PER & Madelin (Retirement)

The Plan d'Épargne Retraite (PER) is the primary tax-advantaged retirement vehicle available to French freelance SAP analytics consultants operating under the travailleur non salarié (TNS) status. Introduced by the PACTE law of 2019 and replacing the Madelin contract for new subscribers since October 2020, the PER lets a consultant deduct roughly ten percent of net BNC (bénéfices non commerciaux) income after social charges, up to a ceiling derived from the PASS (plafond annuel de la sécurité sociale — 47,100 euros in 2025). A consultant billing net professional income of 175,000 euros can typically deduct up to roughly 35,194 euros in a single year. At a marginal tax rate of 45 percent, a full-ceiling contribution produces an immediate income-tax saving in the order of 15,750 euros — the PER is one of the few levers in the French freelance toolkit that converts a savings decision into an immediate, quantifiable cash saving rather than a deferred benefit.

Why it exists

The French state pension replacement rate for a TNS consultant above median income runs at roughly thirty to fifty percent of final net income, structurally below the fifty-to-seventy-percent replacement rate a salaried employee can expect from the mandatory system. The PER exists to close that gap through a tax-reduction mechanism that turns the immediate cost of long-term saving into a fiscal arbitrage: money that would otherwise be taxed today at the marginal rate is instead invested and taxed later, typically at a lower rate in retirement.

Why it matters

• French TNS pension replacement rate (30-50% of final income) is structurally lower than salaried workers' (50-70%) — the PER exists specifically to close that gap.
• Unused contribution ceiling from the previous 3 years accumulates, so a consultant who contributed nothing for 3 years can deduct up to 3x the annual ceiling in one year.
• Madelin contracts closed to new subscribers in October 2020 — existing holders should keep Madelin running and open a PER in parallel rather than transfer.

Key points

• PER annual deductible ceiling (2025): approximately €35,194 for a consultant with €175k net BNC income — verify with accountant. [URSSAF PASS 2025 = €47,100]
• Immediate tax saving at TMI 45 %: a full-ceiling €35,194 contribution yields €15,750 in income-tax reduction in the contribution year.
• Carry-forward: 3 prior years of unused ceiling can be used in a single year — a consultant with 3 years of zero contributions can deduct up to €105k+ in one contribution.
• Madelin discontinued for new holders since October 2020 — existing holders maintain Madelin + open PER in parallel; do not transfer unless specific contractual reason.
• Capital exit since PACTE 2019 — lump-sum withdrawal at retirement is now available (previously annuity-only for Madelin).
• TMI arbitrage: contributions at TMI 45 % deducted now; exit at TMI 15–30 % in retirement = net fiscal gain of 15–30 points per euro contributed.

Terms used on this page

PER

Plan d'Epargne Retraite — France's unified retirement savings plan introduced by PACTE 2019, combining PERP, Madelin, PERCO, and Article 83 plans into a single portable vehicle.

PASS

Plafond Annuel de la Sécurité Sociale — €47,100 in 2025. Reference ceiling for social contribution caps and retirement deduction limits.

TNS

Travailleur Non Salarié — a self-employed person whose social contributions are paid to the SSI (ex-RSI) rather than the general salaried regime.

TMI

Taux Marginal d'Imposition — the marginal income tax rate on the last euro of taxable income. French brackets for 2025: 0 % / 11 % / 30 % / 41 % / 45 %.

Madelin

A predecessor retirement vehicle for TNS (loi Madelin 1994), closed to new subscribers since October 2020. Capital exit is annuity-only for most existing contracts.

Unités de compte (UC)

Investment units within a PER or assurance-vie tracking financial markets — higher risk, higher potential return than fonds euro.

Fonds euro

The guaranteed-capital option within a PER or assurance-vie — capital protected but returns low (1–3 % in 2025). Appropriate within 5–10 years of retirement.

Sources

1. Service-public.fr — Plan d'épargne retraite (PER)
2. Legifrance — CGI Art. 163 quatervicies (PER individual deduction)
3. DREES — Rapport sur les retraites des indépendants 2025
4. Urssaf — Comprendre et payer vos cotisations (indépendant)
5. Urssaf — Vos droits retraite (indépendant)
6. mon-entreprise.urssaf.fr — Cotisations facultatives : retraite (contrat Madelin)
7. Service-public.gouv.fr — Plan d'épargne retraite (PER) individuel (fetched 2026-09-27)
8. economie.gouv.fr — Comment fonctionne le plan d'épargne retraite (PER) individuel ?
9. impots.gouv.fr — Que signifie la somme imprimée dans la rubrique « Plafond épargne retraite » ?
10. impots.gouv.fr — Une somme est pré-remplie dans la case « Plafond de déduction »
11. Légifrance — Arrêté du 19 décembre 2024 portant fixation du plafond de la sécurité sociale pour 2025
12. Bpifrance Création — Plafonds de la Sécurité sociale pour 2026