France Investment and Pensions

Retirement assets continue to grow – with supplementary savings in PER (Plan d’épargne retraite) vehicles up 20% in 2025, in surpassing €150bn in AUM. This continues the growth path of PER, created under the auspices of the PACTE law of 2020. Almost 13 million French citizens save into the three types of PER – individual PERs (€88bn, up 21% in 2025) and corporate PERs – both collective (€33.9bn, up 22% last year) and mandatory ones (€28bn, up 13%). In June 2026, France’s asset management association (AFG) published a white paper on retirement, which proposed a new Swedish-style funded pension scheme, in addition to an expansion of the PERCOL collective vehicles. AFG is presumably hoping to influence the debate ahead of 2027’s presidential election. Pensions remain a hot political topic in France, but there is wider acceptance of the need for additional savings. The Conseil d’Orientation des Retraites predicts an acceleration of demographic ageing after 2030, which will pile additional pressure on the state pension system.