Compare Pensions in Luxembourg

Compare the annual management charge and underlying fund expense ratios — a 0.5% difference in fees compounds to tens of thousands over a 30-year accumulation period.

17 live pensions offers tracked across 17 Luxembourg providers, with fees from 0.10% AMC. Data current as of 23 October 2026 and updated daily from the Giraffy database.

Live offers

17 live offers compared from 17 providers, from 0.10% AMC. Updated daily.

Trade Republic IRA LU Trade Republic Luxembourg

0.10% AMC

  • Pension Type: Stocks/ETF
  • Min. Return: Market
  • Annual Fee: 0.1%/year
  • Account Type: Self-directed

Zurich Life LU Pension Zurich Life Luxembourg

0.80% AMC

  • Pension Type: Life Insurance
  • Min. Return: Market
  • Annual Fee: 0.8%/year
  • Account Type: Unit-linked

LaLux Pension LU Lalux

0.90% AMC

  • Pension Type: Life Insurance
  • Min. Return: Market
  • Annual Fee: 0.9%/year
  • Account Type: Unit-linked

Cardif LU Pension BNP Cardif LU

0.90% AMC

  • Pension Type: Life Insurance
  • Min. Return: Market
  • Annual Fee: 0.9%/year
  • Account Type: Unit-linked

Ageas LU Pension Ageas Luxembourg

0.95% AMC

  • Pension Type: Life Insurance
  • Min. Return: Market
  • Annual Fee: 0.95%/year
  • Account Type: Unit-linked

ING Luxembourg Pension ING Luxembourg

1% AMC

  • Pension Type: Life Insurance
  • Min. Return: Market
  • Annual Fee: 1.0%/year
  • Account Type: Unit-linked

AXA Pension LU AXA Luxembourg

1% AMC

  • Pension Type: Life Insurance
  • Min. Return: Market
  • Annual Fee: 1.0%/year
  • Account Type: Unit-linked

BNP Life LU Pension BNP Paribas Life LU

1% AMC

  • Pension Type: Life Insurance
  • Min. Return: Market
  • Annual Fee: 1.0%/year
  • Account Type: Unit-linked

BGL BNP Retraite LU BGL BNP Paribas Luxembourg

1.10% AMC

  • Pension Type: Life Insurance
  • Min. Return: Market
  • Annual Fee: 1.1%/year
  • Account Type: Unit-linked

BIL Epargne-Pension LU BIL Luxembourg

1.20% AMC

  • Pension Type: Life Insurance
  • Min. Return: Market
  • Annual Fee: 1.2%/year
  • Account Type: Unit-linked

NN Insurance LU Pension NN Luxembourg

1.40% AMC

Pension insurance from NN (Nationale-Nederlanden) Luxembourg.

  • Pension Type: Life insurance pension
  • Min. Return: Variable (linked to NN funds)
  • Annual Fee: ~1.4% p.a.
  • Account Type: LU tax advantage (Art. 111)

Foyer Plan Pension LU Foyer Assurances

1.50% AMC

Foyer supplementary pension plan — Luxembourg-based insurer since 1922.

  • Pension Type: Private pension + life insurance
  • Min. Return: ~2–4% p.a. long-term
  • Annual Fee: ~1.5% p.a.
  • Account Type: Tax deductible (LU)

Swiss Life LU Pension Swiss Life Luxembourg

1.50% AMC

Swiss Life Luxembourg supplementary pension — private life insurance + pension plan.

  • Pension Type: Supplementary pension insurance
  • Min. Return: Variable (fund-linked)
  • Annual Fee: ~1.5% p.a.
  • Account Type: LU tax deductible (limited)

Generali Luxembourg Pension Generali Luxembourg

1.50% AMC

Private pension from Generali Luxembourg — Guaranteed return option available.

  • Pension Type: Life insurance pension
  • Min. Return: Guaranteed + variable
  • Annual Fee: ~1.5% p.a.
  • Account Type: Tax deductible (LU)

BCEE Pension LU Spuerkeess BCEE

1.50% AMC

  • Pension Type: Life Insurance
  • Min. Return: Guaranteed min
  • Annual Fee: 1.5%/year
  • Account Type: Capital-guaranteed

Allianz LU Pension Allianz Luxembourg

1.60% AMC

Supplementary pension from Allianz Luxembourg — group or individual plans.

  • Pension Type: Group + individual supplementary pension
  • Min. Return: 1.25% guaranteed + upside
  • Annual Fee: ~1.6% p.a.
  • Account Type: Deductible under Art. 111 LIR

La Luxembourgeoise Retraite La Luxembourgeoise

1.70% AMC

Pension plan from La Luxembourgeoise — one of LU's oldest domestic insurers.

  • Pension Type: Supplementary pension (3rd pillar)
  • Min. Return: Guaranteed floor + bonus
  • Annual Fee: ~1.7% p.a.
  • Account Type: Tax deductible

What are Pensions in Luxembourg?

Pensions in Luxembourg provide income in retirement and rest on three pillars: the state pension paid through the Caisse Nationale d'Assurance Pension (CNAP), occupational schemes arranged by employers, and private personal pensions. The generous state system is funded by contributions from employees, employers and the government, but many residents and cross-border workers add private savings to close the gap between their salary and their eventual pension. Private pensions are usually insurance- or investment-based contracts that build a pot for later life.

How the Luxembourg market works

The first pillar (CNAP) covers most workers and is contribution-linked. Employers may offer second-pillar occupational schemes, often insured. The third pillar is the personal pension (prévoyance-vieillesse), a tax-advantaged savings contract sold by insurers such as Foyer, Allianz, Swiss Life, Generali, La Luxembourgeoise, NN and Ageas, and by banks like Spuerkeess. These contracts qualify for an annual income-tax deduction up to a legal ceiling, provided they run at least ten years and pay out from age 60. Payout can be a lump sum, an annuity, or a mix.

Benefits

Tax deduction — Third-pillar contributions are deductible from taxable income up to the annual ceiling.

Retirement top-up — Private pensions supplement the state pension to protect your standard of living.

Flexible payout — You can typically choose a lump sum, an annuity, or a combination at retirement.

Long-term growth — Investment-linked options aim to grow contributions over decades.

How to choose

Decide between a guaranteed (lower-risk) contract and an investment-linked one whose value fluctuates with markets. Compare management and entry fees, the range of underlying funds, guarantees offered, and flexibility to adjust contributions. Check the payout options and any penalties for early exit before the minimum term. Confirm the contract qualifies for the third-pillar tax deduction, and consider how it fits alongside your CNAP entitlement and any employer scheme.

Leading providers in Luxembourg

Foyer Assurances, Allianz, Swiss Life, Generali, La Luxembourgeoise, NN and Ageas are leading insurers offering third-pillar pension contracts, while Spuerkeess (BCEE) provides bank-based pension savings. Providers differ on whether contracts are guaranteed or unit-linked, on fund choice, and on fees. Because these are long-term commitments with tax and payout implications, comparing charges and flexibility carefully matters more than short-term performance.

What it costs

Costs are expressed mainly as annual charges on the contract or underlying funds, with management fees in the market broadly ranging from around 0.1% up to roughly 1.7% depending on whether the plan is guaranteed or investment-linked and how it is managed. There may also be entry or contribution loadings. The tax deduction (up to the legal annual ceiling per taxpayer) effectively offsets part of the cost for those who contribute regularly.

Protections and regulation

Insurance-based pensions are supervised by the Commissariat aux Assurances (CAA), while bank and investment pension products fall under the CSSF. Third-pillar contracts must meet legal conditions (minimum ten-year term, payout from age 60) to qualify for tax relief. Insurers are subject to Solvency II capital rules, and policyholders benefit from the protections built into Luxembourg's regulated insurance framework.

Common questions

How much can I deduct for a private pension? Third-pillar contributions are deductible up to a fixed annual ceiling per taxpayer set by law.

Can cross-border workers open a Luxembourg private pension? Availability and tax benefits depend on where you are taxed; frontalier workers should check eligibility for the deduction.

When can I access the money? Third-pillar contracts generally pay out from age 60 after a minimum ten-year term; earlier exit can lose the tax advantage.

Guaranteed or investment-linked? A guaranteed contract offers lower-risk certainty, while a unit-linked one aims for higher growth but its value can rise and fall with markets.

Can I change my contributions? Many contracts let you adjust or pause contributions, though staying within the annual deductible ceiling maximises the tax benefit.

Pensions in Luxembourg — FAQ

What is the best pension or retirement savings account in Luxembourg?

Giraffy tracks 17 pension and retirement savings products across 17 providers in Luxembourg. Compare by Annual Management Charge (AMC) and investment fund range to find the best fit for your retirement timeline.

What types of pension or retirement accounts are available?

Pension types typically include employer workplace pensions (with contribution matching), personal pensions (self-directed), and government schemes. Check your country's specific rules on contribution limits and tax relief — these vary significantly.

How much should I save for retirement?

A common benchmark is to aim for a retirement income of about 60–80% of your pre-retirement earnings. As a savings target, contributing 15% of your gross income from your mid-20s — including employer contributions — is a widely cited starting point. Pension calculators help model your specific situation.

When can I access my pension or retirement savings?

Retirement savings access ages vary by country and account type. In the UK, pension access starts at age 55 (rising to 57 in 2028). Australia allows access to super from preservation age (currently 60). Check your local rules — early withdrawal penalties and tax consequences can be severe.

What are pension charges and how do they affect my pot?

The Annual Management Charge (AMC) is the ongoing fee on your pension fund — typically 0.1–0.75% per year of your pot's value. On a £100,000 pot, a 0.5% AMC costs £500/year and compounds over time. Over 30 years, a 0.5% difference in charges can reduce your final pot by tens of thousands of pounds.

What is automatic enrolment and do I qualify?

Automatic enrolment means eligible workers are enrolled into a workplace pension without having to opt in — the UK, Australia, Ireland, and several other markets operate similar mandatory or auto-enrolment systems. Employer contributions are effectively 'free money', so opting out generally costs you significantly over time.