Pension Reform: What Impact for PERs and Employee Savings?

Summary: As part of the debates on the pension reform in early 2025, the government proposes to enhance the attractiveness of Retirement Savings Plans (PER) and to further open up employee savings schemes. This article details the main measures (gradual reduction of entry fees, relaxation of portability rights, new tax incentive for SMEs) and assesses their impact on retirement preparation for employees and the self-employed.

Context of the Pension Reform

The French pension system is regularly subject to reforms to adapt to demographic and economic changes. On the eve of 2025, the government is embarking on a new phase of modernization, notably aiming to encourage the building of additional retirement savings. In this context, savings schemes such as the Retirement Savings Plan (PER) and employee savings are at the heart of the debates, with the intention of improving their accessibility and efficiency.

Main Announced Measures

The planned reform introduces several key measures aimed at making retirement savings more attractive and better suited to the needs of active workers, whether employees or self-employed.

• Gradual reduction of entry fees on PERs: To encourage the opening of new PERs, entry fees will be progressively capped, with a target for significant reduction by 2027. This measure should make the product more competitive and accessible, especially for young workers.
• Relaxation of portability rights: It will now be easier to transfer accrued rights from one employee savings scheme or PER to another, without penalty or excessive fees. This increased portability aims to support professional mobility and avoid the proliferation of small scattered accounts.
• New tax incentive for SMEs: The government intends to encourage small and medium-sized enterprises to implement employee savings schemes by offering them an additional tax credit on top-ups paid to employees. This measure aims to democratize access to collective retirement savings within SMEs.

Impact on Retirement Preparation

For Employees

The reduction in fees and simplification of transfers should enable employees to better optimize their savings over time. Easier portability limits losses when changing jobs and encourages active management of retirement savings. Furthermore, expanding the offer in SMEs will allow more employees, particularly in smaller firms, to benefit from attractive collective schemes.

For the Self-Employed

The self-employed, often less well covered by collective schemes, are also central to the reform. By making the PER more accessible and less costly, the reform offers a flexible and tax-advantaged solution to build individual retirement savings. Easier access to portability will also allow them to consolidate their old contracts, thus optimizing long-term capital management.

A Gradual Opening Up of Employee Savings

The aim to open up employee savings is reflected in a simplification of transfer rules between the various plans (PEE, PERCO, PER). This change responds to the increased mobility of workers and the diversification of career paths. The goal: avoid the fragmentation of savings and maximize returns through more unified management.

What Strategies to Adopt?

• Compare fees: Take advantage of the scheduled fee reductions to compare market offers and choose the most competitive PERs.
• Anticipate portability: In the event of a change of employer or status, consolidate your assets to simplify tracking and limit management costs.
• Use new tax advantages: SMEs and employees, get informed about new incentives to optimize your voluntary contributions and employer top-ups.

Conclusion

The 2025 pension reform marks an important milestone in the evolution of retirement savings in France. By making PERs more attractive and opening up employee savings, the government aims to address the new challenges of mobility and diversification in professional careers. Both employees and the self-employed have every reason to seize these opportunities to prepare for retirement with peace of mind.