Better transparency on the costs attached to the retirement savings plan and life insurance from June 1 – February 2022 – News – Life insurance

Following criticism from some consumers on the lack of clarity of the costs of the retirement savings plan and life insurance, the government has decided to increase the transparency of the management of these products. To do this, players (banking and insurance) have been asked to put online on their websites, from June 1, 2022, a standard table detailing the fees they charge.

This should allow savers to compete between the offers offered by producers and distributors of savings products, indicated the Minister of the Economy Bruno Le Maire.

For its part, the government will enrich the pre-contractual and annual information communicated to the French. Thus, the total costs borne by each asset will be displayed from July 1, 2022 (pre-contractual information) and early 2023 (annual information for the 2022 financial year).

A standard table drawn up within a framework of mutual agreement

In order to facilitate the readability of the information transmitted to savers, banks and insurance companies have agreed to present on their websites a standard table detailing the management fees PER and life insurance.

This will display the entry fees, the annual fees depending on the type of fund and management, and the other fees that apply to the contracts:Important Consumers will thus be able to easily compare the fees that apply to savings products offered by market players.

Strengthen the attractiveness of the retirement savings plan

In addition to improving the transparency of management fees, this government initiative aims to strengthen the attractiveness of the retirement savings plan, underlines the Minister of the Economy.

Two years after its launch, this long-term savings scheme had 4.3 million subscribers at the end of the third quarter of 2021.

However, some market participants have indicated that the up-front fee comparison is not straightforward, as it is difficult to communicate the details of all fees in advance if the asset allocation is not yet determined. .

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