Names of Luminor 2nd pillar pension plans changed and new plan Luminor 16-48 introduced

Making it easier for people to choose a pension plan and maximising the opportunities offered by financial markets when saving for retirement, starting from 29 June 2023 Luminor has renamed some of its 2nd pension pillar investment plans and launched a new 2nd pension pillar investment plan Luminor 16-48.

The objective of the Luminor 16-48 investment plan is to ensure long-term increase in value by investing up to 100% of its assets in equities (company shares and other similar types of investments) through an active investment management strategy.

The new names reflect the age group for which the investment plan is the most appropriate choice in terms of risk and return.

Below is an overview of the changes – new name, former name, and maximum proportion of equities in brackets:

  • Luminor 16-48 – New plan (100%)
  • Luminor 48-53 – Luminor Progressive (75%)
  • Luminor 53-58 – Luminor Active (50%)
  • Luminor 58+ – Luminor Balanced (25%)
  • Luminor 62-65 – Luminor Conservative (0%)


Statistics show that more than half of the population – mainly young people and pre-retirees – have not chosen an age-appropriate investment plan.

Analysis of long-term investment plans shows that young people who have recently started working or are under the age of 48 should choose a more active plan with a higher risk for their pension savings. These plans have a 75-100% equity weighting and are subject to higher market volatility but are more profitable over the longer term than conservative, low-risk plans, which is why people in this age category should choose the Luminor 16-48 plan.

However, between the ages of 48 and 53, the share of equities in the investment plan should be up to 75%, and the Luminor 48-53 pension plan (formerly Luminor Progressive) is more suitable. At the same time, the degree of risk should gradually decrease as retirement age approaches. At the age of 53-58, we recommend choosing the Luminor 53-58 investment plan, formerly known as Luminor Active, with investments in shares of up to 50%. When you are only 3 to 5 years away from retirement age, it’s important to take care of preserving your accumulated capital rather than aiming for the highest potential return, so you should choose conservative investment plans such as Luminor 58+ and Luminor 62-65, previously known as Luminor Balanced and Luminor Conservative.

For more information on Luminor’s 2nd pillar pension plans, please see the section ‘Basic information for participants of investment plans’. Follow the performance of the plans in the ‘Current statistics’ section.