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Le Produit d'Epargne Retraite Populaire (PERP) : caractéristiques des détenteurs et projection des niveaux de rentes

Author

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  • Alexis Direr

    (UPMF - Université Pierre Mendès France - Grenoble 2)

  • Muriel Roger

    (LEA - Laboratoire d'Economie Appliquée - INRA - Institut National de la Recherche Agronomique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

The French law called "Fillon Act", enacted on August 21st 2003, has created an individual saving contract called "PERP" (Plan d'Epargne Retraite) which objective is to supplement public pensions. It is a defined contribution scheme whith payments deductible from taxable income (up to 10% of the annual revenue). At retirement, benefits are paid in the form of annuities and taxed at a normal rate. We use a large dataset on saving behaviour of 9880 households in order to ascertain the profile by age, socio-economic status, levels of income, levels of wealth, and fiscal status of holders of at least one PERP. We show that this saving product has spread evenly in all socio-economic status and that the participation rate is most important for households whose head is 25-34 year old or 50-54 year old. We use simulated residuals to simulate continuous distribution of the PERP wealth and contributions, using bracket information available in our dataset. This allows us to project the future growth of assets in personal retirement plans until age 60 and to estimate the level of annuity that households will obtain after retirement. We find that most households are likely to benefit from a very small annuity, which is less than 1% of their last earning before the conversion of their plan.

Suggested Citation

  • Alexis Direr & Muriel Roger, 2009. "Le Produit d'Epargne Retraite Populaire (PERP) : caractéristiques des détenteurs et projection des niveaux de rentes," Working Papers halshs-00566160, HAL.
  • Handle: RePEc:hal:wpaper:halshs-00566160
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00566160
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    Cited by:

    1. Alexis Direr & Rim Ennajar-Sayadi, 2019. "How price-elastic is the demand for retirement saving?," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 44(1), pages 102-122, January.
    2. Alexis DIRER & Rim ENNAJAR-SAYADI, 2016. "How Price Elastic is the Demand For Retirement Saving?," LEO Working Papers / DR LEO 2437, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.

    More about this item

    Keywords

    épargne retraite; retirement saving;

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