffmann, deputy director of the Chamber of Employees (CSL) on Monday at a press conference on the development of the Luxembourg pension scheme.