The Préfon PER is aimed at public agents looking to compensate for the gap between their last salary and their retirement pension. Comparing this contract to a classic individual PER requires examining three parameters that are rarely considered side by side: actual fees, management flexibility, and exit conditions. This is what this article measures, supported by available data.
Fees and financial management of the Préfon PER compared to an individual PER
The transformation of the former Préfon-Retraite into Préfon PER, under the Pacte law, has led to a complete overhaul of the fee structure and the allocation among investment options. The contract now incorporates more units of account and applies a gradual desensitization as retirement approaches. This mechanism automatically reduces exposure to risky assets as the deadline approaches.
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On an individual PER subscribed through an online broker, the member chooses their own investment options, makes trades freely, and often accesses lower management fees on units of account. With the Préfon PER, management remains largely delegated to the association and partner insurers (CNP, Axa, Allianz, Groupama). The member has less flexibility to direct their savings towards an aggressive or defensive profile based on their own analysis.
Before subscribing, consulting a review of Préfon Retraite allows for cross-referencing feedback from members regarding these actual fees and this constrained management.
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| Criterion | Préfon PER | Individual PER (online broker) |
|---|---|---|
| Target audience | Public agents, spouses, former civil servants | Any saver |
| Management mode | Managed by the association, few free trades | Free or managed at choice |
| Available options | Euro funds and UC selected by Préfon | Wide range of UC, ETFs sometimes available |
| Fees on contributions | Variable depending on distributors (Tégo/AGPM, etc.) | Often zero with online brokers |
| Exit | Life annuity, capital, or mixed | Life annuity, capital, or mixed |
| Points system | Yes (adjustable point value) | No, valuation in euros |
Conversion rate to annuity: the hidden risk of the points system
The Préfon PER is based on a points capitalization system. The member accumulates points based on their contributions, and the annuity paid at retirement depends on the service value of the point at the time of liquidation.
This mechanism poses a readability issue. The value of the point is not guaranteed in the long term. Préfon’s informational documents explicitly mention the possibility of adjusting this value and the annuity parameters. In a context of increasing life expectancy and solvency constraints for insurers, the general trend is a decrease in the conversion rate of rights into annuity.
On a classic individual PER, savings are valued in euros. The amount of the annuity depends on the accumulated capital and the scale applied at the time of conversion, but the saver directly sees the balance of their contract. There is no opaque intermediary between the contributions and the actual value of the savings.
What this means for the Préfon member
A civil servant who contributes for twenty or thirty years to the Préfon PER cannot accurately predict the amount of their future annuity. The revaluation of points depends on decisions made by the association and its insurers, not by the member. This lack of control represents a specific risk absent from individual PERs in euros.
Tax advantage of the Préfon PER: identical to other PERs, not superior
Contributions to the Préfon PER are deductible from taxable income, within the limit of the retirement savings ceiling. This tax mechanism is strictly the same as for any individual PER. The deduction varies according to the member’s marginal tax bracket.
Several comparisons present taxation as a unique advantage of Préfon. In reality, any individual PER offers the same deductibility of contributions. Therefore, the tax advantage does not constitute a differentiating criterion in favor of the Préfon PER.
The taxation at exit also works in the same way:
- The life annuity is subject to income tax after an allowance based on the age of liquidation
- The capital is taxed on the portion corresponding to the deducted contributions, with the option to choose a flat-rate withholding
- Capital gains are subject to the single flat-rate withholding, regardless of the chosen PER contract
Early withdrawal and survivor option: two points to check before subscribing
The Préfon PER allows early withdrawal in the same cases as other PERs: acquisition of the principal residence, disability, death of the spouse, over-indebtedness, expiration of unemployment rights, cessation of non-salaried activity following a judicial liquidation.
The survivor option allows part of the annuity to be passed on to the surviving spouse. This option reduces the amount of the annuity paid to the member. The survivor rate and its impact on the annuity should be carefully compared before any decision.
- The survivor option is optional: it is chosen at the time of liquidation, not at subscription
- The current survivor rate significantly reduces the annuity of the main member
- On a classic PER withdrawn in capital, the question of the survivor option does not arise in the same way, as the capital is included in the estate
Withdrawal in capital or annuity: the Préfon PER gives the choice
Since the Pacte law, the Préfon PER allows withdrawal in capital, in annuity, or a combination of both. This point has long been a hindrance, as the former Préfon-Retraite imposed withdrawal in life annuity. The current flexibility aligns the contract with market PERs, without compensating for the limitations related to the points system and delegated management.
The Préfon PER remains relevant for a public agent who wants an associative framework dedicated to public service and who accepts delegating the management of their savings. For those who prioritize transparency of fees, freedom of trading, and a clear valuation in euros, a classic individual PER remains more suitable. The choice criterion is not taxation (it is identical), but the degree of control that the saver wants to maintain over their contract.