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Retirement Saving and Redistribution


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  • Alexis Direr

    (Université de Grenoble and Paris School of Economics, INRA)

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    The Plan dÉpargne Retraite Populaire (PERP), introduced in 2003, occupies a central position among French funded retirement-savings instruments. We examine its redistributive power by calculating the return on a PERP for standard situations that vary according to socio-occupational category, sex, and marginal tax bracket. We use the concept of internal rate of return (IRR), i.e., the discount rate at which the present value of total expected returns will match the total cost of the investment. The return gaps are wider between socio-occupational categories than between sexes. Other inequalities are due to the PERP tax regime, which exempts contributions from income tax while holders are economically active, then taxes annuities during retirement. Tax gains do not rise in a linear profile with income but fluctuate depending on the bracket on retirement. It is thus hard to characterize the impact of taxation as regressive or progressive.

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    Bibliographic Info

    Article provided by Institut National de la Statistique et des Etudes Economiques in its journal Economie et Statistique.

    Volume (Year): 417-418 (2009)
    Issue (Month): (June)
    Pages: 119-133.

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    Handle: RePEc:crs:ecosta:es417-418f

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    Related research

    Keywords: Personal Finance; Life Cycle Models and Saving; Annuity Markets;

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