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Structural reformEndedEmployment and contributionsNational

Voluntary partnership employee savings plan for retirement, later PERCO

Article 109 of the pension reform Act turns the voluntary partnership employee savings plan (PPESV, locked for ten years) into a voluntary partnership employee savings plan for retirement. Savings are locked until retirement, except for early-release cases set by decree, and paid out as a life annuity, the agreement being able to allow a lump-sum exit. The plan must offer at least three funds with different profiles and cannot invest in the company's own shares. It can only be set up if employees also have a shorter-term savings plan. The employer's 30% matching uplift is now reserved for plans locked for at least ten years. Former PPESV balances are transferred within three years. Article 82 of the 2004 Finance Act renamed the plan "collective retirement savings plan" (PERCO).

Measure originators

InitiatorGVT
François Fillon
Gouvernement
Impact on public finances

No official estimate found for this measure.

Effective date
23 August 2003

Measure impact

Employees of companies that set one up can save until retirement with employer matching, under the tax and social security rules for employee savings. No specific official cost estimate was found.

Official references

Law number: Loi n° 2003-775 du 21 août 2003 (retraites), art. 109
Official Journal: JORF n° 193 du 22 août 2003, page 14310 (NOR SOCX0300057L)
View on Légifrance

Sources

Loi n° 2003-775 du 21 août 2003 portant réforme des retraites, Art. 109 (code du travail, art. L. 443-1-2) (Journal officiel, Légifrance)Official
22 August 2003
Assemblée nationale, projet de loi n° 885 portant réforme des retraitesParliamentary
28 May 2003
Loi n° 2003-1311 du 30 décembre 2003 de finances pour 2004, art. 82, IV (dénomination PERCO)Official
31 December 2003

Procedure timeline

Follow the progress of this fiscal measure through the different stages of the parliamentary procedure.

100%
7 / 7 steps
Completed
23 August 2003

Administrative implementation

Application

Entrée en vigueur de la mesure et mise en œuvre par l'administration

Entrée en vigueur au lendemain de la publication de la loi.
Source
Completed
21 August 2003

President of the Republic signature

Promulgation

Publication au Journal officiel

Promulgation de la loi n° 2003-775, publiée au Journal officiel du 22 août 2003.
Source
Completed
14 August 2003

Possible referral to Constitutional Council

Constitutional review

Décision de conformité / censure partielle

Décision n° 2003-483 DC du Conseil constitutionnel.
Source
Completed
24 July 2003

Joint committee

Parliamentary process

Désaccord éventuel

Adoption du texte de la commission mixte paritaire par l'Assemblée nationale et le Sénat.
Source
Completed
18 July 2003

Debate and vote

Parliamentary process
Adoption avec modifications par le Sénat.
Source
Completed
3 July 2003

Debate and vote

Parliamentary process

Débat et vote en séance publique à l'Assemblée nationale, ou engagement de la responsabilité du Gouvernement (article 49.3)

Adoption en première lecture par l'Assemblée nationale après déclaration d'urgence.
Source
Completed
28 May 2003

Transmission to National Assembly

Parliamentary process
Dépôt du projet de loi n° 885 portant réforme des retraites, présenté par François Fillon, ministre des affaires sociales, du travail et de la solidarité.
Source