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PER or assurance-vie simulator: the net capital of each investment vehicle, 2026 rules
The PER and assurance-vie are not in competition: one gives you a tax saving today in exchange for tax on exit, the other deducts nothing but taxes its gains lightly. The right choice depends almost entirely on the gap between your tax bracket today and your bracket in retirement.
The capital in each wrapper on exit, savings included
18.6% social charges on PER gains, 17.2% on assurance-vie
Your bracket today and in retirement, both of which you set
The simulator
Compare your PER and your assurance-vie
Enter your annual payment, your horizon, the assumed return and your two marginal tax rates. The calculation runs in your browser: your data is neither stored nor transmitted.
PER or assurance-vie simulator
Compare the after-tax capital of a PER and an assurance-vie contract, with equal payments, according to your tax bracket today and in retirement.
Indicative calculation, based on 2026 rules and the assumptions entered above.
Why
Why the gap between brackets decides everything
Each euro paid into a PER is deducted from taxable income: at 41%, it costs only 59 cents. On a lump-sum exit, the payments are taxed on the progressive scale, and the gains at the 12.8% flat-rate levy plus 18.6% social charges. The real gain is the gap between the bracket on the way in and the bracket on the way out.
Assurance-vie deducts nothing. After 8 years, its gains benefit from an annual allowance of €4,600 (€9,200 for a couple), then tax at 7.5% on the share of premiums up to €150,000, and social charges kept at 17.2% in 2026 (Article 125-0 A of the French Tax Code).
The PER locks savings in until retirement; assurance-vie remains available. The calculation puts a figure on what this difference costs, or earns.
What the calculation shows
What the comparison reveals
Deducting at 41% and withdrawing at 30% leaves 11 points of tax in your pocket on every euro paid in. At the same bracket, the deduction is clawed back on exit, and assurance-vie, with its lighter tax on gains, often comes out ahead.
Withdrawing from the PER in several instalments over several years prevents the capital paid in from pushing up your bracket in the year of withdrawal. The simulator assumes a single withdrawal: the most prudent scenario.
Assurance-vie remains available at any time; the PER is locked until retirement, except for the purchase of your main residence and major life events (Article L. 224-4 of the Monetary and Financial Code).
Case study
Case study: €6,000 a year for 20 years
An executive taxed at 41% pays in €6,000 a year for 20 years, at 4% a year net of fees. She expects to be taxed at 30% in retirement.
| Indicator | PER | Assurance-vie |
|---|---|---|
| Gross capital on exit | €185,815 | €185,815 |
| Tax and charges on exit | €56,666 | €15,911 |
| Tax saving on payments | €49,200 | — |
| Net total | €178,349 | €169,904 |
Payments at the start of the year, single lump-sum exit, single person. At the same bracket (41% in retirement), the PER falls to €165,149 and assurance-vie comes out ahead.
The PER wins by €8,445 because the bracket falls from 41% to 30%. If it stayed at 41%, assurance-vie would win by €4,755: it is the gap between brackets, not the level of the bracket, that drives the result.
In practice
The two wrappers complement each other
The PER for the share of savings you will not need before retirement and that benefits from your current bracket; assurance-vie for the rest, for availability and for estate transfer. The mix is decided on your figures: that is the purpose of a wealth review, at a fixed price stated before any commitment.
Frequently asked questions
What clients ask us.
Is the PER always more advantageous at 41%?
Not always: if your bracket stays at 41% in retirement, the deduction is clawed back on exit. The advantage comes from the gap between brackets, not the level of the bracket.
Why do the social charges differ?
The 2026 Social Security Financing Act raised social charges on most capital income, including PER gains, to 18.6%, but kept them at 17.2% on assurance-vie and capitalisation contracts.
Can the two be combined?
Yes: the PER for the share of savings that will wait until retirement, assurance-vie for the rest and for estate transfer — €152,500 per beneficiary outside the estate for premiums paid before age 70 (Article 990 I of the French Tax Code).
