Amendment of the legislation of Supplementary Pension Schemes – Law of 01/08/2018 published in the Mémorial on 21/08/2018
The vesting period (art. 8)
The vesting period cannot exceed 3 years of service. The law provides for the following two cases:
- For affiliates who entered into service after May 20, 2018, the total accumulated period of the vesting period and any waiting period may not exceed three years.
- For affiliates who entered into service before May 21, 2018, the total accumulated period of the vesting period and any waiting period may not exceed ten years or extend beyond May 20, 2021.
This amendment came into force retroactively on May 21, 2018.
Redemption of acquired rights (art. 12)
The possibility of redeeming acquired rights is only possible in the following two cases:
- An affiliate who no longer meets the criteria for active membership in the supplementary pension scheme may request the redemption of his acquired rights provided that the reserves acquired on his behalf do not exceed three times the monthly minimum social wage expected for an unskilled worker of at least eighteen years of age (i.e. 6,145.62 euro according to the index of 01/01/2018). The affiliate receives the value of his reserves in the form of capital.
- If the affiliate loses his active membership of the supplementary scheme and his new activity does not remain subject to Luxembourg health insurance, he may request the redemption of his acquired rights without fulfilling any conditions as to the accumulated reserves as provided for in the previous paragraph.
This amendment comes into force on 01/01/2019.