Company Retirement Savings: What Changes For Collective And Mandatory Pers On June 30, 2026.
A rather discreet reform, but one that will affect millions of savers, comes into effect on June 30, 2026. From that date, the retirement savings plans offered by companies, both the collective PER and the mandatory PER, will need to incorporate a new category of investments in their managed portfolios. Behind this seemingly technical change lies a small fundamental evolution for your employee savings, and for that of your employees if you are an employer. What exactly is it about, who is affected, and should we be pleased or wary? We propose to clarify the situation, without unnecessary jargon.
Employee savings and company retirement: what are we talking about?
Before diving into the heart of the matter, a quick reminder is necessary, as acronyms can quickly become dizzying. In companies, retirement savings today involve two schemes stemming from the Pacte law of 2019.
The **collective company PER**, or PERECO, is open to all employees. Its main advantage is its flexibility, as participation is optional and contributions are free. It has replaced the former PERCO.
The **mandatory company PER**, also known as PERO (or PEROB), operates quite differently. Established by the employer for all staff or for a specific category of employees (such as executives, for example), it requires participation from the individuals concerned. It is the company that decides to **set up a mandatory PER**, and it is responsible for financing at least half of the contributions. This scheme has replaced the famous "article 83" contracts.
These two plans are not marginal at all. By the end of 2025, the collective PER accounted for **33.86 billion euros** in assets, while the mandatory PER totaled **28.04 billion euros**, in a market that has surpassed **150 billion euros** and includes nearly **13 million holders**. In other words, the reform of June 30 concerns a share of French savings that is far from negligible.
What really changes on June 30, 2026
Let's get to the heart of the matter. The novelty comes from the so-called Green Industry law, enacted at the end of 2023, which aims to direct a portion of household savings towards financing French and European companies. Specifically, the law requires the introduction of a minimum share of unlisted assets in the managed investment of retirement savings plans.
This obligation already applies to individual retirement savings plans (PER) since October 2024. For company retirement savings plans, both collective and mandatory, it will take effect on June 30, 2026.
What does this mean in practice? If your savings are managed automatically (the default mode at subscription), a portion of your contributions will now be directed towards unlisted assets, meaning towards SMEs and mid-sized companies that are not publicly traded. The proportion depends on your risk profile and the number of years until your retirement:
- A cautious profile will allocate between 0 to 6% of their contributions,
- A balanced profile will allocate between 3 to 8%,
- A dynamically profile will allocate between 5 to 12%,
- A new offensive profile, created for this occasion, can go up to 15%.
Note: The closer you get to retirement, the lower this share becomes, in order to secure your savings when you need them.
An example often speaks louder than a long speech. A 40-year-old employee with an offensive profile, who contributes 200 euros per month to their plan, will see approximately 30 euros monthly directed towards these unlisted assets. The rest of their savings continues to be invested as before.
Employee side: good news or bad news?
The question deserves to be asked directly, as the arrival of non-listed investments in retirement savings has two sides.
On the advantages side, these investments (private equity, private debt, infrastructure...) have historically offered interesting long-term returns. According to a study by France Invest, non-listed funds available to individuals and launched between 2013 and 2023 have yielded an average of 6.2% per year. Over a horizon of twenty or thirty years, the gap with a traditional investment can make a real difference.
On the disadvantages side, it is important to keep in mind that non-listed investments are, by nature, illiquid. Money often remains tied up for several years, and there is indeed a risk of capital loss. This is precisely why the allocation decreases as retirement approaches.
Caution: all of this only concerns managed accounts. If you prefer to take control, you can switch to self-management at any time and choose your own investments. And in the context of an insured PER, it is the insurer who remains responsible for ensuring the liquidity of your savings. Good news, you generally do not have to take any action; your manager will inform savers before transferring their assets to the new grids.
Employer side: an opportunity to reassess its system?
For leaders and human resources managers, this regulatory meeting is also a good opportunity to reflect on their employee savings policy. Beyond the regulatory aspect, offering a retirement savings plan remains a powerful lever for retention and attractiveness, especially when recruiting and retaining talent can sometimes feel like an uphill battle.
The package is even more appealing as it comes with a favorable social and tax framework. Contributions made by the company are deductible from its taxable income and, under certain conditions, exempt from social charges (excluding the social flat rate). This social flat rate can actually be reduced to 16% instead of 20% when the managed investment includes a sufficient share of shares from SMEs and mid-sized enterprises, which the new regulations specifically encourage.
Note: Since October 2024, the Green Industry Law has also facilitated the collective transfer of old "Article 83" contracts to a mandatory retirement savings plan. For companies that still have an old contract, now is probably a good time to discuss it with their insurer. Contrary to a widely held belief, there is no legal deadline imposing this transfer.
And the taxation of the PER in 2026?
It is impossible to talk about retirement savings without mentioning taxation, which has also undergone some adjustments this year. As of January 1, 2026, contributions made after the age of 70 are no longer deductible from taxable income, social contributions on gains have increased from 17.2% to 18.6%, and the carryover of unused deduction limits now extends over five years. The annual Social Security ceiling, which serves as the basis for a good part of these calculations, will reach 48,060 euros in 2026.
For employees making voluntary contributions to their company retirement savings plan (PER), these rules are the same as for an individual plan. We detail all of these mechanisms in our article dedicated to the PER and tax exemption in 2026.
Note Well
Mandatory PER (PERO or PEROB): retirement savings plan established by the employer for all or part of the employees, with mandatory membership for the concerned individuals. It has replaced the "Article 83" contract.
Collective PER (PERECO): company retirement savings plan open to all employees, with optional membership and contributions. Successor to the PERCO.
Targeted managed investment: management mode offered by default on the PER, in which a professional allocates your savings according to your profile and gradually secures the amounts as retirement approaches.
Non-listed asset (or private equity): investment in companies that are not publicly traded. Potentially more rewarding in the long term, but less liquid and riskier.
Social contribution: employer contribution that applies to certain amounts paid for employee savings and retirement savings.
