Created by the Pacte law (action plan for business growth and transformation) of 2019, the retirement savings plan (PER) is available in different versions. In the compartment of individual plans also called “PERin”, bank PERs and insurance PERs coexist.
If the banking version is common in collective PERs (PERcol and PERco, the latter now being closed to subscriptions), it is, on the other hand, clearly in the minority in the PERin category, where insurance PERs constitute the overwhelming majority. In practice, these two investments offer similarities on a few points, but they are true “false brothers” with important differences.
Both have the same base, because they were designed to house savings constituted on an individual basis, with a view to finance your retirement and supplement a pension. Housed in this envelope, the sums grow over time and will only be recovered by the holder once he or she has left professional life. The PER can, to date, be unwound upon retirement or later.
Before this deadline, the law provides for early exits such as the purchase of the main residence or the occurrence of a life accident (unemployment, death of a spouse, disability, judicial liquidation, etc.).
Tax savings
Another notable common point: attractive entry taxation upon payment. In return for the unavailability of funds for several years (or even several decades), i.e. until retirement, the voluntary payments funding the PERin are deductible, each year, from the holder’s taxable income within the limit of a certain ceiling. This feature allows you to benefit from substantial tax savings, particularly for the highest taxed taxpayers.
In both cases, “the terms of withdrawal of PER funds once retirement comes provide for the receipt of capital – in one or more installments – or of a tax-advantaged life annuity, with the possibility of mixing the two”recalls Gauthier Haem, development director of Yomoni. As for the taxation provided for in the event of definitive withdrawal of funds upon retirement, it is similar for banking and insurance PERs. It takes into account the marginal tax bracket of the senior taxpayer.
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