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This is an assurance vie created by Allianz but also all the other insurance companies to comply with the new law PACTE created by the government. This new law relates to pensions in France and in order to encourage people to save themselves for their pension, they have come up with the “PERI: Plan Epargne Retraite Individuel”. Most British people will recognise it as pretty much the same as any pension plan in the UK.

  1. Who can invest in it: Anybody who is a French resident between 18 and 62 years old. This product is mainly for people who want to put aside for their retirement.
  2. How much you can invest: You can invest as little as 50€ per Month or/and as little as a lump sum of 600€.
  3. Tax advantages: Well, this is the good thing! Putting money into it gives you a tax advantage. So, if you put 100€ per Month on it for instance which is 1 200€ per year and you declare 30 000€ income per year, then you will be only taxed on 30 000- 1 200= 27 800€.

If you do not pay tax or do not want to have the tax advantage you can choose to invest in your PERI without this tax-deductible option (see below why it is good).

  1. How you get your money: Once you are retired, you can choose to have your money in a lump sum, as partial withdrawals, as regular Monthly, Yearly withdrawals or as annuities (for you or for your spouse) or some as partial lump sum and some in annuities (rent until you die). Well pretty much as you wish. Note that you can access the money before you retire in exceptional circumstances such as buying your main residence or becoming disabled.
  2. Tax when you take it out: If you had the tax advantage-tax deductible option when you put money in, then the money out is fully taxed (flat tax at 30% or added to the rest of your income and taxed accordingly). If you did not choose the tax-deductible option, only the interest is taxed (just like an assurance vie).
  3. Inheritance advantage: Just like an assurance vie, you name the beneficiaries when you set it up and they are entitled up to 152 500€ each if you die before 70 years or 30 500 if you die after (if the money is still in it).
  4. How it is invested: As you wish but at least 30% on shares/funds or bonds. You can also choose a fund specifically dated for your retirement. If you think you will retire in 2030 for instance, then you can choose a fund which will automatically be riskier now and gradually as you approach the date of 2030 will swap from riskier to more secured.
  5. PERP or Madelin contract: If you have a PERP or Madelin contract which a bit of the same (except the exit is only as an annuity and no assurance vie advantage in regards to death duties) , note that those contracts will be transformed into PERI automatically and also note that you will be able to transfer those contracts from your current company to another one! That is also part of the new law.
  6. Fees: Entry fee of 4.80% negotiable of course + 12€ admin fee!! And yearly management fees of 0.73%.

No fees for taking the money out.  

As you can see from the French news and the ongoing strikes in Paris, French people are very attached to their pensions!! But we must face reality one day and realise that it will be down to the individual to save for their pension themselves. This is exactly why this investment has been created.

Allianz has a solvability ratio that is one of the best on the market at 174% for Allianz France and 200% for Allianz Group so don’t hesitate to contact me for any further information regarding our very large range of investments.

And remember to check out our web site www.bh-assurances.fr/en for all my previous articles (“practical information”) and register to receive our monthly Newsletter.  You can also follow us on Facebook: “Allianz Jacques Boulesteix et Romain Lesterpt”

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