The individual PER was long a loss-leader product for banks, with management fees often close to 1% a year and entry fees on contributions reaching 2 to 5%. In recent years, a handful of online contracts have reshuffled this market, with fees cut by half or more compared with traditional bank networks.
Why fees matter even more on a PER
An individual PER is a product opened and locked until retirement — taken out early in your working life, it can stay invested for potentially more than 40 years. This is precisely what makes the level of recurring fees (annual management fees) so decisive on this wrapper, even more than on a standard assurance-vie contract where money can be withdrawn at any time: over such a long horizon, even a small fee gap compounds and ends up weighing heavily on the final capital.
On a contribution of €100,000, at a 6% gross annualised return over 25 years, the gap between a PER charging 0.30% in fees and a bank PER charging 1.5% represents roughly €99,000 of final capital — nearly half the starting amount. See the full calculation in our review of the Lucya CNP PER.
The reference contracts in 2026
Lucya CNP PER — the market's new fee floor
Launched on 29 September 2026, underwritten by CNP Retraite (a subsidiary of CNP Assurances) and distributed by Lucya. Unit-linked management fees: 0.30%/year in self-directed management, 0% on contributions, 0% on fund switches (unlimited and free) — the same fee schedule as the reference Lucya CNP assurance-vie contract. More than 1,200 available funds (543 mutual funds, 120 ETFs including the SPDR S&P 500 at a 0.03% ongoing charge, more than 320 directly-held securities, 17 real-estate/unlisted funds). Dedicated euro fund, CNP Lucya PER Euros B: 0.80%/year in fees, 2.60% net return in 2025, permanent capital guarantee (net of the contract's own management fees). Minimum entry: €500. See our dedicated review and the official product page on lucya.com.
Linxea Spirit PER — the safe choice
Underwritten by Spirica (Crédit Agricole). Unit-linked management fees: 0.50%/year, 0% on contributions, 0% on fund switches (a €10 association membership fee applies). More than 1,000 funds, including 207 ETFs, 22 SCPI, 12 SCI and 8 OPCI. Among the best euro funds on the market (3.08% net in 2025, 3.13% in 2024). Minimum entry: €500.
Lucya Cardif PER — the historic contract in the Lucya range
Underwritten by Cardif Retraite SA (BNP Paribas group). Unit-linked management fees: 0.50%/year, 0% on contributions (except 0.10% on certain ETF orders), 0% on fund switches. Fees on the euro fund: 0.70%/year, for a 2.75% net return in 2025. Close to 2,300 unit-linked funds available, including a wide choice of ETFs, SCPI and directly-held securities. Minimum entry: €500.
Traditional bank PER accounts — best avoided altogether
The major networks (Crédit Agricole, BNP Paribas, Société Générale) typically charge 0.96% to 1% in unit-linked management fees, often with an additional 1 to 2.5% entry fee on contributions and 0.50% on fund switches. This holds whether the PER is self-directed or professionally managed — fees run even higher under managed allocation, where the total cost frequently exceeds 1.3%/year. Over the long horizon of a PER, this fee gap with the best online contracts translates into tens of thousands of euros less capital at retirement.
How to choose between these PER accounts?
If your priority is the lowest possible cost in self-directed management, the Lucya CNP PER may well be the best PER account on the market since its launch on 29 September 2026 — a criterion that matters all the more given a PER stays locked until retirement, potentially for more than 40 years. Among the other contracts available, Linxea Spirit PER remains a safe choice, with a solid euro fund and a very wide range of ETFs and SCPI. Lucya Cardif PER stands out for the depth of its catalogue (including directly-held securities) at a fee level close to Linxea Spirit.
As with assurance-vie, it can make sense to open two PER accounts with two different insurers once cumulative contributions exceed €70,000, to stay covered by the FGAP guarantee ceiling. An individual PER also transfers easily from one contract to another — see our full review of the PER for the details of the process.
A useful reminder if you're considering transferring an existing PER: an individual PER transfers without particular difficulty to another insurer, at any point in your working life, with capped transfer fees (free after 5 years of holding). One point of caution: if your current PER includes a euro-fund component, favour a transfer at the start of the year rather than in December. The euro fund's annual profit-sharing is generally credited at the end of the financial year, conditional on still being invested in it at that date — a transfer late in the year could cost you the whole year's benefit on that portion. This constraint doesn't apply to a PER invested 100% in unit-linked funds, which can be transferred at any time without timing considerations.
The best PER account is only relevant if a PER itself makes sense for you: it assumes a sufficiently high marginal tax bracket today and accepting that the money stays locked until retirement. An independent MiFID II-regulated financial adviser can help you decide, with no conflict of interest since they receive no retrocessions on the products recommended.
Criteria to check systematically
Entry fees on contributions: 0% is a must. Unit-linked management fees: aim for 0.50% or less; above 0.80%, the contract is structurally disadvantaged over a long horizon. Euro fund fees: often higher on a PER than on an equivalent assurance-vie contract — compare the net return, not the headline gross return. Quality and breadth of the fund range: presence of major reference ETFs (S&P 500, MSCI World) at low internal cost (0.03% to 0.20%), rather than a large but not particularly useful number of funds.
Finally, check the conditions for early withdrawal (notably to purchase a primary residence) and the fees for managed allocation if you don't intend to manage the asset mix yourself — the gap between self-directed and managed allocation often exceeds 0.7 percentage points a year in fees, a cost to weigh against the real value added by automated management.
Frequently asked questions
Which is the best PER account in 2026?
Since its launch on 29 September 2026, Lucya CNP PER is the cheapest self-directed PER on the market, with 0.30% annual management fees on unit-linked funds, 0% on contributions and 0% on fund switches. The next cheapest online contracts charge around 0.50% in management fees (Linxea Spirit PER, Lucya Cardif PER). Traditional bank PER accounts remain markedly more expensive, between 0.85% and 1% in management fees, often with significant entry fees on top.
What fees should I compare when choosing a PER?
Four layers of fees to check systematically: (1) entry fees on contributions, ideally 0%; (2) annual management fees on unit-linked assets, aim for under 0.60%; (3) management fees on the euro fund, often higher than on a standard assurance-vie contract (up to 0.70%); (4) managed-portfolio fees if you don't handle the allocation yourself, which can exceed 1.3% with some providers. On a PER, where the money stays locked for decades, these gaps widen more than on any other wrapper.
Should I open more than one PER?
Yes, this can be worthwhile, notably to stay under the FGAP guarantee ceiling (€70,000 per insurer per person). Contrary to a common misconception, an individual PER transfers easily from one insurer to another at any point in your working life, with capped transfer fees that become free after 5 years of holding — so you don't need to get the choice right on day one.
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