Luxembourg's pension reserves increased by almost 12% in 2023, according to the latest report published by CNAP, the national pension insurance fund.

In a report published on Thursday, CNAP said the reserves stood at just over 27 billion euros as of 31 December 2023 - roughly 4.25 times the annual expenses.

Around half of 2023's pensions were paid out in Luxembourg, while the other half were paid to recipients in 116 different countries.

The fund received nearly 22,000 pension demands last year. The total number of pensions paid out by the fund has increased by over 31% since 2015, while the number of pensions paid to recipients abroad has risen by over 44% in that same period.