Luxembourgers, cross-border workers and foreign nationals alike - more and more pensioners are leaving the Grand Duchy for sunnier climes, according to the Fondation Idea.

Retiring in the sunshine may be a cliché but there is truth behind it, as verified by the growing number of pensioners leaving the Grand Duchy.

The Chamber of Commerce think tank, Fondation Idea, said the amount of pensions exported to non-resident beneficiaries had more than doubled from 2010 to 2019, going from 609 million to 1.3 billion euros. 

RTL

Le montant des pensions est passé de 609 millions d'euros à 1,3 milliards d'euros en à peine 10 ans! / © RTL/ Fondation Idea/ IGSS

Unsurprisingly, these pensioners have a tendency to settle in the one of the three neighbouring countries, Portugal, or Italy. Some are foreign nationals who worked and resided in Luxembourg, but returned to their home country after retiring, while others are former cross-border workers, or simply Luxembourgers seeking the sun.

ALMOST A THIRD OF PENSIONERS LIVE ABROAD

Due to the gradual retirement of cross-border workers active in Luxembourg from the 1980s onward, the number of non-residents claiming pension expenses rose from 21.5% in 2010 to 28% in 2019.
While cross-border workers represent almost 45% of the Grand Duchy's workforce, they were less likely to receive a pension.

However, over time the proportion of exported pensions will gradually approach 45%, as future non-resident pensioners will for the most part have spent their entire careers in Luxembourg.