It’s a nearly 50-minute investigation into telephone scams that Micode published on YouTube at the end of May. He dissects several types of scams, and, towards the end of the report, attacks in particular in the case of PER. We see an advisor calling the same number ten times in a few minutes to sell a retirement savings plan whose fees are more than abusive. It relies on very well-established scripts – and many individuals do not understand what they are signing up for. The opportunity to recall a simple rule: a PER is a long-term investmentwhich you don’t subscribe to over the phone.
Here’s what should alert you: according to the Micode survey, the network would never present itself as a seller. The salespeople would pretend to be a compliance service, responsible for verifying a file. They target in particular liberal professions, who must prepare for their retirement themselves. “It’s not canvassing, it’s an advisory interview”summarizes the videographer while describing the script. “All commercial terms have been replaced by administrative jargon. » We would not be talking about a contract to be signed but about a “return email to open rights “, and we would not be talking about a placement but a “eligibility for tax exemption”. This blurring of vocabulary is the first warning signal.
A clause in small lines
However, a legitimate advisor does not put pressure on you to sign within a minute, do not refuse to send you the documents by paper and does not remind you repeatedly. The rule is simple: no serious subscription is decided during an unsolicited call. The good reflex is to hang up, then check the identity of the intermediary yourself on the Orias register, which lists brokers and advisors authorized in France. Above all: check the reviews of the broker in question to avoid unpleasant surprises.
Because in this investigation, Micode discovered a “death guarantee” slipped into small lines in the contract, which was never mentioned on the phone. 70% of contributions for the first year go directly into this death guarantee, and 30% for the second. Thus, out of €10,000 paid over two years, around €5,000 are never invested in the PER… This is where the scam would lie on PERs sold by telephone.
Understand what you are subscribing to
The word that hits the mark in these calls is “tax exemption”. The PER allows you to deduct payments from your taxable income, within the limit of a ceiling, generally 10% of your professional income. The tax saving depends on your marginal tax bracket. For 10,000 euros paid, a taxpayer taxed at 30% saves 3,000 euros, and 4,100 euros at 41%. But for someone with low taxes, the advantage is slim, if not zero. Promising tax relief to everyone therefore makes no sense.
Above all, this advantage is not a definitive gain. On exit, the capital corresponding to the deducted payments is reinstated in your taxable income. Tax exemption defers the tax, it does not erase it. The interest is real if your tax bracket drops in retirement (which indeed often happens to liberal professions, but it is not a rule set in stone).
What a PER really is
Micode claims that “as savings are blocked, you continue to contribute throughout your life ». The reality is more nuanced than that. Payments into a PER are not obligatoryeven if an “advisor” assures you otherwise. You can pay whenever you want, change the amount or stop completely without penalty. An online PER can be managed freely, with no imposed scheduled payment. The problem highlighted by the video is not the regular payment per se, but the scheduled payment locked by a direct seller, in addition to high fees. On the other hand, it is true that the management fees are annual, as long as the PER is open. This is why it is essential to carefully compare PER offers before subscribing, to choose one with reasonable fees.
Likewise, savings are not necessarily fixed until retirement. The law provides for six cases of early release: the purchase of the main residence, disability, death of the spouse or PACS partner, end of unemployment rights, over-indebtedness and judicial liquidation of an activity. Upon retirement, you recover your savings in capital, annuity or both. The PER therefore remains a legitimate retirement savings product. It is its aggressive marketing and its costs that raise questions, not its principle.
In addition to carefully comparing contracts, before opening a PER, it is essential to define your profile : your horizon before retirement, your tax bracket, your ability to lock in these savings for several years. If your bracket is low, the tax advantage will be low and another investment, such as life insurance or PEA, may be better suited. Then define your objective and the level of risk you accept on the funds.
