Saving for retirement allows you to save during your working life so that you have the resources to supplement the sums paid by compulsory pension schemes. In the years leading up to the Pacte Act of 22 February 2019, the French supplementary pension landscape was marked by a low level of subscriptions and contributions, despite a favourable tax regime. The law has boosted collection of funds by simplifying and standardising products, which has clarified the retirement savings landscape for members: a single generic product is now offered, the Retirement Savings Plan. The law also aimed to direct investments more towards financing the productive economy. The Court's assessment shows that the tax deductions available for retirement savings represent an estimated cost to the public purse of at least €1.8 billion in 2022 (excluding compulsory group retirement savings), despite the fact that its objectives remain ambiguous, ranging from preparing for retirement to financial savings. In this respect, the Court notes that the scheme is not widely available among the general public and is concentrated on wealthy and elderly beneficiaries. Lastly, the specific impact of retirement savings on the financing of the economy remains weak, as it is not clearly differentiated from life insurance in terms of long-term investments.
