Never before has a retirement savings product experienced such growth in such a short time. Created by the Pacte law, the PER crossed the milestone of 141.1 billion euros in assets in the third quarter of 2025. In one year, more than a million additional savers have subscribed to a plan.
In detail, individual PERs alone weigh 82.4 billion euros, compared to 31.7 billion for collective company plans and 27.1 billion for mandatory PERs. This is the fourth consecutive quarter of sustained growth. Collective business plans are progressing thanks to employer contributions, while compulsory schemes remain more marginal.
Uncertainty as a driving force
Behind this dynamic, worry plays a central role. According to the Cercle de l’Épargne, 72% of workers fear not being able to live properly on their legal pension alone. “It is the uncertainty about retirement that makes people switch to this product, not the lure of profit.», summarizes Philippe Crevel, president of the Cercle de l’Épargne.
The financial situation also supported outstandings. “The stock market is holding up relatively well and euro funds are better paid. The financial support of the PER is doing well», he observes. Euro funds currently show annual returns of around 2.5 to 3%. Profiles more exposed to financial markets can hope for more, but at the cost of increased volatility.
Retirement or tax optimization?
If concern explains support, taxation explains the scale of the phenomenon. “We know in France the attraction of tax loopholes», notes Philippe Crevel. The possibility of deducting payments from taxable income “contributes to the success of the PER among executives and independents“.
Voluntary payments are deductible from taxable income, up to the retirement savings limit indicated on the tax notice. For a taxpayer taxed at 41%, a payment of 10,000 euros can reduce tax by 4,100 euros. THE PER then becomes a real tax arbitrage tool, transforming an immediate expense into long-term savings.
The dynamic is also reflected in the figures: payments increased by 16% in 2025 to reach 20.2 billion euros. One question remains: is the PER primarily a retirement investment… or a tax management tool? Because if the tax advantage on entry is powerful, the taxation on exit and the blocking of funds until the legal age remind us that this is a long-term commitment.
In 2026, the dynamic should continue, as the PER has established itself at the heart of wealth strategies, halfway between preparation for the future and immediate tax optimization.
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