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Le Produit d’épargne retraite populaire (Perp) : caractéristiques des détenteurs et projection des niveaux de rentes

Author

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  • Alexis Direr
  • Muriel Roger

Abstract

[eng] The French law called “ Fillon Act ”, which came into effect on August 21, 2003, set up an individual savings contract called PERP (Plan d’Épargne Retraite Populaire) aimed at supplementing public pensions. It is a defined-contribution plan in which contributions are deductible from taxable income up to 10 % of the holder’s annual income. At retirement , benefits are paid in the form of annuities and taxed at a normal rate. We use a large dataset on saving behavior of 9,880 households in order to determine the profile by age, socio-economic status, income, wealth, and tax status of holders of at least one PERP. We show that this savings product has spread evenly across all socio-economic categories. The participation rate is highest for households headed by persons aged 25-34 or 50-54. We use simulated residuals and bracket information available in our dataset to simulate continuous distribution of PERPassets and contributions. We can thus project the future growth of assets in personal retirement plans until age 60 and estimate the annuities that households will obtain after retirement. We find that most households are likely to benefit from a very small annuity, equal to less than 1 % of their last earnings before the conversion of their plans. [fre] Un produit d’épargne retraite universel a été lancé en France en 2003, le Plan d’Épargne Retraite Populaire (Perp), dont l’objectif est de permettre aux ménages de compléter leur retraite future. À l’aide de données issues d’une large enquête réalisée par TNS-Sofres en 2007, dont un volet porte sur les ménages détenteurs d’un Perp, nous montrons que ce produit s'est diffusé dans l’ensemble des couches sociales et touche en proportion aussi bien les cadres et professions libérales que les ouvriers ou les employés. L’âge des détenteurs suit approximativement une courbe en U, avec une participation relativement plus importante des 25-34 ans et des 50-54 ans. Nous appliquons dans un second temps la méthode des résidus simulés pour obtenir des distributions de capital et de versements à partir des données en tranches fournies par l’enquête. Cela nous permet d’estimer le montant accumulé par les ménages de l’échantillon au moment de la liquidation de leur plan et d’évaluer ainsi quel supplément de ressources ces derniers sont susceptibles d’obtenir pendant la retraite en proportion du dernier revenu d’activité. Les résultats des simulations indiquent que la plupart des souscripteurs bénéficieront d’un revenu d’appoint inférieur à 1 % de leur dernier revenu d’activité.

Suggested Citation

  • Alexis Direr & Muriel Roger, 2010. "Le Produit d’épargne retraite populaire (Perp) : caractéristiques des détenteurs et projection des niveaux de rentes," Économie et Prévision, Programme National Persée, vol. 194(3), pages 79-92.
  • Handle: RePEc:prs:ecoprv:ecop_0249-4744_2010_num_194_3_8050
    DOI: 10.3406/ecop.2010.8050
    Note: DOI:10.3406/ecop.2010.8050
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    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.

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