What is a PER and why compare?
The Plan d'Epargne Retraite (PER), created by the PACTE law in 2019, has become France's main individual retirement savings vehicle. By the end of 2024, over 10 million PERs had been opened, with total assets exceeding 100 billion euros.
The PER allows you to deduct voluntary contributions from your taxable income, generating an immediate tax saving proportional to your marginal tax bracket (TMI). For a taxpayer in the 30 % bracket, a 5,000 euro contribution reduces taxes by 1,500 euros. At the 41 % bracket, the saving reaches 2,050 euros.
But not all PERs are created equal. Between an online PER with no entry fees and a traditional bank PER charging 3 % on every contribution, the gap can exceed 50,000 euros over 25 years. This comparison details the best PERs available in 2026 to help you make the right choice.
Our selection criteria
- Fees (35 %): entry fees (disqualifying if above 0 %), annual management fees on euro fund and unit-linked funds, switching fees, transfer fees
- Euro fund return (20 %): net 2024 performance of the PER euro fund
- Fund range (20 %): number of unit-linked funds, ETFs, SCPIs, thematic funds
- Quality of managed investing (15 %): performance, available profiles, retirement-horizon management
- Ease of use and services (10 %): interface, tax simulation, support
Managed investing by default
Unlike life insurance, the PER is invested by default in retirement-horizon managed investing (the default management required by law). The allocation is automatically de-risked as retirement approaches. You can however opt for self-directed investing if you wish.
The best PER comparison 2026
| PER | Insurer | Entry fees | Euro fund mgmt fees | Unit-linked mgmt fees | Euro fund return 2024 | Number of funds | ETFs | SCPIs |
|---|---|---|---|---|---|---|---|---|
| Linxea Spirit PER | Spirica | 0 % | 0.50 % | 0.50 % | 3.13 % | 700+ | 80+ | 30+ |
| PER Placement-direct | SwissLife | 0 % | 0.50 % | 0.50 % | 2.70 % (up to 4.00 %*) | 1,000+ | 50+ | 15+ |
| Boursorama PER | UMR (ex-Matla) | 0 % | 0.50 % | 0.50 % | 2.50 % | 45+ | Yes (selection) | No |
| Linxea PER | Suravenir | 0 % | 0.60 % | 0.60 % | 2.50 % | 600+ | 60+ | 25+ |
| Yomoni PER | Suravenir | 0 % | 0.60 % | 0.60 % | 2.50 % | Managed | ETFs only | No |
| Nalo PER | Generali | 0 % | 0.75 % | 0.75 % | 2.65 % | Managed | ETFs only | No |
| Ramify PER | Apicil | 0 % | 0.50 % | 0.50 % | N/A | Managed | ETFs + SCPIs | Yes |
| PER Papisy | MIF (Mutuelle Ivry) | 0 % | 0.60 % | 0.60 % | 2.10 % | 150+ | No | No |
| Evolution PER | Abeille Assurances | 0 % | 0.60 % | 0.60 % | 2.44 % | 110+ | No | Yes |
| Goodvest PER | Generali | 0 % | 0.75 % | 0.60 % | 2.65 % | Managed SRI | SRI only | No |
Detailed analysis of the best PERs
1. Linxea Spirit PER (Spirica) -- The most comprehensive PER
Insurer: Spirica (Credit Agricole Assurances)
The Linxea Spirit PER is the PER version of the Linxea Spirit 2 policy, which already dominates the life insurance market. It shares the same strengths: rock-bottom fees at 0.50 %, a range of over 700 unit-linked funds including 80 ETFs and 30 SCPIs/SCIs, and the Spirica Nouvelle Generation euro fund at 3.13 % net in 2024.
Strengths:
- Lowest management fees on the PER market (0.50 % on euro fund and unit-linked funds)
- Over 80 ETFs accessible for a diversified, low-cost allocation
- Over 30 SCPIs/SCIs with 100 % of rental income passed through
- Strong euro fund performance (3.13 % in 2024)
- Both self-directed AND managed investing available
- Free and unlimited switches
Weaknesses:
- Minimum initial contribution of 500 euros
- Retirement-horizon managed investing less sophisticated than robo-advisors
- Functional but not the most modern interface
Ideal for: self-directed investors who want to maximise diversification and minimise fees over the long term.
2. PER Placement-direct (SwissLife) -- The euro fund bonus
Insurer: SwissLife Assurance et Patrimoine
The PER Placement-direct is underwritten by SwissLife and offers one of the broadest ranges on the market (over 1,000 unit-linked funds). Its main draw is the euro fund bonus mechanism: the base return (2.70 % in 2024) can reach 4.00 % for plans with 60 % or more invested in unit-linked funds.
Strengths:
- Over 1,000 unit-linked funds, the widest PER range
- SwissLife euro fund with bonus reaching up to 4.00 % net in 2024
- Competitive management fees (0.50 %)
- Wide ETF selection (50+) and access to SwissLife SCPIs
- SwissLife insurer strength
Weaknesses:
- High euro fund return is conditional on significant unit-linked investment
- Minimum initial contribution of 900 euros
- Website somewhat complex
Ideal for: investors who want to combine a boosted euro fund with a diversified unit-linked allocation, and who have sufficient starting capital.
3. Boursorama PER (UMR) -- The simplest PER
Insurer: UMR (Union Mutualiste Retraite)
Formerly known as Matla, the Boursorama PER integrates perfectly into the Boursorama ecosystem. It offers efficient managed investing with conservative, balanced, and growth profiles. The UMR euro fund delivered 2.50 % in 2024.
Strengths:
- Integration within the Boursorama universe (current account, PEA, life insurance)
- Very intuitive interface and smooth mobile app
- Effective retirement-horizon managed investing
- 0.50 % unit-linked management fees
- Minimum initial contribution of only 150 euros
Weaknesses:
- Limited fund range for self-directed investing (approximately 45 unit-linked funds)
- No SCPIs
- Average euro fund return (2.50 %)
- Restricted ETF selection
Ideal for: Boursorama customers who want to centralise their savings, and savers who prioritise managed investing and simplicity.
4. Linxea PER (Suravenir) -- The accessible one
Insurer: Suravenir (Credit Mutuel Arkea)
The Linxea PER is the PER version of Linxea Avenir 2. It offers a good compromise between fund diversity (600+ unit-linked funds, 60 ETFs, 25 SCPIs) and accessibility (100 euro minimum initial contribution, regular contributions from 25 euros per month).
Strengths:
- Minimum initial contribution of only 100 euros
- Regular contributions from 25 euros per month
- 600+ unit-linked funds including 60 ETFs and 25 SCPIs
- Two euro funds available
- Both self-directed and managed investing
Weaknesses:
- 0.60 % management fees (vs 0.50 % for the leaders)
- Average euro fund return (2.50 % in 2024)
- Suravenir interface less polished
Ideal for: savers starting with small amounts who still want a comprehensive PER in terms of fund range.
5. Yomoni PER -- 100 % ETF managed investing
Insurer: Suravenir (Credit Mutuel Arkea)
The Yomoni PER is an exclusively managed PER, using only ETFs to keep fees to a minimum. The allocation is adjusted according to risk profile (10 profiles) and retirement time horizon.
Strengths:
- 100 % ETF managed investing, transparent and performant
- All-in fees of 1.60 % per year (0.60 % Suravenir + 0.70 % Yomoni + ~0.30 % ETFs)
- 10 risk profiles
- Integrated retirement-horizon management
- Clear and educational reporting
Weaknesses:
- No self-directed investing option
- No access to the euro fund (except profile 1)
- No SCPIs
- Higher fees than self-directed ETF investing on Linxea Spirit PER
Ideal for: those who want to fully delegate their PER management to an expert using ETFs.
6. Nalo PER -- Custom-built allocation
Insurer: Generali France
Nalo takes a different approach: instead of numbered risk profiles, the allocation is custom-built based on your personal situation (income, assets, projects, risk aversion). The PER natively integrates horizon-based management with progressive de-risking.
Strengths:
- Personalised allocation (no standardised profiles)
- Native and sophisticated retirement-horizon management
- SRI option available (eco-responsible portfolio)
- All-in fees of 1.55 % per year
- Elegant interface and detailed reports
Weaknesses:
- No self-directed investing
- Generali fees of 0.75 % (higher than Suravenir)
- No SCPIs or real estate funds
- Minimum initial contribution of 1,000 euros
Ideal for: savers who want genuinely personalised management, possibly with an SRI dimension.
7. Ramify PER -- The low-cost challenger
Insurer: Apicil
Ramify is the most recent robo-advisor on the market, positioning itself as the cheapest. Its all-in fees start at approximately 1.30 % per year, thanks to competitive Apicil management fees of 0.50 % and reduced Ramify fees. The PER offers four investment universes: Essential (ETFs), Flagship (diversified ETFs), Green (SRI), and Elite (with private equity).
Strengths:
- Among the lowest managed investing fees (~1.30 % all-in)
- SCPIs and private equity accessible as options
- Four investment universes for all profiles
- Modern interface
Weaknesses:
- More recent player with less performance history
- Apicil insurer less well-known than Generali or Suravenir
- No traditional euro fund in all plans
Ideal for: fee-conscious investors who want managed investing with access to diversified asset classes (SCPIs, private equity).
8-10. PER Papisy, Evolution PER and Goodvest PER
PER Papisy (MIF) stands out for its solidarity-focused approach: the policy allows you to direct part of your investment towards four environmental themes (water, planet, energy, people). Fees are reasonable (0.60 %), but the range remains limited and the euro fund return modest (2.10 % in 2024).
Evolution PER (Abeille Assurances) is the PER distributed by Assurancevie.com. It offers access to the Abeille euro fund (2.44 % in 2024) and a few SCPIs. The unit-linked range remains restricted (110 funds) with no ETFs.
Goodvest PER (Generali) is Goodvest's 100 % SRI PER, with a selection of funds compatible with the Paris Agreement. All-in fees are around 1.70 %, making it the most accomplished SRI PER but also one of the most expensive.
Self-directed vs managed investing on a PER
Self-directed investing
You choose your own investments and allocations. This is the cheapest option in terms of fees (only the policy management fees apply), but it requires financial knowledge and regular monitoring.
Best PERs for self-directed investing:
- Linxea Spirit PER (0.50 % + ETF internal fees ~0.25 % = ~0.75 % all-in)
- PER Placement-direct (0.50 % + internal fees)
- Linxea PER (0.60 % + internal fees)
Managed investing
A professional (asset management firm, robo-advisor) manages your allocation based on your profile. Fees are higher, but you have nothing to do.
| Manager | All-in fees | Allocation type | Key advantage |
|---|---|---|---|
| Ramify PER | ~1.30 % | ETFs + SCPIs + PE | The cheapest |
| Nalo PER | ~1.55 % | ETFs (custom-built) | Maximum customisation |
| Yomoni PER | ~1.60 % | ETFs (10 profiles) | Longest track record |
| Goodvest PER | ~1.70 % | SRI/Greenfin funds | 100 % responsible |
| Boursorama PER managed | ~1.50 % | OPCVM + euro fund | Ecosystem simplicity |
Retirement-horizon managed investing (default)
This is the PER's default management mode, required by the PACTE law. The allocation is automatically de-risked as you approach retirement:
- More than 10 years before retirement: up to 80 % in risky assets (growth profile)
- Between 5 and 10 years: progressive de-risking (50-60 % in safe assets)
- Less than 5 years: very conservative allocation (70-90 % in euro fund and bonds)
Example: de-risking in practice
Julien, age 35, opens a PER with a dynamic managed profile. His initial allocation is 90 % equities (global ETFs) and 10 % euro fund. At age 50, it automatically shifts to 60 % equities / 40 % safe. At age 60: 20 % equities / 80 % safe. This progressive de-risking protects accumulated capital as retirement approaches.
Who is the PER suited for?
Profiles for whom the PER is strongly recommended
- TMI of 30 % or above: the tax saving justifies locking up the savings
- Self-employed (TNS): higher deduction ceilings, no employer retirement scheme
- Senior executives: essential complement to a state pension that poorly replaces high incomes
- Homeowners: no need for liquidity to fund a property purchase
Profiles for whom the PER is less relevant
- TMI of 0 % or 11 %: the tax benefit is too small to offset the lock-up
- First-time buyers: unless using the early release option for purchasing a primary residence
- Young workers needing liquidity: life insurance is more flexible
PER and TMI: the trap to avoid
The PER's tax benefit is a tax deferral, not an exemption. If your TMI is the same at entry and exit, the PER provides no net tax advantage (it may even cost more with fees). The PER is truly worthwhile when your TMI in retirement will be lower than your current TMI.
Our final ranking
- Linxea Spirit PER: the most comprehensive, the lowest fees, ideal for self-directed investing
- PER Placement-direct: the SwissLife alternative with the euro fund bonus
- Yomoni PER: the best 100 % ETF managed investing
- Ramify PER: the cheapest managed investing
- Boursorama PER: the most practical for Boursorama customers
- Linxea PER: the best entry point (100 euros minimum)
- Nalo PER: custom-built personalised management
- Goodvest PER: the best SRI PER
- Evolution PER: adequate for very conservative profiles
- PER Papisy: the solidarity-focused option
Conclusion
In 2026, Linxea Spirit PER stands out as the best PER for self-directed investing thanks to its unbeatable fees (0.50 %) and exceptional fund range. For managed investing, Yomoni PER remains the benchmark in terms of performance and transparency, while Ramify PER appeals with its rock-bottom fees (~1.30 %).
The key is to choose a PER with no entry fees and management fees below 0.60 % on unit-linked funds. Over a 20 to 30 year horizon, every basis point matters.
This comparison is conducted independently. Euro fund returns are those paid for 2024, net of management fees and gross of social contributions. Past performance does not guarantee future results. Tax information is provided for guidance only and does not constitute personalised tax advice. Sources: official distributor websites, insurer annual reports, France Assureurs, PACTE law no. 2019-486.