The Climate Future Savings Plan should be implemented by July 1st. For now, you will have to be patient. Decrees are expected to define the terms of management, operation or even ceilings. Here is what we already know about this product created in particular to replace the minor Retirement Savings Plan (PER).
In a few months, the future climate savings plan (PEAC) will see the light of day. The outlines of this product, supposed to replace the retirement savings plan (PER) for minors, are still unclear. And for good reason, no implementing decree has yet been published in Official newspaper.
retirement savings: what the end of PER really changes for minor children
What we know
Created by the law of October 23, 2023 relating to green industry, the PEAC will apply no later than July 1, 2024. The PEAC is aimed at young people under the age of 21 and can be subscribed by parents on behalf of their parents. minor children. And this, from birth. Each holder can only have one, like other regulated savings products such as the Livret A, the LDDS or the LEP.
Furthermore, the finance law for 2024 also specified that net gains made when withdrawing securities or cash, or when repurchasing a PEAC, will not be not subject to income tax or any charges. Zero, no charge, no tax because we want to mobilize the savings of young people for green industry and for the decarbonization of our industry, justified Bruno Le Maire, the Minister of the Economy.
In fact, the law provides that payments will be affects the acquisition of financial securities that contribute to financing the ecological transition and financial instruments benefiting from a low level of exposure to risk.
The securities and financial instruments in which the future climate savings plan can be invested, the savings allocation principles to which it is subject and the investment strategies that it can propose will be specified by decree.
The default management mode should get closer to the balanced retirement horizon profile of the PERi.e. a risky investment which becomes more secure over time until the plan is closed. Furthermore, withdrawals will be impossible before the child reaches the age of majority, except in the event of disability of the holder or death of one of his parents. 18 years old and only if the PEAC has been open for more than 5 years, the holder will be able to make partial withdrawals without closing their savings plan. The law also provides that the PEAC is automatically closed when the holder reaches the age of 30 years.
In terms of performance, the Minister of the Economy estimated that it will undoubtedly be more attractive than that of the Livret A. Unlike the Livret A or the LEP, the interest rate of this brand new product will not be fixed in a regulatory manner. and will depend on the return on investments made. For the payment ceiling, you will also have to wait for the publication of the decrees. Bruno Le Maire, however, specified that it should be identical to that of Livret A, i.e. 22,950 euros.
We will still have to be patient with the various decrees. Questioned by MoneyVox, Bercy specified that they will be published in the coming weeks, i.e. during May.
Future climate savings plan: the traps of this new investment supposed to bring in more than the Livret A
Will the PEAC be proposed on July 1?
Not sure. Questioned by MoneyVox, traditional banks, online banks and even insurers are cautious. We are awaiting the final texts and will then advise accordingly, BNP Paribas specifies.
It is a product whose target appears limited in view of the existing offer of savings accounts favored by parents of minors and which seems to be more part of a banking strategy. To date, Macif does not plan to integrate this product into its range but will study the offer in light of the final texts, Macif explains. At BoursoBank, the same caution: online banking is awaiting decrees to properly analyze the potential. The BPCE group (Banque Populaire et Caisse d’Epargne) has set itself the objective of offering the PEAC at the end of the year.
A product that does not arouse enthusiasm
The future climate savings plan arouses little enthusiasm among professionals who therefore do not seem particularly eager to market it. A vision shared by Philippe Crevel, director of the Circle of Savings: I am not sure that the insurance world is in an extreme hurry to implement this product particularly because of the IT resources to be deployed for volumes which will be limited. The future climate savings plan should be capped at 22,950 euros. We are far from a life insurance contract which can reach 100,000 or even 200,000 euros.
It is a product that is on the border of several savings products. It takes over from the minor PER, it resembles the Livret A and life insurance but is neither, adds Philippe Crevel.
Furthermore, the question of performance remains unanswered for the moment. The government is committed to serving a return at least equal to that of the Livret A but on a market product not subject to a rate fixed in a regulatory manner. Furthermore, if the capital is well guaranteed the exit for the holder, this will constrain the management of insurers and banks on low volumes, fears the director of the Savings Circle.
The PEAC should therefore not revolutionize savings for minors. It is a product that can come in addition to a Booklet A saturated and is aimed at those who do not wish to open life insurance. The PEAC could, however, compete with the housing savings plan which has lost its attractiveness in particular thanks to its much more advantageous taxation, concludes Philippe Crevel. As a reminder, the PEL rate currently stands at 2.25% and interest is subject to the flat tax of 30%.
Livret A, PEL, life insurance, PER… What changes for your savings in 2024