Although the Per is one of the favorite investments of the French, the trap is often the same: many individuals only look at the displayed return of their PER without adding up all the fees charged during the entire duration of the contract. However, it is these cumulative costs that determine the true net performance of savings over the long term.
In many business simulations, PERs are presented with gross return assumptions of up to 5% to 6% in the long term. But these projections do not always reflect the performance actually perceived by the saver once the fees deducted. Payment fees, annual management fees, costs linked to units of account, managed management or arbitrage: added over twenty or twenty-five years, these deductions can have a significant impact on the final profitability of the investment.
Fees that directly influence the performance of the PER
“ Payment fees are today among the most underestimated by savers », observes Andy Gougouehi, broker and intermediary in insurance and savings, founder of AG Capital Vie. Charged with each deposit on the contract, these fees can still increase up to 5% in certain contracts, according to several market comparisons.
But specialists especially invite savers to monitor the management fees. Unlike entry fees, they are deducted each year from the total outstanding contract, which strengthens their impact over time. “ Management fees have a strong impact on capital in the long term since they are levied each year on all capital held. », underlines Andy Gougouehi.
According to a simulation by France Épargne, a PER funded to the tune of 300 euros per month for 25 years with a gross return assumption of 6% can display close to 36,000 euros difference on the final capital between a billing contract 1% annual fee and another to 2%
Understanding PER performance levers
However, analyzing a PER solely through its costs would be simplistic. Performance also depends on the way in which savings are invested and managed over time. Most contracts offer several management profiles ( careful, balance Or dynamic ) which directly influence the performance potential of the investment.
The choice of investment supports also constitutes an important lever. Some PERs provide access to very diversified units of account (equity funds, bonds, ETFs or real estate) while others offer a more limited offering or supports with higher fees. Certain optional guarantees, such as death guarantees or floor guarantees, can also increase the overall cost of the contract.
Concretely, a saver paying 250 euros per month on a PER, or 3,000 euros per yearwith a gross return assumption of 6%will not necessarily perceive this final performance. With 3% payment fees, part of the deposited amounts is taken upon entry. To this can then be added annual management fees of 1% to 2%as well as the cost of certain guarantees or management options. In the end, the net performance actually obtained can sometimes be closer to 4% to 4.5% per year depending on the contract chosen.
“ Management costs have an impact in the long term but, in reality, it is the costs, the quality of the supports and the management that distinguish a good PER from a bad one. », Estimates Andy Gouguuehi.
PER: very heterogeneous costs in France
The market remains very heterogeneous. According to comparisons published by Finance Héros and Meilleurtaux Placement, certain online PERs now display 0% payment fees and approximately 0.5% to 1% annual management fees. Conversely, several traditional contracts still apply between 2% and 5% entry fees, to which may be added higher fees on certain financial supports.
For Andy Gougouehi, management fees “ around 1% maximum » and remittance fees not exceeding “ 1.5% » constitute consistent levels on the market today. But higher fees do not automatically mean that a PER is less attractive. “ You can have few costs but poor management. Conversely, good management can offset higher fees », recalls the advisor.
Before signing, specialists therefore recommend do not limit yourself to the displayed performance or at the sole expense of the contract. Understanding the supports chosen, the management method, the guarantees taken out and the costs actually taken remains essential to correctly decide on your retirement investment over the long term.
