The PER (Retirement Savings Plan): Should You Open One in 2026?

The PER at a Glance

The Retirement Savings Plan (PER) is a long-term savings product whose contributions are deductible from your taxable income. The funds are locked until retirement (except in exceptional circumstances), then paid out as an annuity or a lump sum.

The Upfront Tax Benefit

Calculating the Tax Savings

Contributions to your PER are deducted from your taxable income, up to a limit of 10% of your professional income (cap: approximately 35,000 euros in 2026).

Example: You earn 50,000 euros gross and are in the 30% tax bracket. A contribution of 5,000 euros to your PER saves you 5,000 x 30% = 1,500 euros in taxes.

Who Benefits Most?

The higher your marginal tax rate (MTR), the greater the benefit:

• MTR at 11%: savings of 550 euros for 5,000 euros contributed
• MTR at 30%: savings of 1,500 euros
• MTR at 41%: savings of 2,050 euros
• MTR at 45%: savings of 2,250 euros

Cases Where the PER is Less Attractive

• MTR at 0% or 11%: the tax savings are too low to justify locking up the funds
• Need for liquidity: the money is locked up (except for primary residence purchase, disability, spouse's death)
• Low retirement income: you might be taxed at the same or a higher rate upon withdrawal

Individual PER vs. Company PER

The Individual PER

Open to everyone, without employment conditions. Voluntary contributions are deductible. Entry fees: 0% to 5% depending on the contract.

The Collective Company PER

Funded by the employer (matching contributions, profit-sharing, employee participation schemes). Employer contributions are exempt from social security contributions and income tax.

Conclusion: Who is it for?

The PER is particularly attractive if your MTR is 30% or higher, if you have a long investment horizon, and if you anticipate a lower tax rate in retirement. In all other cases, favor life insurance which offers more flexibility.