More than 10 million French people have a pension savings plan

The Ministry of Economic Affairs announced on Sunday that the Retirement Savings Plan (PER) system had crossed the threshold of more than 100 billion euros in assets and 10 million holders by the end of 2023, results “that exceed expectations.

The PER, which results from the Pacte law of 2019, is a savings instrument to prepare for retirement. Payments are free, but cannot be reclaimed before retirement, except in exceptional cases such as the purchase of a main home or in the event of specified ‘life accidents’ (disability, over-indebtedness, expiry of unemployment insurance rights, etc.).

At the end of your working life, there are two options: a one-off payment or a staggered monthly annuity.

At the end of 2022, the PER totaled 80 billion euros in assets and more than 7 million French people had subscribed to it.

“As of December 31, 2023, based on data made available by all professional federations marketing PERs, more than 10 million people” already benefit from a PER and “the outstanding amounts established on these PERs amount to 102.8 billion euros,” Bercy said in a press release welcoming “results that exceed expectations.”

“These dynamics concern both corporate PER, collective (23.4 billion euros outstanding) and mandatory (19.5 billion euros outstanding), as well as individual PER (59.9 billion euros outstanding and more than 3.69 million holders),” said the press release.

“Instead of the numerous products (PERP, Madelin, Article 83, PERCO), with heterogeneous and complex operating rules, the new PER is a particularly attractive product that offers numerous advantages,” Bercy emphasizes.

The Minister of Economy and Finance Bruno Le Maire, quoted in the press release, welcomed “a success for the French who now have a savings product adapted to prepare for their retirement. But it is also a success for our companies that need long-term investments to support them through major transitions.”