The comparison of life insurance and PER expenses is now simpler

More transparency on costs to better compete on life insurance contracts and retirement savings plans (PERs). This was the promise of the Minister of Economy and Finance, Bruno Le Maire, who had committed himself, at the end of September 2021, to play on withdrawals then considered “too high”. And Bercy’s request has not been a dead letter, since after the signing of a place agreement last February, savers, current and future, have benefited from this Wednesday, June 1, a new instrument for comparing costs taken from these envelopes.

A definite advance for the holders of the 53 million life insurance contracts and the 3.2 million PERs taken out at the end of April 2022, according to the latest figures from France Assureurs (formerly the French Insurance Federation). Specifically, “for every product offered, savers can find a summary sheet on fees”, details Gilles Belloir, general manager of the online broker Placement-direct.fr. Plan or contract management fees, proposed fund management fees (units of account), payment fees, arbitration fees, redemptions … All punctures made on life insurance or PER, when subscribing but also along the water (management fees) must be included in this standardized document.

“This is a big step forward because the information will be both more homogeneous and more readily available,” said Gilles Belloir. Savers will be better able to choose based on costs and therefore put pressure on insurers and distributors. ” But the analysis and comparison must not stop there, says the leader. Because the cost is important, of course, but it is the performance that must prevail. “Beyond the costs, what really counts in choosing a fund is the return on risk,” he said, while advising to favor open architecture contracts, as opposed to those that are mostly composed. of “home” funds, more expensive… and less efficient.

Last question: Are insurers and distributors up to date on this new fact sheet? Yes, according to Franck Le Vallois, CEO of France Assureurs, who states that “insurers have been working on this task since February”. Gilles Belloir is more measured: “Everything will be available in the coming days or weeks.

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