Epargne · · 3 min de lecture

PER: 5 criteria to choose well in 2026

How to choose a French PER (retirement savings plan) in 2026: fees, underlyings, exit options, managed portfolio quality and transfer conditions.

Sophie Martin
Sophie Martin Savings, taxation & private equity specialist
PER: 2026 selection criteria Photo: Pexels
In short
  1. Fees: 0 percent on contributions on the best online PERs
  2. Underlyings: a competitive euro fund and a wide range of ETFs and SCPIs
  3. Exit: capital, annuity or mix, with no constraints on individual PERs
  4. Managed portfolio: clear horizon grids and controlled fees
  5. Transfer: flexible conditions and short delays

The Plan d’Epargne Retraite has become, in just a few years, the reference vehicle for preparing retirement in France while deducting contributions from income tax. But contracts vary widely across providers. Here are the 5 criteria to look at to pick the right one.

1. Fees

Fees are the first thing to watch. On a PER held for 25 or 30 years, every tenth of a percentage point of fees significantly eats into the final capital.

Fee itemOnline PERClassic bank PER
Contribution0 percent1 to 5 percent
Euro fund management0.6 to 0.8 percent0.8 to 1 percent
Unit-linked management0.5 to 0.9 percent0.9 to 1.5 percent
ArbitrageFree0 to 1 percent
Annuity payment1 to 3 percent2 to 3 percent

Contribution fees have become the main marker of good contracts: a PER still charging 2 to 5 percent on each payment is no longer competitive in 2026.

2. Quality of underlyings

A good PER must offer a strong euro fund and a wide, diversified universe of unit-linked funds. At a minimum: 30 to 50 unit-linked options, including ETFs, SCPIs and at least a few thematic underlyings (private equity, infrastructure, ESG).

ETF availability has become a standard. A PER offering none or charging extra for them signals a distribution-driven product rather than performance-driven.

Also check euro fund accessibility: some PERs require a minimum unit-linked allocation to access it.

3. Available exit options

Since the Pacte law, the individual PER allows a 100 percent capital exit, an annuity exit, or a mix of both. But not all contracts offer the same operational flexibility:

  • Fractional capital exit: ability to spread withdrawals over several years to smooth taxation
  • Annuity exit: quality of conversion rates, reversion options, floor guarantees
  • Mixed exit: ability to combine both modes without extra fees

On this point, reading the general conditions carefully before subscribing makes a real difference at the moment of liquidation.

4. Horizon-based managed portfolio

Horizon-based managed portfolios have been the default mode since the Pacte law. The contract offers 3 profiles (cautious, balanced, dynamic) and progressively de-risks the portfolio as retirement approaches.

The best PERs stand out by:

  • Transparency of the de-risking grid (unit-linked weight per age bracket)
  • Managed portfolio fees (ideally included in overall management fees, not on top)
  • Net-of-fees historical performance of the three profiles

5. Transfer conditions

A PER is held for a long time, but it must also be transferable if the contract degrades or a better product appears. French law caps transfer fees at 1 percent during the first 5 years, and 0 thereafter.

To check:

  • Actual transfer delay quoted by the new provider
  • Administrative support during the procedure
  • Customer service responsiveness in case of issues
A good PER combines low fees, a wide range of underlyings, flexible exit options and a transparent managed portfolio. The best online contracts tick these 4 boxes simultaneously, with responsive customer service on top.

PER: full 2026 guide, PER vs life insurance, glossary.

Sources

For further details on subscription terms and management options: Meridien Finance, PER.