Help Needed – Create a petition to allow more offer for retirement plans in Luxembourg

Hello everyone,

I would like your help to submit a petition to the Chambre Des Députés ([https://www.petitiounen.lu/en/start-a-petition#c22](https://www.petitiounen.lu/en/start-a-petition#c22)) as they only accept those written in French, German or Luxembourgish, none of which I am fluent in. Some of you may have seen [my post here](https://www.reddit.com/r/Luxembourg/comments/lgcnr1/luxembourg_private_pension_plan_is_it_worth_it/), my petition is based on those calculations and conclusions. If you know of a similar petition, please do let me know – it’s impossible to search that website not knowing all 3 languages.

**Title**: Allow more offer for retirement plans in Luxembourg

**Purpose of the petition**: Allow for more financial instruments to be bought under the 2nd and 3rd pillar. The current offers are up to 10 times more expensive and underperform the market by up to factor of 3, ensuring the only people that accumulate wealth are the companies that provide it (this last sentence would likely be censored, feel free to remove it on the official petition, no need to ruffle too many feathers are once).

**Reasons for the petition**: Currently, Luxembourg’s tax-advantaged retirement options only allow buying local actively managed funds that have historically underperformed the index they’re supposed to beat while asking for exorbitant fees (up to 10 times of an ETF with the same investment theme). Given that only Luxembourg companies are able (or wiling to offer them), there is a clear oligopoly where fees remain high and there is no incentive to change. By allowing other instruments (such as ETFs) to be bought under these pillars, we will be able to dramatically improve our expected retirement funds by paying lower costs and having the possibility to choose investment products that connect with their values (ESG, among other themes, which are not that common among retirement plans). This is already present in other first world economies – 401k and IRA in US, ISA in UK, PEA in France – let’s ensure Luxembourgish residents have the same freedom as them.

This is more or less what I’d like to ask. Ideas, comments and suggestions are more than welcomed.

It’s clear the only people making money here are the insurance companies and the banks which, if you look closely, create these “actively managed” retirement funds, buy some ETFs and then resell them at 10x the price while managing to underperform. It’s a clear racket that will not go away unless the market is opened. 401k, Roth IRA, ISA accounts, there are countless examples out in both the world and in Europe where you can even just buy meme stocks, why should we be forced to buy these trash funds and further increase the fortunes of the richest families in Luxembourg? (rant over)

by mazatz