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FR - PACTE Bill and Retirement Savings

25/09/2018

On 18 June 2018, the "Action Plan for Business Growth and Transformation", Bill, known as PACTE (Plan d'Action pour la Croissance et la Transformation des Entreprises), was presented to the Council of Ministers.

On 18 June 2018, the "Action Plan for Business Growth and Transformation", Bill, known as PACTE (Plan d'Action pour la Croissance et la Transformation des Entreprises), was presented to the Council of Ministers. Some of the measures listed are aimed at simplifying and ensuring the portability of retirement savings products. Thus the text provides for a simplification of the rules around three products: an individual product succeeding PERPs (individual retirement savings plans) and MADELINs (individual plans for the self-employed) and two collective products, one universal on the model of PERCOs (collective retirement savings plans) and the other targeting various categories of employees like the current “Article 83” contract. The accumulated savings will be portable from one product to another and the harmonised taxation as well as the cases of early release. The text also confirms the desire to give savers the option of capital outflow if they so desire for outstanding amounts from voluntary payments or from employee savings.

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