The success of retirement savings plan (PER) continues to accelerate. According to data published in early 2026, nearly 12.7 million of French people held a PER in the third quarter of 2025, for a total outstanding amount greater than 141 billion euros. As the tax administration points out on impots.gouv.fr, payments made to a PER can be deducted from taxable income within certain limits.
But behind this common tax advantage, many savers are unaware that there are in reality two main families of contracts: Bank PER and the PER insurance. However, these two products do not meet the same heritage objectives. Investment management, level of risk, transmission to heirs, presence or not of a euro fund: the differences can become significant in the long term. “Many savers think that a PER remains the same product when in reality there are two large families”explains Arnaud Koyt, wealth management advisor.
The banking PER, a product more focused on performance
THE Bank PER functions generally like a securities account. The saver invests directly in financial supports such as ETFsstocks or bonds. This structure offers more freedom in management and arbitrage, but is also more exposed to fluctuations in the financial markets.
Unlike an insurance PER, there is no euro fund allowing you to secure part of the capital. The saver therefore bears market variations more directly, both upwards and downwards. This type of contract is mainly aimed at profiles capable of accepting more volatility in exchange for higher performance potential.
A saver of 35 years old heavily invested in ETFs will not have the same needs as a future retiree seeking above all to secure his capital. “The banking PER is especially suitable for independent savers who wish to manage their investments themselves”underlines Arnaud Koyt. The choice therefore also depends on the saver’s degree of autonomy and risk tolerance.
Some bank PERs also display reduced fees, particularly on payments. But the advisor invites you to look at the overall cost of the contract: management fees, arbitrations and quality of support. The real gap often plays out over time.
Euro funds, guarantees: why the PER insurance provides more reassurance
THE PER insurance is based on a heritage logic more oriented towards security. Unlike the banking PER, it allows access to the euro fundssupport guaranteed by the insurer, excluding the latter’s bankruptcy. Concretely, part of the savings may be less exposed to fluctuations in the financial markets. This operation particularly attracts savers seeking to gradually secure their capital as they approach retirement. Conversely, more dynamic profiles sometimes favor banking PER to remain more exposed to financial markets and seek greater performance in the long term. “As we get closer to retirement, the objective is no longer necessarily to maximize performance but to gradually secure the accumulated savings”explains Arnaud Koyt.
Some PER insurance also offer floor guarantee. In the event of a sharp decline in the markets before the death of the holder, beneficiaries can thus recover at least the sums paid, even if the investments have lost value in the meantime. Protection that does not exist in a bank PER, where the heirs simply recover the value of the portfolio at the time of death. This guarantee, however, depends on the contracts and often includes age conditions.
PER insurance can also offer a more advantageous framework for transmission. In the event of death before 70 years oldthe sums can benefit from a regime close to that of life insurance, with a reduction of up to 152,500 euros per beneficiary depending on the case, in accordance with the rules provided for by the General Tax Code. Conversely, the banking PER responds more to a logic of investment and autonomous financial management.
The most common mistake: opening a PER only to get tax relief
For heritage professionals, however, the main trap remains elsewhere. Many savers open a PER solely to reduce their taxes without thinking about their investment horizon or their future taxation in retirement. “A person at the start of their career with a low tax bracket does not necessarily have an interest in immediately deducting taxes if they risk being taxed more in retirement”warns Arnaud Koyt. Because upon exit, the amounts recovered can be taxed depending on the withdrawal method chosen, capital or annuity, and depending on the situation of the holder.
In some cases, the two solutions can even be complementary. A saver can use a PER insurance to secure and transmit part of its heritage, while maintaining a Bank PER more oriented towards financial markets and ETFs. Behind the same tax envelope, the heritage logic differs greatly.
