Linxea Spirit PER: the most competitive PER on the market?
The Plan d'Epargne Retraite (PER) has become an essential retirement planning tool since the PACTE Act of 2019. Among the multitude of PERs available, the Linxea Spirit PER, underwritten by Spirica (a subsidiary of Credit Agricole Assurances), stands out for its fees among the lowest on the market and a remarkable range of investment options.
Distributed by Linxea, France's benchmark online broker, this individual PER follows the same philosophy that made Linxea Spirit 2 a success in life insurance: low fees, a broad range, and complete management freedom. Our full review examines every aspect of the plan.
Plan fact sheet
| Feature | Linxea Spirit PER |
|---|---|
| Insurer | Spirica (Credit Agricole Assurances) |
| Distributor | Linxea |
| Plan type | Individual PER, multi-fund |
| Entry fees | 0 % |
| Euro fund management fees | 0.50 % / year |
| Unit-linked management fees | 0.50 % / year |
| Switching fees | Free online |
| Transfer-in fees | 0 % |
| Transfer-out fees | 1 % (0 % after 5 years) |
| Minimum investment | 500 EUR (initial), 100 EUR (additional) |
| Number of unit-linked funds | 700+ options |
| PER euro fund | Nouvelle Generation PER |
| Target-date managed portfolio | Yes (default, can be switched off) |
| Withdrawal options | Lump sum, annuity, or combination |
| Overall score | 9 / 10 |
Fees: the PER market benchmark
Unbeatable fees across the board
The Linxea Spirit PER clearly positions itself as the cheapest PER on the market in terms of recurring fees. At 0.50 % per year in management fees on both the euro fund and unit-linked funds, it matches Linxea Spirit 2 in life insurance -- an exceptional pricing position for a PER.
| PER | Entry fees | Euro fund management fees | Unit-linked management fees |
|---|---|---|---|
| Linxea Spirit PER (Spirica) | 0 % | 0.50 % | 0.50 % |
| PER Placement-direct (SwissLife) | 0 % | 0.60 % | 0.60 % |
| Matla PER (Boursorama / Oradea) | 0 % | 0.50 % | 0.75 % |
| PER Yomoni (Suravenir) | 0 % | 0.60 % | 0.60 % |
| Traditional bank PER (average) | 2 to 4 % | 0.80 to 1 % | 0.80 to 1 % |
The gap with traditional bank PERs is staggering. A PER with 3 % entry fees and 1 % annual management fees will severely erode final performance. Over 25 years of 300 EUR / month contributions, the difference can exceed 30,000 EUR in favour of a PER with no entry fees and 0.50 % management fees.
Impact of fees on a PER over 25 years
Contributions: 300 EUR / month for 25 years, 6 % gross annual return.
- Linxea Spirit PER (0 % entry, 0.50 % management): approximately 198,000 EUR
- Traditional bank PER (3 % entry, 1 % management): approximately 166,000 EUR
- Difference: ~32,000 EUR, equivalent to more than 8 years of contributions lost to fees.
Transfer fees: reasonable
If you wish to transfer your PER to another provider, Spirica charges 1 % in transfer fees during the first 5 years, then 0 % thereafter. This is in line with regulations and the market standard. For incoming transfers (from a former PERP, Madelin or PER), fees are 0 %.
The euro fund: decent without being exceptional
The Nouvelle Generation PER euro fund delivered a return of approximately 2.00 % net of management fees in 2024. This is a decent level but falls short of the best life insurance euro funds (Spirica delivers a better rate on its standard life insurance euro fund at 3.13 %).
This difference is explained by the relative youth of the PER euro fund and different allocation constraints. However, in a PER with a retirement horizon of 15 to 30 years, the euro fund share is typically a minority, which puts this underperformance into perspective.
PER euro funds vs life insurance
PER euro funds are often less competitive than their life insurance equivalents. This is a widespread observation, not specific to Spirica. To optimise the return of your PER over the long term, favour a dynamic allocation with a significant share of unit-linked funds (equities, ETFs, SCPIs).
Investment range: Spirica's excellence
This is where the Linxea Spirit PER truly shines. The range largely mirrors that of Linxea Spirit 2, with over 700 options available:
ETFs: an exceptional offering
The PER offers over 80 ETFs covering all geographic zones and asset classes:
- Global equities: MSCI World (Amundi, iShares), MSCI ACWI
- US equities: S&P 500, Nasdaq-100
- European equities: Stoxx 600, Euro Stoxx 50, CAC 40
- Emerging markets: MSCI Emerging Markets
- Bonds: sovereign and corporate bond ETFs
- Commodities: Gold (ETC)
- Thematic: technology, healthcare, climate, ISR
Having access to ETFs in a PER is a major advantage. The internal fees of an ETF (0.10 to 0.30 % per year) are 5 to 10 times lower than those of a traditional OPCVM (1 to 2 %). Combined with the 0.50 % wrapper fees, the total cost of a 100 % ETF PER at Linxea Spirit does not exceed 0.80 % per year.
SCPIs: with 100 % of rental income distributed
The Linxea Spirit PER allows investment in over 30 SCPIs and SCIs, with a considerable advantage: rental income is distributed at 100 % (compared to 85 % with most competitors). Among the SCPIs available:
- Corum Origin (yield ~6.1 % in 2024)
- Epargne Pierre (yield ~5.3 % in 2024)
- Remake Live (yield ~7.8 % in 2024)
- Primovie, Pierval Sante, Activimmo, etc.
Investing in SCPIs within a PER offers a double advantage: contributions are deductible from taxable income, and SCPI rental income (which is normally heavily taxed) is capitalised without tax drag until withdrawal.
SCPIs in a PER: double tax advantage
Pierre, with a 30 % marginal tax rate, invests 10,000 EUR in SCPI Corum Origin via his Linxea Spirit PER.
- Immediate tax saving: 10,000 x 30 % = 3,000 EUR
- SCPI rental income (~6 %) capitalised tax-free during the savings phase
- On withdrawal as a lump sum at retirement (lower marginal rate), reduced taxation
Traditional OPCVM
The range also includes hundreds of equity, bond, diversified and wealth-management funds from leading asset managers (Comgest, Carmignac, DNCA, Edmond de Rothschild, etc.).
Target-date managed portfolio
In accordance with the PACTE Act, the PER offers a target-date managed portfolio by default. This mechanism progressively de-risks the allocation as the retirement date approaches:
- Far from retirement (> 10 years): predominantly equity allocation (70 to 80 %)
- Medium term (5-10 years): gradual equity reduction, bonds increasing
- Close to retirement (< 5 years): cautious allocation, majority in euro fund and bonds
Three profiles are available: Cautious, Balanced and Dynamic, each with a different risk slider. This management is optional: the saver can switch to self-directed management at any time and build their own allocation.
Managed portfolio by default
By default, every new PER is subscribed with target-date managed portfolio management (a legal requirement). If you prefer to manage your own allocation, you can switch to self-directed management upon subscription or at any time afterwards, at no cost.
Withdrawal options: lump sum, annuity or combination
At retirement, the Linxea Spirit PER offers all the flexibility provided by the PACTE Act:
- Lump sum withdrawal: in one go or in several staged withdrawals
- Life annuity: guaranteed income for life
- Combination: part as lump sum, part as annuity
The option to withdraw entirely as a lump sum is a major advantage of the PER over the former PERP. Staged lump sum withdrawals also allow tax optimisation by spreading withdrawals over several years.
Early release
Like all PERs, the Linxea Spirit PER allows early release in cases specified by law:
- Purchase of primary residence
- Death of spouse or civil partner (PACS)
- Disability (holder, spouse, child)
- Over-indebtedness
- Expiry of unemployment benefits
- Cessation of self-employment following compulsory liquidation
Linxea Spirit PER vs the competition
| Criterion | Linxea Spirit PER | PER Placement-direct | Matla (Boursorama) |
|---|---|---|---|
| Insurer | Spirica | SwissLife | Oradea Vie |
| Unit-linked management fees | 0.50 % | 0.60 % | 0.75 % |
| Euro fund 2024 | ~2.00 % | ~2.30 % | ~2.10 % |
| Number of unit-linked funds | 700+ | 1,000+ | ~400 |
| ETFs available | 80+ | 50+ | ~30 |
| SCPIs (income distribution) | 30+ (100 %) | 20+ (85-100 %) | ~15 (85 %) |
| Minimum investment | 500 EUR | 900 EUR | 150 EUR |
| Full self-directed management | Yes | Yes | Yes |
The Linxea Spirit PER clearly stands out for its lowest unit-linked management fees (0.50 %), the richness of its ETF range, and the 100 % SCPI income distribution. The PER Placement-direct from SwissLife offers an even broader range (1,000+ unit-linked funds) and a slightly better euro fund, but with higher management fees (0.60 %).
Who is this plan suited to?
The Linxea Spirit PER is ideal for:
- Self-directed investors who want to build their own allocation
- ETF enthusiasts: the broadest range on the PER market
- Property investors: SCPIs at 100 % income distribution in a PER
- Taxpayers in the 30 % bracket and above who want to optimise tax deductions at the lowest cost
- Those looking to transfer a former PERP or Madelin to a competitive PER
The Linxea Spirit PER is less suited for:
- Complete beginners who prefer an ultra-simple interface (Boursorama Matla is more accessible)
- Those seeking a high-performing PER euro fund (PER Placement-direct is slightly better)
- Savers who want in-branch support (Linxea is 100 % online)
The PER tax advantage: a reminder
Investing in a PER such as the Linxea Spirit PER allows you to deduct contributions from your taxable income, up to the annual ceiling. The tax saving depends on your marginal tax rate (TMI):
| Marginal tax rate | Saving on 5,000 EUR contributed | Saving on 10,000 EUR contributed |
|---|---|---|
| 11 % | 550 EUR | 1,100 EUR |
| 30 % | 1,500 EUR | 3,000 EUR |
| 41 % | 2,050 EUR | 4,100 EUR |
| 45 % | 2,250 EUR | 4,500 EUR |
The tax is deferred, not eliminated
The tax deduction at entry comes at a cost upon exit: sums withdrawn from the PER will be subject to income tax. The PER is most advantageous when your marginal tax rate at retirement is lower than your current rate. If you are currently in the 11 % bracket, a PER is rarely worthwhile.
Our verdict: 9 / 10
The Linxea Spirit PER is simply the best PER on the market for self-directed investors. Its 0.50 % management fees are the lowest, its ETF range is the broadest, and the 100 % SCPI income distribution is a unique asset. Self-directed management is fully featured, and the ability to switch between managed and self-directed modes offers all the flexibility needed.
The only drawback is the Nouvelle Generation PER euro fund, whose return (~2.00 % in 2024) trails the pack. But over a 15 to 30-year retirement horizon, the euro fund share should be a minority, which largely puts this weakness into perspective.
Strengths:
- Lowest management fees on the PER market (0.50 %)
- 0 % entry fees
- Exceptional range: 700+ unit-linked options, 80+ ETFs, 30+ SCPIs
- SCPIs at 100 % income distribution
- Full self-directed management with optional target-date managed portfolio
- Flexible withdrawal: lump sum, annuity or combination
Weaknesses:
- Euro fund trails the market (~2.00 % in 2024)
- 100 % online, no in-person support
- 500 EUR initial investment (higher than some competitors)
Our advice
If you are taxed at 30 % or above and want to prepare for retirement with a high-performing, low-fee PER, the Linxea Spirit PER is our top recommendation. Pair it with a life insurance policy (Linxea Spirit 2 for example) to have a readily accessible emergency savings pot at all times.