Rare are the PER in the securities account format (also called PER bank)! The vast majority of Individual PER of the market take the form of a life insurance. However, this observation is much less valid if we look at the supply side of collective PERs. Normal, since these are the modern version of the Perco, historically offered by bank account holders. So you may have access to a bank PER without knowing it…
On the other hand, on the side of individual PERs, mayonnaise is struggling to take. Until recently, only two offers existed: those of Crédit Agricole and Yomoni. Very recently, the Inter Invest group has entered the race.
Better known to savers for its overseas project financing activity (Girardin law), the group has obtained three new licenses (account maintenance, PER management and portfolio management on behalf of third parties) in order to offer its own banking PER . It also plans to carry out account maintenance for other players. Thus, the young company Monaliza aims to launch in the short term a PER in securities account format, the account management of which will be carried out by Inter Invest. However, we are still far from a tidal wave.
However, the bank PER has a major advantage: its flexibility. It makes it possible to accommodate a large number of investment vehicles, without having to go through the caudine forks of the insurer: live securities, AND F (exchange traded fundsexchange-traded funds)private equity funds, structured products, funds, real estate…
“It is much easier to place certain categories of products in a securities account PER, and in particular unlisted assets, which are completely relevant in a very long-term logic and which are also meaningful”, believes John Elalouf, the founder of Monaliza. Also, it is potentially cheaper. But this remains debatable, some players having made great efforts on insurance products.
Not always pensionable
On the other side of the coin, the bank PER has some weaknesses. First, the absence of funds in euros whose capital is secure. At twenty years from retirement, this is not necessarily a bad thing, but the closer the retirement date approaches, the more the guaranteed asset makes sense. However, this will not put off savers who want above all to capitalize on their PER without necessarily using the money once they retire.
Then, taxation on death is not very advantageous in the context of a bank PER. Indeed, there is no specific allowance for the beneficiaries: the sums integrate the estate according to the classic rules. In practice, however, this has no impact when it is the spouse who inherits these sums since the latter is always exempt.
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