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Regulatory framework for pension funds
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Regulations
This page applies to the following pension funds subject to the Law of 13 July 2005 on institutions for occupational retirement provision in the form of:
- pension savings companies with variable capital (SEPCAV);
- pension savings associations (ASSEP).
This page provides a comprehensive overview of the regulatory framework, including main legal references, main circulars and frequently asked questions (FAQs).
It serves as a valuable resource for understanding the legal and regulatory landscape, offering detailed information on key legislation and addressing common queries to ensure compliance and clarity.
Laws, regulations and directives
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13 July 2005 - Updated on 17 January 2025
Law of 13 July 2005 (consolidated version)
on institutions for occupational retirement provision in the form of a SEPCAV and an ASSEPLaw -
13 July 2005 - Updated on 15 December 2019
Law of 13 July 2005 (consolidated version)
concerning the activities and supervision of the institutions for occupational retirement provisionLaw -
20 September 2005
Grand-ducal Regulation of 20 September 2005
establishing the criteria of competence, good repute and financial soundness required for the authorisation of liability managers of institutions for occupational retirement provision in the form of pension savings companies with variable capital (sepcav) and pension savings associations (assep)Grand-ducal regulation -
20 September 2005
Grand-ducal Regulation of 20 September 2005
establishing the criteria of competence, good repute and financial soundness required for the authorisation of non-EU professionals as asset managers of institutions for occupational retirement provision in the form of pension savings companies with variable capital (sepcav) and pension savings…Grand-ducal regulation -
6 November 2020
Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019
on sustainability‐related disclosures in the financial services sector (Text with EEA relevance)EU regulation -
17 February 2018
Regulation (EU) 2018/231 of the European Central Bank of 26 January 2018
on statistical reporting requirements for pension fundsEU regulation -
14 December 2016
Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016
on the activities and supervision of institutions for occupational retirement provision (IORPs)EU directive
Circulars
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26 July 2019
Circular CSSF 19/726
Implementation of new annual and quarterly reporting for Institutions for Occupational Retirement Provision (the “IORP”) intended to the European Insurance and Occupational Pensions Authority (“EIOPA”), the European Central Bank (“ECB”), the BCL and the CSSFCSSF circular -
29 July 2005
Circular CSSF 05/201
Entry into force of the Law of 13 July 2005 on institutions for occupational retirement provision in the form of pension savings companies with variable capital (SEPCAVs) and pension savings associations (ASSEPs)CSSF circular -
29 July 1999
Circular CSSF 99/4
Entry into force of the Law of 8 June 1999 creating pension funds in the form of pension savings companies with variable capital (sepcav) and pension savings associations (assep)CSSF circular -
22 April 2022 - Updated on 9 April 2025
Circular CSSF 22/806 (as amended by Circular CSSF 25/883)
on outsourcing arrangements Link to the communiqué of 1 July 2022CSSF circular
Other reference texts
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21 June 2021 - Updated on 21 December 2023
FAQ regarding the AML/CFT Market Entry Form (Funds and IFMs)
This publication refers to a list of questions/answers (FAQ) in relation to the completion of the AML/CFT Market Entry Form (Funds and IFMs) in eDesk. Version 7CSSF FAQ -
CSSF FAQ
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CSSF FAQ
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2 December 2022 - Updated on 18 December 2024
CSSF FAQ Sustainable Finance Disclosure Regulation (SFDR)
The FAQs aim at providing further clarity on aspects of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial sector (SFDR). Version 4CSSF FAQ