Retirement Savings Plan (RIP) (2024)

This page has been automatically translated. Please refer to the page in French if needed.

Verified 01 January 2024 - Legal and Administrative Information Directorate (Prime Minister), Ministry of Finance

The PER: titleContent is a new retirement savings product. It is available from 1^er October 2019 and gradually replaces other retirement savings plans. The PER is available in 3 forms: one individual PER and two company PER. The individual PER shall succeed the Perp: titleContent and the Madelin contract. The collective company ERP follows the Perco: titleContent. The mandatory company PER follows the contract article 83. You can transfer savings from old plans already opened to your new PER.

What applies to you?

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Since 1^er june 2022, banks, insurance companies and financial institutions that market life insurance contracts must post management fees on their website. The presentation should be in the form of a standard table that groups the fees by category.

INDIVIDUAL PER

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 1^er 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 ERP is a long-term savings product.

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.

The individual PER is open to all. There are no conditions related to the employment situation (jobseeker, employee, self-employed) or age.

It will no longer be possible to open an individual PER for a minor child after the marketing of Climate Future Savings Plan, scheduled for first quarter 2024.

This new long-term savings product is reserved for children and young people under the age of 21.

The funds invested in this plan will be used to finance projects in the area of health ecological transition.

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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).

Unless otherwise stated by you, the management of the amounts paid out of the RIP follows 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.

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
Plan Transfer Conditions

From 5^è 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 initially funded by the voluntary payments you make.

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
Sums from a time savings account (TSA) and assigned to your company PER
Compulsory payments made on a compulsory company RIP

FYI

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.

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General case

When you have reached retirement age and have not previously opted for the life annuity, you can request that the savings accumulated in your individual RIP be paid:

or capital,
or in annuity,
or partly in capital and annuity.

The same applies to salary savings (profit-sharing, participation, abundances, TEC days) which may be transferred to your individual RIP.

FYI

the capital may be paid in installments.

Before retirement age

You can recover your capital savings early if you:

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 (except for rights arising from compulsory payments).

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 another reasonthan the purchase 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, the plan will be closed.

The money saved must be repaid to your heirs or to the beneficiaries which you have designated in the contract, in the form of capital or rent.

If the plan is in the form of a securities account, the savings are included in the estate.

If this is a plan that has resulted in a group insurance contract being purchased, the savings must be repaid to your designated beneficiaries in the contract, as per the life insurance rules. The situation varies depending on whether the death occurred before or after age 70.

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Death before age 70

A reduction of €152,500 shall be applied to the sums paid on the contract.

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

The taxable share of each heir greater than €700,000 shall be subject to the taking of 31.25%.

Death after age 70

The share of the capital of the contract (savings and gains) in the insurance contract that exceeds €30,500 shall be subject to inheritance tax.

Tax advantage on voluntary payments

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

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You're a salaried employee

The ceiling shall be equal to the higher of the following 2 amounts:

10% of 2022 professional income, net of social contributions and professional expenses, with a maximum deduction of €37,094,
or €4,399 if this amount is higher.

If you do not deduct these payments from your taxable income, you will have a tax benefit when you exit the individual ERP.

You're independent

The ceiling shall be equal to the higher of the following 2 amounts:

10% of your taxable profits (BIC, BA or NBC) of 2022, up to €370,944 + 15% of taxable profit between €46,368 and €370,944
or €4,399+15% of taxable profit between €46,368 and €370,944, if this amount is higher.

FYI

the tax advantage associated with the transfer of a life insurance contract of more than 8 years to an RIP (doubling of the deductions related to detention) ceased on December 31, 2022, as the transfer was no longer possible.

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 paid at the time of the release of the RIP is taxable at income taxunder the pension scheme.

A reduction of 10% is deducted from the amount of the annuity. The balance is added to all your taxable income before the progressive income tax schedule.

Of social security contributions shall also apply to the share of the annuity corresponding to voluntary payments.

The share of the annuity corresponding to voluntary payments is taxable tosocial security contributions after deduction of an allowance fixed according to your age:

30% if you are under 50 years old
50% if you are between 50 and 59 years old
60% if you are between 60 and 69 years old
70% if you are over 69 years of age

The rate of social security contributions is 17.2%.

Capital outflow

The share of capital corresponding to voluntary payments shall be taxed on the progressive scale of income taxBut not on social security.

The share of capital corresponding to the products generated by the contract shall be subject to a flat-rate levy of 30%, corresponding to 12.8% for income tax and 17.2% for social security contributions.

You have not deducted the POR payments from your taxable income

Annuity Exit

The annuity is taxable at theincome tax,according to the applicable rules life annuities for consideration. It's a tax system that takes your age into account.

Thus, the part of the annuity taxable for income tax purposes is the amount of the annuity reduced by a reduction of:

30% if you are under 50 years old
50% if you are between 50 and 59 years old
60% if you are between 60 and 69 years old
70% if you are over 69 years of age

Of social security contributions shall also apply to the part of the annuity corresponding to the earnings generated by voluntary payments. The rate of social security contributions is 17.2%.

Capital outflow

The share of capital corresponding to your voluntary payments not deducted from tax is exempt from income tax and social security taxes.

The share of capital corresponding to the interest generated by the contract shall be subject to a lump-sum deduction of 30%. This levy corresponds to income tax of 12.8% and social security contributions up to 17.2%.

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 revenues received in 2023, this is the 2021 benchmark tax revenue.

The application is to be sent to the financial institution that pays you the income no later than November 30 of the year preceding that of the payment (November 30, 2023 for an exemption in 2024).

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 1^er 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.

FYI

the tax advantage linked to the transfer of an insurance contract of more than 8 years to an RIP (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.

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

Collective company PER

The collective company PER is a plan open to all employees of a company, without the obligation to subscribe. This new product is the successor to Perco, which can no longer be implemented since the 1^er October 2020. Your company can transform Perco into a collective company PER. The new plan entitles you to tax benefits and your rights are transferable to other PERs. The end of the plan is the retirement age, but with cases of early release.

The collective company ERP is a long-term savings product. It allows you to save during your period of activity to get, with the help of your company, a capital or a rent at retirement age.

All companies can offer a collective company PERP to their employees, even if they have not put in place a company savings plan (PEE).

The plan must be open to all employees. However, a seniority condition may be required (maximum 3 months).

Membership is optional, but the regulation may provide for automatic membership for all employees. In this case, you must be informed of your membership, under the conditions laid down in the regulation. You then have 15 days to make it known that you refuse to adhere to the plan.

If you change your company, you can transfer your collective company PER

in the PER of your new business
or in an individual RIP.

FYI

in a company with less than 250 employees, the company manager’s Civil partnership partner who has the status of employee may also benefit from the collective company PERP.

The collective company ERP must be set up in a company.

The plan may be set up at the initiative of the company managers or by agreement with the employees' representatives. Where there is at least one trade union representative or social and economic committee in the company (ESC), the employer is obliged to conduct prior negotiations with them before creating the plan.

The collective company ERP may be set up at company level, or in a business-to-business framework.

The company may choose to combine the voluntary group savings plan and the mandatory group savings plan in a single plan. Old savings plans, such as Perco and section 83, can be transferred into a single plan.

Managed management

The collective company PER must offer you at least one alternative investment vehicle, which notably allows you to invest in a solidarity fund.

Informing the employee

When you are hired, the employer must give you a payroll savings booklet indicating the arrangements put in place in the company.

If the company has a collective company PER in place, it must provide you with a settlement that informs you of the plan and its content.

Each year, the manager must provide you with the following information:

Evolution of savings
Financial performance of investments
Amount of charges levied
Plan Transfer Conditions

From 5^e year before retirement age, you can ask the PER manager about exit opportunities that are appropriate for your situation.

Payments by the employee

You can feed your collective company PER with:

Voluntary payments
Sums from profit-sharing
Sums from the participation
Entitlements registered on a time savings account (CET)
In the absence of the TRC, amounts corresponding to untaken rest days, up to a maximum of 10 per year.

You can also transfer to your collective company PER amounts from another company PER, an individual PER or another retirement savings product (PERP, Madelin, Perco, etc.).

As long as you work in the company, the costs associated with managing the collective PER are covered by your employer.

Employer Payments

The collective company ERP may be financed by supplementary company payments, known as abundances. The abundance may not exceed 3 times the amount you yourself paid, or be more than €7,419.

In addition, if the plan regulations so provide, the company may carry out initial and periodic abundances.

The amounts paid out of the group company ERP are frozen until your retirement.

However, you can get your savings back 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 insurance benefits
Over-indebtedness (in this case, the over-indebtedness commission has to write to the managing body of the ERP)
Termination of self-employed activity following a judgment on winding up by a court
Purchase of your principal residence (except entitlements from compulsory payments transferred to the plan)

When you reach retirement age, you can request that the savings in your group company LIP be paid

or capital,
or in annuity,
or partly in capital and annuity.

If you die, the plan will not be automatically closed.

The money you have saved will be repaid to your heirs or to the beneficiaries which you have designated in the contract, in the form of capital or rent.

If the plan is in the form of a securities account, the savings are included in the estate.

If it is a plan that has resulted in the enrollment of a group insurance contract, the amounts saved will be repaid to one or more of the beneficiaries that you have designated in the contract, depending on the life insurance rules.

Please note

in the event of death after 70 years, the proportion of the sums paid on the insurance contract which exceeds €30,500 shall be subject to inheritance tax.

Entry taxation

Voluntary and mandatory payments you make to a company RIP in a year are deductible from your taxable income in that year. This deduction shall not exceed an overall ceiling amount set for each member of the tax shelter.

This ceiling shall be equal to the higher of the following 2 amounts:

10% of 2022 professional income, net of social contributions and professional expenses, with a maximum deduction of €37,094,
or €4,399if this amount is higher.

If you do not deduct voluntary payments from your taxable income, you will be taxed only on capital gains at the time of payment. liquidation savings.

Payments into an ERP of amounts and entitlements arising from company wage savings (profit-sharing, participation, employer contributions) are exempt from income tax.

Exit taxation

The output tax depends on the nature of the payments which fed into the RIP, and the method of liquidation savings (annuity or capital).

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Voluntary payments deducted for tax purposes

Annuity Exit

The annuity paid at the time of the release of the RIP is taxable at income taxunder the pension scheme.

A reduction of 10% is deducted from the amount of the annuity. The balance is added to all your taxable income before the progressive income tax schedule.

Of social security contributions shall also apply to the share of the annuity corresponding to voluntary payments.

The share of the annuity corresponding to voluntary payments is taxable tosocial security contributions after deduction of an allowance fixed according to your age:

30% if you are under 50 years old
50% if you are between 50 and 59 years old
60% if you are between 60 and 69 years old
70% if you are over 69 years of age

The rate of social security contributions is 17.2%.

Capital outflow

In the case of a capital outflow, the share of capital corresponding to the voluntary payments shall be taxed in accordance with progressive scale of income tax.

The share of capital corresponding to the capital gains is taxed according to the rules applicable to capital products.

Voluntary payments not deducted from tax

Annuity Exit

The annuity is taxable at theincome tax,according to the applicable rules life annuities for consideration. It's a tax system that takes your age into account.

Thus, the part of the annuity taxable for income tax purposes is the amount of the annuity reduced by a reduction of:

30% if you are under 50 years old
50% if you are between 50 and 59 years old
60% if you are between 60 and 69 years old
70% if you are over 69 years of age

Of social security contributions shall also apply to the part of the annuity corresponding to the earnings generated by voluntary payments. The rate of social security contributions is 17.2%.

Capital outflow

The share of capital corresponding to voluntary payments not deducted from tax is exempt from income tax and social security contributions.

The share of capital corresponding to the interest generated by the contract shall be subject to a lump-sum deduction of 30%.

This levy corresponds to income tax of 12.8% and social security contributions up to 17.2%.

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 revenues received in 2023, this is the 2021 benchmark tax revenue.

The application is to be sent to the financial institution that pays you the income no later than November 30 of the year preceding that of the payment (November 30, 2023 for an exemption in 2024).

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

Payments from salary savings in company

Payments from wage savings in company (profit-sharing, participation, abundances of employers) can be liquidated as an annuity or as capital.

Annuity Exit

In the case of an annuity outflow, income tax is calculated according to rules applicable to life annuities for consideration, in order to tax only the representative part of the products.

Capital outflow

In the case of a capital outflow, there is no income tax.

Mandatory payments

Savings from compulsory payments in a company RIP are paid only as an annuity.

The annuity is taxed on income tax, according to the rules applicable to retirement pensions, and social security contributions.

But if the monthly amount of the annuity does not exceed €100However, the annuity may be converted into capital.

In this case, the share of capital corresponding to the company's compulsory payments is subject to income tax, in the category of pensions and pensions, but without application of the 10%.

The share of capital corresponding to the gains is subject to the flat-rate levy of 30%, but with the option of applying the progressive scale of income tax.

The UTP is income tax equal to 12.8% and social security contributions up to 17.2%.

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Transfer of old savings products to the Pereco

You can transfer retirement savings products that existed before 1^er October 2019 on the collective company ERP:

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

In the event of a transfer of sums saved on a Perco to a collective company savings plan, the social security contributions in force at the time of the deposits are kept.

FYI

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

Transfer of the collective company PER to another PER

You can transfer the accumulated savings from the collective company PER to all other PERs. The transfer is possible at any time when you have left the company.

If you are still in the company, the transfer is also possible, but within the limit of one transfer every 3 years.

The transfer is free if you have held the product for at least 5 years. If you have held the product for less than 5 years, the transfer fee may be charged, up to 1% of the outstanding amount.

Mandatory company PER

The compulsory company PERP is a plan open to all employees of a company or reserved for certain categories of employees. The employees concerned are obliged to subscribe. This plan is the successor to the Article 83 contracts. The mandatory company PER entitles you to tax benefits and your rights are transferable to other PERs. The end of the plan is the retirement age, but with cases of early release.

The compulsory company PEP is a group pension savings plan which can be subscribed by the company for some or all categories of employees.

To be eligible for the Compulsory company BizPa, you must be a member of the category of employees to whom the employer has reserved this right.

The category of employees entitled to subscribe to the compulsory company permit must be defined on the basis of objective criteria.

If you are one of these employees, you must subscribe to the plan.

The mandatory company PER shall be implemented in a company.

It can be created by

decision of the Head of company,
or ratification of an agreement by the majority of employees
or a collective agreement.

Managed management

The collective company PER must offer you at least one alternative investment vehicle, which notably allows you to invest in a solidarity fund.

Informing the employee

If you are one of the employees eligible for the compulsory company PER, the company must inform you of the compulsory nature of your membership in the plan.

They must also provide you with a regulation that informs you of the plan and its content.

Each year, the manager must provide you with the following information:

Evolution of savings
Financial performance of investments
Amount of charges levied
Plan Transfer Conditions

Starting in the 5th year before your retirement age, you can ask the PER manager about exit options that are appropriate for your situation.

Payments by the employee

You can feed your mandatory company PER with:

Voluntary payments from you
Mandatory payments from you
Sums from the participation and profit-sharing, if the company has put in place a plan benefiting all employees
Money from the transfer of other retirement savings plans
Entitlements registered on a time savings account (TSA)
In the absence of the TRC, amounts corresponding to unused rest days, up to a maximum of 10 per year

Employer Payments

The compulsory company RIP may be financed by compulsory company payments.

Case of early release

The amount you pay on the mandatory company PER is frozen until you retire.

However, you can get your savings back 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 entitlements
Over-indebtedness (in this case, the over-indebtedness commission has to write to the managing body of the ERP)
Termination of self-employed activity following a judgment on winding up by a court
Purchase of your principal residence (except for payments required)

Taxation of early release capital

The situation varies depending on the reason for the early release.

General case

The share of capital corresponding to the payments made to the RIP is exempt from income tax and social security contributions.

The share of capital corresponding to earnings shall be subject to social security contributions at the rate of 17.2%.

Release for acquisition of principal residence

The share of capital corresponding to voluntary payments deducted of taxable income is subject to income tax, without application of the 10%.

The share of capital corresponding to voluntary payments not deducted of taxable income is exempt from income tax. The same is true for wage savings premiums, the rights held in one time savings account (TSA) and days off not taken.

The share of capital corresponding to earnings shall be subject to the Single Flat-Rate Levy (SSP), at the rate of 30%.

The entitlements from compulsory payments are necessarily settled in the form of life annuity.

The rights arising from other payments (voluntary payments, participation, profit-sharing, TEC days, etc.) may be liquidated as annuity, capital, part of it as annuity and capital. Capital withdrawals may be split.

Entry taxation

Voluntary and compulsory payments in a company RIP in a year are deductible from taxable income in that year. This deduction shall not exceed an overall ceiling amount set for each member of the tax shelter.

This ceiling shall be equal to the higher of the following 2 amounts:

10% of 2022 professional income, net of social contributions and professional expenses, with a maximum deduction of €37,094,
or €4,399if this amount is higher

If you do not deduct voluntary payments from your taxable income, you will be taxed only on capital gains at the time of payment. liquidation savings.

Payments into an ERP of sums and entitlements from wage savings in company (profit-sharing, participation, abundances employers) are exempt from income tax.

Exit taxation

The output tax depends on the nature of the payments which fed into the RIP, and on the method of liquidation of the savings (annuity or capital).

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Voluntary payments deducted for tax purposes

Annuity Exit

The annuity paid at the time of the release of the RIP is taxable at income taxunder the pension scheme.

A reduction of 10% is deducted from the amount of the annuity. The balance is added to all your taxable income before the progressive income tax schedule.

Of social security contributions shall also apply to the share of the annuity corresponding to voluntary payments.

The share of the annuity corresponding to voluntary payments is taxable tosocial security contributions after deduction of an allowance fixed according to your age:

30% if you are under 50 years old
50% if you are between 50 and 59 years old
60% if you are between 60 and 69 years old
70% if you are over 69 years of age

The rate of social security contributions is 17.2%.

Capital outflow

The share of capital corresponding to voluntary payments deducted from tax is taxed according to progressive scale of income tax and exempt from social security contributions.

The share of capital corresponding to the capital gains is taxed on income tax and social security contributions according to the rules applicable to capital products.

Voluntary payments not deducted from tax

Annuity Exit

The annuity is taxable at theincome tax,according to the applicable rules life annuities for consideration. It's a tax system that takes your age into account.

Thus, the part of the annuity taxable for income tax purposes is the amount of the annuity reduced by a reduction of:

30% if you are under 50 years old
50% if you are between 50 and 59 years old
60% if you are between 60 and 69 years old
70% if you are over 69 years of age

Of social security contributions shall also apply to the part of the annuity corresponding to the earnings generated by voluntary payments. The rate of social security contributions is 17.2%.

Capital outflow

The share of capital corresponding to voluntary payments not deducted from tax is exempt from income tax and social security contributions.

The share of capital corresponding to the interest generated by the contract shall be subject to a lump-sum deduction of 30%.

This levy corresponds to income tax of 12.8% and social security contributions up to 17.2%.

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 revenues received in 2023, this is the 2021 benchmark tax revenue.

The application is to be sent to the financial institution that pays you the income no later than November 30 of the year preceding that of the payment (November 30, 2023 for an exemption in 2024).

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

Payments from salary savings in company

Payments from wage savings in company (profit-sharing, participation, abundances of employers) can be liquidated as an annuity or as capital.

Annuity Exit

In the case of an annuity outflow, income tax is calculated according to rules applicable to life annuities for consideration, in order to tax only the representative proportion of products.