Best PER in 2026: ranking and comparison guide

Updated on 17 July 2026

The best PER (France's retirement savings plan) in 2026 depends on your profile: Matla (Boursorama) and Nalo for low fees, Cardif Elite Retraite or Generali Patrimoine for the breadth of investment options. This ranking compares 12 PER plans on their fees, returns and tax benefits.

Key takeaways

• Management fees range from 0.50% to 2% a year depending on the PER, a gap that weighs heavily over 20 years of saving.
• Contributions are deductible from taxable income, up to €37,680 for an employee and €88,911 for a self-employed worker in 2026.
• On exit, the capital follows the income tax scale and the gains are taxed at 31.4% under the flat tax (PFU) since 2026.
• The management mode (self-directed, managed-portfolio or target-date) must match your risk tolerance and your retirement horizon.
• A transfer to another PER remains possible at any time, but the fees charged vary widely from one contract to the next.

PER ranking and comparison guide

What is a PER and how does it work?

A PER is a savings product designed to prepare for your retirement. It is flexible and attractive, split into three compartments: voluntary savings, employee savings and mandatory savings. Each compartment has its own tax treatment, allowing a tailored optimisation of your finances. The main purpose of the PER is to build up capital throughout your working life. At retirement, you can draw that capital as an annuity or as a lump sum. PER plans also allow early exit in specific situations, such as buying your main residence or a setback such as disability or long-term unemployment.

Objectivity and transparency of our ranking

Our article stands out for its objectivity and its transparency. We have no commercial partnership and no affiliate link with the PER providers we review. That independence guarantees an impartial analysis, letting you make an informed choice based on criteria aligned with your interests. Get ready to discover the plans that will supercharge your retirement savings!

Fees and returns compared

The management fees and other costs attached to a PER can significantly affect your savings over the long term. Understanding these fees is crucial to making an informed choice.

Management fees and other fees compared

Analysis of euro fund and unit-linked returns

Returns on euro funds and unit-linked funds (UC) vary widely. Euro funds offer a capital guarantee provided by the insurer, but generally deliver lower returns than unit-linked funds. Unit-linked funds can deliver higher returns, but with more risk.

Assessing hidden fees and extra costs

Management fees are not the only ones to watch. Hidden fees, such as those on contributions, switches or transfers, can eat into your gains. AXA's FAR PER, for instance, charges contribution fees of 5% and switching fees of 0.80%. These costs add up fast and cut your overall return. Always insist on full fee transparency to avoid unpleasant surprises.

In short, choosing the best PER rests on a good grasp of fees and returns. The table and the analysis above give you a solid basis for choosing and for maximising your retirement savings. To go further, find out whether a PER or life insurance suits your situation better.

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What are the 12 best PER plans on the market in 2026?

The 12 top-rated PER plans combine competitive fees, a wide choice of investment options and the insurer's financial strength: Abeille Retraite Plurielle, Swiss Life PER Individuel, Cardif Elite Retraite, PER Banque Populaire, FAR PER AXA, Ramify, Nalo, Generali Patrimoine, Millevie PER, Matla (Boursorama), Yomoni Retraite+ and Linxea Spirit PER, detailed below.

Abeille Assurances

Strengths and features

The "Abeille Retraite Plurielle" PER stands out for its flexibility and its various management modes: self-directed, managed-portfolio and secured. It is available from a minimum contribution of €750, suited to a range of investor profiles.

Fees and tax benefits

Management fees on the euro fund and on unit-linked funds come to 1% a year. Contribution fees are 5%, but no switching fee applies. The amounts paid in are deductible from taxable income.

Investment options available

This plan offers a broad range of over 200 investment options, allowing strategic diversification across equities, bonds, real estate and trackers.

Early exit conditions and transfer terms

Early exit is possible to buy a main residence, or in the event of death, disability, unemployment or over-indebtedness. Transferring to another PER is free after 5 years of holding.

SwissLife

Strengths and features

SwissLife PER Individuel stands out for its managed-portfolio and self-directed managementoptions, and for its range of investment options.

Fees and tax benefits

Euro fund management fees are 0.65% a year, with unit-linked management fees of 0.96%. Contribution fees are 4.75%, with one free switch each year then 0.20% + €30 per additional switch. Contributions are deductible from taxable income.

Investment options available

It mainly offers euro funds, unit-linked funds, real-estate options and equities, a useful spread for diversification.

Early exit conditions and transfer terms

Early exit conditions include, among others, buying a main residence. Transfers are free of charge after 5 years.

Cardif (BNP)

Strengths and features

Cardif Elite Retraite, from BNP Paribas Cardif, stands out with a very wide range of over 2,000 unit-linked funds and competitive management fees on the euro fund.

Fees and tax benefits

Management fees are 0.80% on the euro fund and 0.85% on unit-linked funds. Contribution fees can reach 4.75%. According to an official BNP Paribas Cardif press release published in January 2026, the average net return on its euro funds was 2.65% in 2025.

Investment options available

This PER offers a wide choice of options including OPC (French collective investment funds), real estate, private equity and over 200 ISR funds (France's socially responsible investment label).

Early exit conditions and transfer terms

Early exit and transfers follow the usual terms, with switching fees of 1%.

Banque Populaire

Strengths and features

The Banque Populaire PER is flexible and lets you deduct contributions from taxable income. It offers a target-date managed-portfolio service and self-directed management.

Fees and tax benefits

Annual management fees are 0.80% on the euro fund and 0.60% on unit-linked funds. Contribution fees are 3.00%. Switches into unit-linked funds are free.

Investment options available

This PER delivers decent performance with 39 unit-linked funds including euro funds, OPCI (French non-listed real-estate collective funds) and other quality options.

Early exit conditions and transfer terms

Early exit is allowed in several situations. Transfer fees are fairly high, at 5% for outgoing transfers.

FAR PER AXA

Strengths and features

AXA's FAR PER stands out for its target-date managed-portfolio service and for offering SCPI (French non-listed real-estate investment funds, comparable to REITs) for optimal diversification.

Fees and tax benefits

Euro fund management fees are 0.75% and unit-linked fees 0.96%. Contribution and transfer fees are high, at 5%.

Investment options available

15 unit-linked funds are available in self-directed management, with various investment options suited to different investor profiles.

Early exit conditions and transfer terms

Transfers to another PER or contract are possible but carry 5% fees. Early exit covers situations such as buying a main residence and life accidents.

Ramify

Strengths and features

The Ramify PER offers a managed-portfolio service matched to the investor's risk profile. It also offers a wide variety of investment options and competitive fees.

Fees and tax benefits

With management fees of 1% on euro funds and on unit-linked funds, this PER is attractive. The minimum contribution is €1,000 (or €500 on a transfer), which is fairly high; on the plus side, there is no switching fee.

Investment options available

Ramify stands out with its 727 available investment options, including equities, bonds, real estate, diversified funds and euro funds. The Essential, Flagship and Elite portfolios allow personalisation based on the level of diversification you want.

Nalo

Strengths and features

Nalo focuses on a tailored managed-portfolio service built mainly on ETFs, keeping fees down for better performance. Its ergonomic online interface and its quality advisers make it an attractive option for modern investors.

Fees and tax benefits

Management fees on unit-linked funds are 1.35%, and 0.85% on the euro fund. The initial minimum contribution is high, at €1,000, but that is offset by the absence of contribution and switching fees.

Investment options available

The investment options are mainly made up of ETFs, offering broad diversification at a lower cost.

Generali

Strengths and features

The Generali Patrimoine PER offers an impressive range of over 1,000 investment options, including ISR funds and France Relance funds.

Fees and tax benefits

Management fees on euro funds are capped at 0.90%, and unit-linked fees at 1.10%. Contribution fees are 4.5%, and switching fees 0.50%.

Investment options available

With over 1,000 unit-linked funds and options across real-estate and equity funds, Generali offers unique flexibility.

Early exit conditions and transfer terms

Early exit covers buying a main residence or major life events. Transfer fees are 1%.

Caisse d'Épargne

Strengths and features

The Millevie PER from Caisse d'Épargne is known for its extensive branch network and its capital protection in the event of death before age 72.

Fees and tax benefits

Euro fund management fees are 0.80%, and unit-linked fees 0.60%. Contribution fees are set at 3%.

Investment options available

Access to 43 unit-linked funds, suited to investors seeking stability and efficient management of their savings.

Early exit conditions and transfer terms

The early exit criteria cover the traditional grounds, and the transfer terms have to be discussed with an adviser.

Boursorama

Strengths and features

Boursorama's Matla stands out for its state-of-the-art online management and its competitive management fees.

Fees and tax benefits

Euro fund management fees are 0.50% and unit-linked fees also 0.50%. There are no contribution and no switching fees.

Investment options available

With over 60 unit-linked funds and ISR-labelled ETFs, this PER makes online management simple and effective.

Early exit conditions and transfer terms

Early exit and transfer criteria follow market standards, backed by an intuitive online interface.

Yomoni

Strengths and features

The Yomoni Retraite+ PER is unique for its fully digital approach and its managed-portfolio service, with no hidden fees.

Fees and tax benefits

Management fees on unit-linked funds are exceptionally low, at 0.30%. There are no contribution, switching or account-opening fees, for maximum transparency.

Investment options available

With 65 unit-linked funds including ETFs, real estate and private equity funds, Yomoni offers optimal diversification.

Early exit conditions and transfer terms

Early exit includes buying a first main residence, and transfer fees are reimbursed up to €500.

Reviewing these PER plans lets you select the one that best fits your retirement goals and your investor profile.

Linxea

Strengths and features

Linxea Spirit PER, insured by Spirica, appeals with its wide range of options, including OPCVM (French UCITS-type collective funds), SCPI/SCI/OPCI, trackers and individual stocks. Opening online is another big advantage.

Fees and tax benefits

Management fees on unit-linked funds are low, set at 0.60%. Management fees on euro funds, however, are high at 2% a year.

Investment options available

The product offers a wide palette of 562 OPCVM, 41 SCPI, 48 trackers and 118 individual stocks, for unmatched diversification.

Early exit conditions and transfer terms

Early exit follows the standard criteria. There are no transfer fees on internal switches.

Which criteria should you use to choose the best PER?

The best PER for you depends on five criteria: the fees, the range of investment options, the type of provider, the management mode and the flexibility of the exit conditions.

Fees (management, insurance, transfer)

The fees attached to a retirement savings plan (PER) can strongly affect the growth of your savings. Management fees vary between PER plans. At Yomoni Retraite+ they now range from 1.60% to 2.20% depending on the profile chosen, while Linxea Spirit PER can reach 2% on euro funds.

It is also crucial to watch the fees on unit-linked funds (UC), which can reach 1.10% at Generali Patrimoine. Contribution and transfer fees matter too. AXA's FAR PER, for instance, charges high contribution fees of 5%, which could cut your returns. Plans such as Yomoni Retraite+, by contrast, charge no contribution or switching fees, an attractive option for keeping costs down.

Investment options (euro funds, unit-linked funds)

The range of investment options is crucial. PER plans such as Cardif Elite Retraite offer over 2,000 unit-linked funds, while others, such as AXA's FAR PER, offer only 15. A wide selection allows better diversification, essential for managing risk and improving returns.

The options can include euro funds, unit-linked funds, SCPI (French non-listed real-estate investment funds, comparable to REITs), ETFs and even private equity funds. A platform such as Generali Patrimoine offers over 1,000 unit-linked funds including ISR funds, allowing greater personalisation of your investment strategy.

Digital or traditional provider?

The provider plays a crucial role in choosing the best PER. Digital providers such as Yomoni and Nalo offer fully online services with an intuitive interface and generally lower fees. They suit young, tech-savvy investors who are comfortable managing their investments through online platforms.

Traditional providers such as Swiss Life and BNP Paribas (Cardif) offer the advantage of face-to-face service, useful for those who prefer personalised advice and a relationship of trust with their adviser.

Management modes (self-directed, managed-portfolio)

The management modes available also matter. Self-directed management lets experienced investors choose and manage their own investment options. A managed-portfolio service or a target-date option, by contrast, automatically adjusts the allocation to the investor's age and risk profile.

Flexibility and exit options (annuity, lump sum, early exit)

Good to know: early exit conditions generally include buying a main residence, the death of a spouse, disability, long-term unemployment or over-indebtedness.

Insurance-based versus bank PER plans compared

Insurance-based PER plans, such as those from Generali or AXA, often offer more management options and more investment options, including unit-linked funds and euro funds. These PER plans also offer a managed-portfolio service run by the insurer, for added security.

Bank PER plans, such as those from Boursorama and Caisse d'Épargne, are often more accessible, with lower management fees. They also offer convenient online platforms for day-to-day tracking.

To choose between an insurance-based PER and a bank PER, weigh the range of investment options, the flexibility of the exit options and the fee structure.

In the end, choosing the best PER rests on a combination of these criteria, depending on your personal goals and your risk tolerance. For more on the benefits of the PER, see our dedicated article on the benefits of the PER.

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What are the tax benefits of the PER?

The PER lets you deduct your contributions from your taxable income, up to an annual ceiling, in exchange for tax on the gains when you exit.

Tax deduction on contributions

The tax benefits of the PER are one of its main attractions. The amounts you pay into your PER are deductible from your taxable income, up to a ceiling set by tax law.

For employees, this deduction can reach 10% of the previous year's net professional income, capped at €37,680 in 2026 (€37,094 in 2025).

For self-employed workers (TNS), this ceiling can reach €88,911 in 2026 (€87,135 in 2025), including specific provisions for profits between 1 and 8 PASS (France's annual social-security ceiling). This deductibility significantly reduces your income tax and optimises your retirement savings.

Annual deduction ceiling

The annual ceiling on PER contributions is key to maximising your tax benefits. If the ceiling based on your earned income is reached, it can be carried forward over the following three years. That lets you smooth your contributions and build up your PERgradually. The ceiling actually has two bounds: a minimum floor, deductible even on low incomes (€4,710 for an employee in 2026), and a maximum ceiling reached at the highest incomes (€37,680 for an employee, €88,911 for a self-employed worker in 2026). Source: service-public.gouv.fr.

Taxation on exit (life annuity, lump sum)

Taxation on exiting a PER is crucial. If you opt for an exit as a life annuity, the annuity received is subject to income tax with a 10% allowance. Social security contributions also apply, with allowances varying by age: 70% under 50, 50% from 50 to 59, 40% from 60 to 69, and 30% over 69.

If you choose a lump-sum exit, by contrast, the contributions paid in are subject to the income tax scale and the gains to the flat tax (PFU) at 31.4% (12.8% tax + 18.6% social security contributions, the rates in force since 1 January 2026).

Impact of social security contributions

In practice, social security contributions play a significant role in the taxation of PER plans. Whether on contributions or on exit, they affect the amount you actually withdraw from your savings. On a lump-sum exit, the gains portion falls under the flat tax (PFU), which includes social security contributions at 18.6% since 1 January 2026.

For life annuities bought with your own capital (RVTO), an allowance applies according to your age, but they remain subject to social security contributions. Building these contributions into your savings strategy is what maximises your net return. These allowances are detailed by the BOFiP (BOI-RSA-PENS-30-20).

Choosing a PER is not just about analysing the fees or the returns on the investment options. The tax benefits they provide can have a major impact on your taxable income and on how efficient your retirement savings are. By optimising those benefits and factoring in the taxation on exit and the social security contributions, you maximise your savings and reach your retirement goals on the best terms.

Case studies and investment scenarios

Example of preparing for retirement with a PER

Take the example of Sophie, 45, a manager at a marketing company with an annual income of €60,000. Sophie is worried about her retirement and decides to open a PER. She starts by paying in €5,000 a year, an amount she can deduct from her taxable income. Thanks to that deduction, Sophie gets a tax cut while building retirement savings. With a managed-portfolio service matched to her balanced profile, she diversifies her investments across euro funds, unit-linked funds and real estate, giving her a calm run-up to her later years.

Tax-saving simulation and impact on wealth

Take another example: Marc, a 50-year-old independent consultant with an annual income of €100,000. Marc has a higher tax deduction ceiling as a self-employed worker (TNS), up to €88,911 in 2026. By paying €10,000 a year into his PER, Marc reduces his taxable income, which lowers his income tax. Over 10 years, he optimises his tax savings and grows his wealth thanks to the returns generated by the various investment options in his PER. In time, that strategy will give him a comfortable annuity or a sizeable lump sum at retirement.

Transferring an older retirement savings plan into a PER

Lucie, 40, holds a Madelin contract (a French retirement savings contract for the self-employed) and wants to transfer it into a more flexible, better-performing PER. By choosing a PER such as Generali Patrimoine, she diversifies her investments to include ISR funds and SCPI. Transferring her old Madelin contract into the Generali PER lets her benefit from a managed-portfolio service matched to her age and risk profile. With reasonable transfer fees, Lucie optimises the tax treatment of her future contributions and aligns her retirement savings with her long-term goals.

Investment scenarios by investor profile

Cautious investor

Jean, 55, close to retirement and with little appetite for risk, chooses a PER such as the Millevie PER from Caisse d'Épargne with secured management. He mainly picks euro funds, whose capital is protected by the insurer, with a historically stable return that is not guaranteed for the years ahead. That approach gives him secured growth of his capital without taking unnecessary risks.

Balanced investor

Émilie, 35, works in finance, likes caution but wants higher returns. She chooses Linxea Spirit PER, which offers self-directed management with unit-linked options and euro funds. With her adviser's help, she opts for an allocation of 60% in unit-linked funds and 40% in euro funds, balancing growth and security.

Dynamic investor

Léo, 30, a software engineer, prefers a more aggressive approach with a high risk tolerance. He turns to the Yomoni Retraite+ PER for its dynamic managed-portfolio service and its range of ETFs and private equity funds. By betting on these high-growth-potential investment options, he hopes to maximise his returns over the long term, with no hidden fees.

The PER: a tool to choose on your profile, not on fashion

The examples and scenarios above show that the choice of a PER must be aligned with your investor profile, your risk tolerance and your retirement goals. Thanks to the various management options, tax benefits and diversification possibilities, you can build a personalised strategy to optimise your retirement savings. Whether you are cautious, balanced or dynamic, there is a PER suited to your needs to secure a comfortable retirement.

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Frequently asked questions

Can you open several PER plans at the same time?

Yes, there is no legal limit on the number of individual PER plans held at the same time. You could, for example, combine a low-fee bank PER with an insurance-based PER offering more investment options, as long as you respect the same overall tax deduction ceiling each year.

Is a PER better than life insurance for preparing for retirement?

It depends on your horizon and your tax situation. The PER gives an immediate deduction from taxable income but locks the funds until retirement, except in early-release cases. Life insurance stays available at any time, with no tax benefit on the way in.

What happens to a PER if the holder dies before retirement?

On an insurance-based PER, the capital goes to the named beneficiaries with a €152,500 allowance per beneficiary if death occurs before age 70, and full exemption for a spouse or PACS partner (France's civil partnership). After 70, the overall allowance falls to €30,500.

Which fees should you watch first before opening a PER?

Annual management fees, on the euro fund as well as on unit-linked funds, weigh the most over the long term, ahead of contribution and switching fees. A 1% gap in management fees can mean tens of thousands of euros less at retirement over 20 to 30 years.

Sources

Service-public.fr: PER contribution tax deduction ceiling

BOFiP: BOI-RSA-PENS-30-20, taxation of life annuities bought with own capital

Generali: 2025 returns on euro funds

Nalo: official fee schedule

Linxea: official Linxea Spirit PER page

Yomoni: official fee schedule

BoursoBank: official Matla (PERin) page

BNP Paribas Cardif: 2025 return press release