Plan design
Design and implementation of occupational pension plans
We guide local and multinational companies in the design, review or implementation of their occupational pension plans keeping in mind local practice and corporate culture.
This includes:
- Development of a plan concept and structuring of benefits
- Determination of the most appropriate financial vehicle: internal book reserve, external group insurance or external pension fund
- Tax optimisation and mobility plans for expatriates
- Conducting local benchmarking studies
- Costing of pension schemes
- Determination of funding deficits of pension plans
- Coordination of plans and projects covering several service providers, e. g. creating an inventory of plans
- Multinational pooling
- Distilling key pension issues as part of due diligence
- Organizing tender for providers and portfolio managers
- Drafting pension plan documentation
- Communication with staff
Pension funds
Structuring and set-up of pension funds
- Set-up of plan and consulting on the appropriate vehicle (SEPCAV, ASSEP, pension funds under insurance legislation)
- Drafting of the articles of incorporation, pension rules and funding plans
- Liaison with the appropriate authorities (IGSS – Inspection Générale de la Sécurité Sociale, CSSF – Commission de Surveillance du Secteur Financier, CAA – Commissariat aux Assurances de Luxembourg)
- Asset liability management and risk management
- Administration services for a pension fund (accounting, financial reporting, tax filing)
- Valuation of liabilities and actuarial reporting
- Performance measurement
Management
Management of pension plans and funds
- Maintenance of the register of members
- Issue of annual benefit statements
- Calculation of pension provisions
- Calculation of provisions in accordance with PSVaG requirements (Pensions-Sicherungs-Verein Versicherungsverein auf Gegenseitigkeit)
- Benefits payment calculations
- Regulatory reporting to pension supervisory authority IGSS (PenCom) and CSSF
- Legal updates on the regulatory environment