Retirement Savings Plan (RIP) - INDIVIDUAL PER 

Verified 30 juin 2025 - Legal and Administrative Information Directorate (Prime Minister), Ministry of Finance

Your situation

  • This is an individual PER 
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The individual PER is open to all. You can purchase it from a financial institution or an insurance organization. This new plan succeeds the PERP and the Madelin contract, which have not been offered since 1er October 2020. Your savings accumulated on the Perp and Madelin can be transferred to the individual PER at your request. This contract entitles you to tax benefits and your rights are transferable to other PERs. There are cases of early release.

The individual PERI (also called PERIN or PERI) is a long-term savings product. It is entirely funded by your payments, without the help of your employer.

It allows you to save during your working life to get, from retirement age, a capital or a rent.

The plan gives rise to the opening of a securities account or to the adherence to a group insurance contract.

Since 1er January 2024, it takes 18 years to open an individual PER.

The RIPs already opened before 1er January 2024 on behalf of a minor child remain open. However, it is no longer possible to make payments until the child reaches the age of 18.

Please note

It is no longer possible to open an individual PER for a minor child since the marketing of climate savings plan. This new long-term savings product is reserved for children and young people under the age of 21. The funds invested in this plan are used to finance projects in the area of health ecological transition.

In order to open an individual RIP, there is no condition related to the professional situation of the holder. There is no age limit.

Any individual (over 18 years of age) can save on an individual RIP: employee, head of company, self-employed, professional, jobseeker, unemployed or retired.

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Individual investment RIP

The RIP leading to the opening of a securities account must be purchased through a specialized business. It is a business that is an authorized provider to carry out the activity of investment advice (credit institution, investment company, financial investment advisor).

Individual insurance per

The individual ERP giving rise to membership in a group insurance contract must be purchased through a specialized business. It is an association that underwrites group life insurance contracts (insurance companies, mutual societies and provident societies).

The individual PER may also be opened with a supplementary occupational pension fund.

FYI  

The contract may be marketed by an intermediary on behalf of a group insurance association or an additional occupational pension fund (bank or financial advisor).

Origin of funds

Each PER, whether individual or collective, is organized in 3 separate compartments according to the origin of the funds feeding it :

  • Compartment 1 (individual compartment) receives voluntary payments from the plan holder. Within this compartment, in order to determine the tax applicable on leaving the plan, the managing bodies shall distinguish between two categories of payments:
    • voluntary payments deductible from the plan holder's taxable income,
    • and voluntary payments for which the holder waives a tax deduction at the time of payment.
  • Compartment 2 (collective compartment) shall be financed by payments from the employer of the holder of the plan. It accounts for the money raised by wage savings.
  • Compartment 3 (category compartment) collects the employer’s compulsory contributions, possibly supplemented by the employee’s compulsory contributions if the company agreement so provides.

FYI  

In the individual PER, compartment 1 is powered by voluntary payments by the plan holder.

Compartments 2 and 3 are supplied exceptionally in the event of a transfer of savings already set up on another device (for example in the case of a transfer of a company PER to an individual PER, or a transfer of an old Perco).

Managed management

Unless otherwise stated by you, the management of the sums paid out on the RIP shall be in accordance with the principle of managed management. This means that when retirement is distant, savings can be invested in riskier, more remunerative assets. As we approach retirement age, savings are increasingly being channeled into less risky assets.

Information to the holder

The managing body must provide you with information on the characteristics of the plan, its management method and its taxation when the RIP is opened.

Then, every year, he must give you the following information:

  • Account Evolution
  • Financial performance of investments
  • Amount of charges levied
  • Conditions for transferring the plan.

From 5è In the year preceding the year of your retirement, you can ask the ERP manager about the exit options that are appropriate for your situation.

The individual ERP is primarily powered by voluntary payments that you perform.

In addition, if you transfer a company PER to an individual PER, you can also pay:

  • Sums from profit-sharing, of participation and abundance from your employer to a company PER or PERCO
  • Amounts from the value sharing premium (PPV) or the premium from the company valuation sharing plan (PPVE)
  • Sums from a time savings account (TSA) and assigned to your company PER
  • Compulsory payments made on a compulsory company RIP.

Voluntary payments are free and can be programmed or ad hoc.

They are deductible from taxable income in principle and not deductible on option. The option must be reported to the plan manager at the time of each payment.

There is no cap on voluntary cash payments on the individual PER, but there is a cap on the amount for which you can receive a tax benefit.

FYI  

Since 1er January 2024, retirement savings plans that are under the age of 18 can no longer receive voluntary payments. Already open PERs will remain blocked until the majority of the child.

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General case

You can unlock your individual PER as soon as possible on the date of receipt of your retirement pension or when you have reached the legal retirement age (between 62 and 64 years depending on your year of birth).

You then have the choice to request that the savings accumulated in your individual RIP be paid:

  • or capital,
  • either in life annuity,
  • or partly in capital and annuity.

The same applies to salary savings (profit-sharing, participation, abundances, value-sharing premium, company valuation-sharing premium, CET days) which may be transferred to your individual PER.

The capital may be paid in one or more installments.

However, the capital payment will not be possible if you have already opted for a life annuity payment at the beginning of the plan.

Case of early release

You can collect your savings, in the form of a one-time payment, early in the following cases:

  • Disability (you, your children, your spouse or Civil partnership partner)
  • Death of your spouse or Civil partnership partner
  • Expiry of your unemployment benefit entitlement
  • Over-indebtedness (in this case, the over-indebtedness commission must make the request)
  • Termination of self-employed activity following a judgment on winding up by a court
  • Acquisition of the principal residence (but in this case the rights resulting from compulsory payments remain blocked).

To request the early release of the RIP, you should send a letter, preferably recommended, to the managing body, with the following elements:

  • Proof of identity
  • Bank identity statement of the account to which you wish to obtain payment
  • Justification for the exceptional early release situation you invoke.

The method of taxation of the capital resulting from the early release depends on the reason for the release.

If the release is based on a ground other than that of the principal residence, the part of the capital released corresponding to the payments shall be exempt from income tax and social security contributions.

The part of the capital released corresponding to the gains is subject to social security contributions.

If the release is motivated by the purchase of the principal residenceHowever, the situation varies depending on whether you have deducted the payments made from the RIP for tax purposes.

If you deducted the payments for tax purposes, the part of the capital released corresponding to the payments shall be taxed on income tax without a 10%, but exempt from social security contributions.

The share of the released capital corresponding to the gains shall be taxed at the flat-rate levy (PFU) of 30%.

If you have not deducted the payments for tax purposes, the part of the capital released corresponding to the payments is exempt from income tax and social security contributions.

The share of the released capital corresponding to the gains shall be taxed at the flat-rate levy (PFU) of 30%.

If you die before releasing your PER, the plan will be closed. The money saved must be paid to your heirs or to beneficiaries which you have designated in the contract, in the form of capital or rent.

If you die when the PER was already unblocked and you received a life annuityHowever, the sums not yet paid to you may be transferred provided that the reversion an annuity to a beneficiary already designated. If the annuity is not reversible, the remaining savings will not be distributed.

After your death, the taxation of the amounts that will be passed on to your heirs or beneficiaries depends on the nature of the plan.

If it is a plan opened as a securities account, the sums saved and transferred shall be included in theestate asset and taxed according to inheritance tax.

If it is a plan that has resulted in a group insurance contract, the sums saved and transferred are taxed according to rules similar to life insurance. The situation varies depending on whether the death of the RIP holder occurred before or after 70 years.

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Death before age 70

One abatement of €152,500 shall be applied to the sums accruing to each beneficiary.

The balance is subject to a levy of 20% by share taxable to each beneficiary less than or equal to €700,000.

The taxable share of each beneficiary exceeds €700,000 shall be subject to the taking of 31.25%.

Death after age 70

The sums paid by the insurer (savings and earnings) are subject to the inheritance tax after application of a abatement of €30,500.

This rebate is global and must be shared among the beneficiaries and allocated according to their share in the taxable amounts.

Inheritance tax is calculated according to the relationship between each beneficiary and the deceased RIP holder.

Tax advantage on voluntary payments

Amounts paid out of an individual RIP in a year shall be deductible from the taxable income of that year, subject to an individual limit set for each member of the tax shelter.

If you give up by deducting these voluntary payments from your taxable income, you will have a tax benefit when you exit the individual RIP.

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You're a salaried employee

Your custom limit is calculated by the tax services in several steps.

The maximum deduction limit for pension contributions is 10% of your 2024 operating income (net of business expenses) (with a maximum of €35,194), or to €4,637 if this amount is higher.

This amount is reduced the following:

  • Contributions to supplementary pension schemes made compulsory in the company for employees (employers’ share for its tax-free amount and employees’ share for its amount deductible from salary)
  • Employer’s contribution to the Collective Retirement Savings Plan (Perco), the Collective Retirement Savings Plan (Perco) or the Compulsory Retirement Savings Plan (Pero) up to the company’s income tax-exempt amount
  • Entitlements recorded on the CET (Time Savings Account) or, in the absence of the CET, monetized, exempt leave days (up to 10 days) allocated by the employee to a Perco, Supplementary company Pension Plan or Pereco.

The ceiling is increased the unused deduction limit (or part of the limit) in the previous 3 years, from oldest to newest.

Example :

You didn't use up your entire deduction limit in 2023 and 2024.

Your 2025 contributions are deducted as a priority from your 2025 limit.

The amount that exceeds your 2025 cap is deducted from the remaining portion of your 2023 cap, and then from the remaining portion of your 2024 cap.

The personalized limit applicable to your contributions paid in 2025 is indicated on your tax notice 2025 (of income 2024).

It is the addition of the ceiling calculated on your 2024 income and the unused ceilings calculated on the previous 3 years’ income.

You are unemployed or retired without work income

The ceiling is €4,637.

The ceiling is increased the unused deduction limit (or part of the limit) in the previous 3 years, from oldest to newest.

Example :

You didn't use up your entire deduction limit in 2023 and 2024.

Your 2025 contributions are deducted as a priority from your 2025 limit.

The amount that exceeds your 2025 cap is deducted from the remaining portion of your 2023 cap, and then from the remaining portion of your 2024 cap.

The personalized limit applicable to your contributions paid in 2025 is indicated on your tax notice 2025 (of income 2024).

It is the addition of the ceiling calculated for your 2024 revenues and the unused ceilings calculated on the revenues of the previous 3 years.

FYI  

Of special rules apply to self-employed persons.

Taxation of annuity or capital

The tax treatment of annuities or capital differs depending on whether or not you deducted voluntary payments from your taxable income.

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You deducted the POR payments from your taxable income

Annuity Exit

The annuity is taxable at income tax, in accordance with the rules applicable to retirement pensions.

The amount of the annuity must be reported and added to your taxable income in the category of pensions, pensions and annuities. On all income in this category, the tax administration automatically applies a abatement of 10%, subject to an annual ceiling per tax household.

Of social security contributions shall also apply to a fraction of the annuity. It varies according to your age at the date of release of the annuity. The rate of social security contributions is 17.2%.

Capital outflow

The share of capital received corresponding to voluntary payments shall be taxed on the progressive scale of income tax.

In practice, the share of capital corresponding to your voluntary payments (already deducted from your taxable income in the year of the payments) is added to your taxable income in the year of the exit, in the category of retirement pensions. This share of capital is taxable without the reduction of 10%.

The share of capital corresponding to the interest generated by the contract is subject to a lump sum levy (PFU) of 30%, corresponding to 12.8% income tax and 17.2% in respect of social security contributions. The bank shall make the withdrawal of 30% before paying you the principal.

The compulsory flat-rate non-discharge levy of 12.8% is paid as income tax at the time of payment of interest.

You can apply to be exempt from the lump sum levy if your reference tax income for the penultimate year is less than €25,000 (€50,000 for a couple).

For an exemption request made in 2025, it is your 2023 benchmark tax income that must be taken into account.

The application is to be sent to the financial institution that pays you the income at the latest 30 November of the year preceding the year of payment (before 30 November 2025 to benefit from an exemption in 2026).

In general, the institution will send you an honorary attestation form to return to the institution if you meet the conditions.

You have not deducted the POR payments from your taxable income

Annuity Exit

The annuity is taxable at income tax according to the applicable rules life annuities for consideration. This is a tax system that only addresses a fraction of the annuity which takes into account your age at the date of release of the annuity.

Thus, your age at 1er payment of the annuity determines the taxable portion of the annuity, this portion is:

  • 70% if you were under 50
  • 50% if you were between 50 and 59
  • 40% if you were between 60 and 69
  • 30% if you were over 69.

The taxable portion of the annuity is also subject to social security contributions. The rate of social security contributions is 17.2%.

Capital outflow

The share of capital corresponding to your voluntary payments (not deducted from your taxable income in the year of the payments) is exempt from income tax.

Only the share of capital corresponding to the interest generated by the contract is taxed: it is subject to a flat-rate levy (PFU) of 30%. This levy corresponds to income tax of 12.8% and social security contributions up to 17.2%.

The compulsory flat-rate non-discharge levy of 12.8% is paid as income tax at the time of payment of interest.

You can apply to be exempt from the lump sum levy if your reference tax income for the penultimate year is less than €25,000 (€50,000 for a couple).

For an exemption request made in 2025, it is your 2023 benchmark tax income that must be taken into account.

The application is to be sent to the financial institution that pays you the income at the latest 30 November of the year preceding the year of payment (before 30 November 2025 to benefit from an exemption in 2026).

In general, the institution will send you an honorary attestation form to return to the institution if you meet the conditions.

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Transfer of old savings products to the individual RIP

You can transfer retirement savings products that existed before 1er October 2019 on the individual RIP:

  • Popular Retirement Savings Plan - Perp
  • Madelin Contract
  • Prefon
  • Group Retirement Savings Plan - Perco
  • Mutual pension supplement - Corem
  • Hospital Retirement Supplement - CRH
  • Article 83 contract.

If you have held the product under 10 years, the transfer fee can be charged up to 5% of the accumulated savings.

The transfer must take place within a maximum of 4 months.

In case of delay, you can refer the matter to the Ombudsman of the Autorité des marchés financiers.

Who shall I contact

  • Ombudsman of the Autorité des marchés financiers (AMF)

    If you encounter a difficulty with a financial intermediary or a listed business, you can refer the matter to the AMF Ombudsman.

    Caution : before submitting your complaint, make sure that your request falls within the AMF's jurisdiction.

    By E-mail

    Access to contact form

    By mail

    Ombudsman of the Autorité des marchés financiers

    17 place de la Bourse

    75082 PARIS CEDEX 02

    By telephone

    01 53 45 60 00

FYI  

The tax advantage linked to the transfer of an insurance contract of more than 8 years to a PER (doubling of the deductions related to detention) ceased on December 31, 2022.

Transfer of the individual PER to another PER

You can transfer the accumulated savings on the individual PER to all other PERs.

The transfer is free if you have held the product for at least 5 years or if the transfer occurs after the expiry of the plan.

If you have held the product for less than 5 years, the transfer fee can be charged, up to 1% of the accumulated savings.

As from the receipt of the transfer request and the supporting documents, the plan manager has a period of 2 months to transmit to the new manager the information necessary for carrying out the transfer.

In case of delay, you can refer the matter to the Ombudsman of the Autorité des marchés financiers.

Who shall I contact

  • Ombudsman of the Autorité des marchés financiers (AMF)

    If you encounter a difficulty with a financial intermediary or a listed business, you can refer the matter to the AMF Ombudsman.

    Caution : before submitting your complaint, make sure that your request falls within the AMF's jurisdiction.

    By E-mail

    Access to contact form

    By mail

    Ombudsman of the Autorité des marchés financiers

    17 place de la Bourse

    75082 PARIS CEDEX 02

    By telephone

    01 53 45 60 00