Complete Guide to Retirement 2025 by Cabinet Thiéblemont AXA - Prepare Your Future
Discover the retirement guide 2025 from Cabinet Thiéblemont AXA. This document helps you understand the French retirement system, the steps to take, and how to financially prepare for your retirement. Ideal for entrepreneurs and self-employed professionals.
AXA, No. 1 in RETIREMENT SAVINGS
December 2025
(Non-contractual advertising document)
(In France, according to the France Assureurs report 2025, based on contributions in 2024.)
Insurance and Banking
The 2025 Retirement Guide
Who
Phone:
06 68 90 89 24
05 25 33 10 00
Email:
agencea2p.erik.thieblemont@axa.fr
I am a General Insurance Agent specializing in the financial protection of entrepreneurs and self-employed professionals. With over 14 years of experience in this field, I support many clients through solid financial security tailored to their projects and needs. My role as an expert is to anticipate life’s risks, to protect your income, your family, and your assets. This guide aims to demystify the various guarantees available and to show how essential they are to preserve your business and loved ones in case of hardship. Through this ebook, I want to provide you with the keys to take control of your financial security, so you can move forward serenely, even in the face of the unexpected.
HELLO, I AM ERIK THIÉBLEMONT
FOR MORE INFORMATION WWW.CABINET-THIEBLEMONT-AXA.FR
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Introduction
- When can I retire?
- What will my pension amount be?
- How do I liquidate my rights?
- What social protection (health, insurance…) will replace what I had in my company?
Retirement is a topic that raises many questions. That’s why Cabinet Thiéblemont and AXA France are pleased to offer you this guide. It will help you understand the French retirement system and the new rules for retirement. You will also find practical information on the steps to take to retire. Regardless of the changes brought about by the recent reform, one certainty remains: retirement results in a decrease in income.
Our guide will explain how to financially prepare for your retirement in order to minimize this loss of income, particularly through the individual PER (Retirement Savings Plan). The PER is one of the solutions that allows you to save at your own pace and, once retired, to access your savings freely, whether in the form of capital or through a guaranteed lifetime annuity. It even allows you to combine these two options.
Beyond this guide, my office is at your disposal to assist you in preparing for your retirement as well as all your projects. We can conduct a personal assessment and help you implement savings solutions tailored to your profile and expectations.
(Unless the holder has irrevocably opted for an annuity payout and except for the rights corresponding to the mandatory contributions of the employee and employer.)
Table of Contents
- Calculation formulas
- Increases in basic pension
- Buying back quarters
- Progressive retirement
- Retirement indemnity
- Unified AGIRC-ARRCO complementary scheme
- Individual savings solutions
- The principle of distribution and capitalization
- Basic and complementary schemes
- The different current pension funds
- Calculation of the basic retirement pension
- Retirement age
- Contribution duration
- Validation of quarters
- Collective savings solutions
- Retirement savings: annuity or capital?
- Anticipating health and insurance coverage
- Practical cases in real life
- AXA is committed to more responsible savings
- Glossary
As of today, there are 42 different pension schemes in France. Between basic and complementary pension funds, mandatory or optional schemes, pensions by annuities or points, the pension system can be complex.
What you need to know about the French pension system
The principle of distribution and capitalization
The concept of distribution is the very foundation of the French mandatory pension system. It is based on the principle of intergenerational solidarity, which led, in the aftermath of World War II, to the creation of Social Security. In terms of retirement, it is the active workers who finance the pensions of retirees. In France, all declared activities are subject to social charges, including retirement contributions.
Retirement contributions are paid by both employees and employers (who can be the State, local authorities, or public hospitals for civil servants). Being their own boss, self-employed individuals (craftsmen, traders, farmers, business leaders) and liberal professions (lawyers, doctors, accountants, architects…) are subject to contributions on their income from activity.
All these contributions allow pension funds to pay benefits. In other words: the “active” pay the pensions of the “retired,” knowing that their own retirement will be financed later by the younger generation, and so on.
The concept of capitalization does not operate on this model. The contributions paid by an active worker serve to finance their own benefits in the long term. Thus, we are approaching a form of savings. Within the framework of optional collective retirement savings schemes, such as additional company pensions (Article 39, Article 83) or mandatory company PER (PERO), part of the contributions may be covered by the employer.
There are also mandatory schemes based on capitalization. This is the case, for example, with the Additional Retirement of Public Service (RAFP), whose mandatory contributions are deducted from part of the bonuses and benefits received by civil servants, allowing them to receive an annuity upon retirement. Conversely, if individual retirement savings are based on capitalization, they are entirely optional.
Whether it is distribution or capitalization, both models have drawbacks. The principle of capitalization is criticized for only involving a tiny part of the population:
- employees of large companies benefiting from collective retirement savings schemes (PERO, Article 83…),
- civil servants having access to dedicated schemes (RAFP, Préfon Retraite, CRH…),
- French citizens with the ability to save allowing them to subscribe to individual retirement savings products (PER…).
On the other hand, the principle of distribution, based on solidarity between generations, is challenged by the aging population:
- thanks to advances in medicine, life expectancy increases by a quarter every 2 to 3 years,
- this phenomenon is compounded by the massive retirement of “baby boomers.” This generation, born after World War II, is one-third larger than other age groups.
As a result of these two demographic changes, the proportion of people over 60 in the French population is expected to rise from 25% in 2014 to 32% in 2060. This means that France should have nearly 22 million retirees in 2060, compared to just over 15 million today! Furthermore, given a less dynamic birth rate and the late entry of young people into the job market, the number of active workers is tending to decrease. Thus, the ratio of contributors to retirees is becoming less favorable (see illustration on page 6). However, fewer contributions mean less revenue for pension funds and more benefits to pay, resulting in higher expenses. A “scissors effect” that is devastating for the finances of the schemes.
Basic and complementary schemes (mandatory distribution system)
In mandatory distribution schemes, it is necessary to differentiate between basic schemes and complementary schemes. The bulk of the contributions of basic schemes is based on remuneration up to the Social Security Ceiling (PSS), which is revalued every year. In 2025, the PSS is set at €3,925 per month (€47,100 for the year). This means that basic contributions apply to a maximum base of €3,925 gross salary per month. Since the contribution is capped, the pensions of basic mandatory schemes are also capped. To complement the basic schemes, complementary schemes have been established. With broader contribution bases, they pay complementary pensions that can be higher.
For example, contributions to AGIRC-ARRCO, the complementary retirement scheme for private sector employees, apply up to 8 times the PSS (€31,400 per month in 2025). According to the Court of Auditors, complementary pensions represent on average 30% of the total retirement for non-executives and 60% for executives. Moreover, basic schemes are generally annuity schemes while complementary schemes are point schemes. In an annuity scheme, the retirement pension is defined based on income from activity and by taking into account other additional elements.
Fewer contributors for more retirees
The insured must justify a certain number of quarters related to their date of birth to benefit from a full pension, that is to say, without a discount. In point schemes, the contributions paid allow for the accumulation of points based on the purchase value of the point set for the year. Upon retirement liquidation, the number of capitalized points is multiplied by the current value of the point to give the amount of the pension paid. A discount may be applied if the basic scheme has not been liquidated at full rate.
The different current pension funds
Depending on their professional status, active workers are mandatorily affiliated with one or more specific pension funds. If, during their career, they change professional status (for example, a private sector employee becomes a civil servant), they contribute to one or more new funds without losing the benefit of their past contributions. Upon retirement, these “multi-affiliated” individuals receive pensions from their various funds. They then become “multi-pensioned” retirees.
Basic schemes all fall under the Social Security Code (Code of Civil and Military Retirement Pensions for the public service). The last increase in basic contributions (an increase of 0.60 points from 2014 to 2017) established by the 2014 retirement reform thus applied to all these schemes. The management of most complementary schemes remains completely independent, even though, in practice, changes occurring in basic schemes impact them.
The French pension system
- Individual additional retirement: PER, PERP, Madelin
- Company additional retirement: Art. 83/PERO, PERCO/PERECO
- Mandatory complementary retirement: AGIRC-ARRCO, Ircantec…
- Mandatory basic retirement: CNAV, CNAVPL, SSI, MSA…
- Distribution retirement
- Capitalization retirement
The basic regime for employees is more commonly referred to as the general regime of Social Security. Its management is ensured at the national level and at the Île-de-France level by the National Old Age Insurance Fund (CNAV). In the regions, the basic pensions of the general regime are paid by the Retirement and Occupational Health Insurance Funds (CARSAT).
The pension funds
BASIC RETIREMENT
- EMPLOYEES
- SELF-EMPLOYED
COMPLEMENTARY RETIREMENT
Regulated liberal professions (excluding lawyers)
Lawyers
Artists, authors of original works
Fishermen on board
Members of religious orders
Agricultural employees
Employees in industry, commerce, and services
Non-permanent public service agents
Civil aviation crew members
Employees in companies or professions with special status
Farmers
Craftsmen, traders, and entrepreneurs
MSA Agricultural Social Mutuality
CNAV General Social Security Scheme
AGIRC-ARRCO Complementary Retirement for Employees
IRCANTEC Complementary Retirement for Non-Permanent Agents
CRPN Retirement Fund for Navigating Personnel
Several special schemes will gradually disappear: SNCF, RATP, Banque de France, CNIEG, CRPCEN. New hires are affiliated with the general scheme. For others, the “grandfather clause” will apply.
MSA Agricultural Social Mutuality. The Social Security Financing Law for 2018 abolished the Social Security Scheme for the Self-Employed (RSI) and entrusted the management of their social protection to the general scheme. The complementary self-employed scheme (RCI) has also been managed by the general scheme since 2020.
CNAVPL
- CRN (notaries)
- CAVOM (bailiffs, clerks, administrators, and judicial representatives)
- CARMF (doctors)
- CARDSF (dentists and midwives)
- CAVP (pharmacists)
- CARPIMKO (nurses, physiotherapists…)
- CARPV (veterinarians)
- CAVAMAC (insurance agents)
- CAVEC (accountants)
- CNBF (lawyers)
- CIPAV (architects, psychologists, osteopaths)
National old age insurance fund for liberal professions. Basic retirement + complementary + additional according to professional sections and other various liberal professions.
CIVIL SERVANTS
- INTEGRATED RETIREMENT: SRE State Retirement Service
- ADDITIONAL RETIREMENT: State public service agents, magistrates, and military personnel, Territorial and hospital public service agents, State workers
- RAFP Additional Retirement of the Public Service
- CNRACL National Retirement Fund for Local Authority Agents
- FSPOEIE Special Fund for the Pensions of State Industrial Establishment Workers
Retirement ages
FOR PRIVATE SECTOR EMPLOYEES & SEDENTARY CIVIL SERVANTS
| DATE OF BIRTH | MINIMUM RETIREMENT AGE (LEGAL AGE) | NUMBER OF QUARTERS REQUIRED FOR THE FULL RATE OF THE INSURED |
|---|---|---|
| 1957 | 62 years | 166 |
| 1958 | 62 years | 167 |
| 1959 | 62 years | 168 |
The retirement age
Calculation of the basic retirement pension
Several concepts coexist around the retirement age. It is necessary to distinguish between:
- the minimum retirement age,
- the full retirement age,
- the age of mandatory retirement.
The method of calculating pensions for the basic schemes for employees and aligned schemes by annuities takes into account several parameters:
- the retirement age,
- the average annual income,
- the pension rate,
- the number of validated quarters in the scheme calculated over the best 25 years,
- the contribution duration.
The minimum retirement age
The minimum retirement age, more commonly referred to as the “legal retirement age,” corresponds to the age at which active workers are allowed to retire. Below this age, it is not possible to receive a pension except in exceptional cases (long career, disability, asbestos pre-retirement…).
The 2023 retirement reform gradually postpones the legal retirement age from 62 to 64 years for private sector employees and sedentary civil servants. This reform also affects agents in so-called “active” categories (firefighters, nurses, nursing assistants…) and “super-active” categories (police officers, prison guards, civil servants in underground sewer networks…) whose retirement rights opening age is postponed:
- from 57 to 59 years for “active” categories (starting from the 1973 generation),
- from 52 to 54 years for “super-active” categories (starting from the 1978 generation).
The full retirement age
The full retirement age corresponds to the age at which the pension discount is automatically removed even if the required number of contribution quarters is not reached. This age has not been modified by the reform and remains set at 67 years for private sector employees and sedentary civil servants. For civil servants in the active category and so-called super-active jobs, the automatic full rate age is set at 62 years for agents born from 1963 and 57 years for those born from 1968.
The age of mandatory retirement
The age of mandatory retirement is the age at which an active worker can be retired by their employer. It is set at 70 years. It can be significantly lower for certain professions requiring optimal physical abilities:
- 59 years for air traffic controllers,
- 57 years for civil servants in active police services,
- 52 to 66 years for officers of the armed forces and related formations,
- 47 to 66 years for non-commissioned officers of the armed forces and related formations.
The contribution duration
To benefit from a full pension, that is to say, without a discount, it is necessary to justify a certain number of contribution quarters based on one’s date of birth. Thus, insured individuals born in 1965 must have 172 quarters (equivalent to 43 years of contributions). If the 172 quarters are not reached, a discount is applied to the full rate.
In the private sector, the full rate corresponds to 50% of the average of the best 25 years of salary. In the public sector, the full rate reaches 75%, or even 80% in some cases, of the average of the last 6 months of remuneration. The discount is set at 1.25% per missing quarter, up to a limit of 25% (20 missing quarters).
The coefficient of reduction applied to the full rate (50%) per missing quarter is currently 1.25%. In the case of 2 missing quarters, the discount will be 2.5%. The pension will be calculated on 97.5% of the full rate (100% minus 2 x 1.25% discount). The corrective financing law for Social Security for 2023 (LFRSS) concerning retirement reform accelerates the schedule for increasing the required insurance duration to obtain the full rate for insured individuals born from September 1, 1961. Moreover, it should be noted that a minimum service duration is also required for the early retirement of “active” civil servants (police officers, gendarmes, firefighters, prison guards…).
Note
You can automatically benefit from the full rate without any condition of activity duration if you liquidate your pension from an age set according to your date of birth. The discount is not applied. This full rate is currently set at 67 years for insured individuals born from January 1, 1955.
For example
Validation of quarters
The quarters taken into account in the contribution duration are of several types:
The quarters directly contributed to the retirement scheme:
An annual contribution base corresponding to 600 hourly SMIC allows for the validation of 4 quarters over a calendar year.
The quarters assimilated to the title:
- Maternity: one quarter is validated during the calendar quarter in which childbirth occurs if it took place before January 1, 2014. For births occurring from January 1, 2014, one quarter is validated for each period of 90 days during which the insured received daily allowances (IJ) for maternity.
- Military service: one quarter is validated for each period of 90 days of service.
- Unemployment: one quarter is validated for each period of 50 days of unemployment compensated by France Travail. Periods of unemployment prior to January 1, 1980, or not compensated are subject to specific rules.
- Illness: one quarter is validated for each period of 60 days of IJ paid during a sick leave.
- Disability: one quarter is validated for each calendar quarter during which the disability pension was paid.
- Work accidents: one quarter is validated for each period of compensation of 60 days. If the work accident results in a Permanent Disability (IP) of at least 66%, one quarter is validated for each quarter during which 3 monthly payments of the annuity have been paid. Periods of professional rehabilitation following a work accident are also taken into account.
- Reclassification leave: if the reclassification leave has resulted in remuneration, one quarter is validated for each period of compensation of 50 days.
(1) Contributed or assimilated quarters are taken into account up to a limit of 4 quarters per year.
Validation of quarters
| YEAR OF BIRTH | REQUIRED CONTRIBUTION DURATION (IN QUARTERS) |
|---|---|
| 1961 (until 31/08) | 168 |
| 1961 (from 01/09) | 169 (+ 1) |
| 1962 | 169 (+ 1) |
| 1963 | 170 (+ 2) |
| 1964 | 171 (+ 2) |
| 1965 | 172 (+ 3) |
| 1966 | 172 (+ 3) |
| 1967 | 172 (+ 3) |
| 1968 and 1969 | 172 (+ 3) |
| 1970, 1971, 1972 | 172 (+ 3) |
Contribution duration to receive a full-rate pension
(1) Contributed or assimilated quarters are taken into account up to a limit of 4 quarters per year.
Source: service-public.fr
DID YOU KNOW
An increase for parents of a child or adult with a disability
Parents caring for a severely disabled child (at least 80% Permanent Disability) are granted an additional quarter for each period of education of 30 months, up to a limit of 8 quarters, if they raise or have raised a disabled child. This right was extended on January 1, 2015, to fathers or mothers of a severely disabled adult.
Validation of quarters
DID YOU KNOW
- the maternity increase, automatically granted to the mother,
- the adoption increase,
- the education increase, granted in return for the education of the child during the years following their birth or adoption. To benefit from it, the parent must hold parental authority, have lived with the child for the 4 years following the birth or adoption, and justify a minimum insurance duration of 8 quarters.
For births and adoptions occurring from September 1, 2023, 2 of the 4 quarters of the adoption and education increases are automatically attributed to the mother. The other 2 can be freely distributed between the two parents. The choice of distribution must be made with the retirement fund within 6 months following the 4th anniversary of the birth or adoption of the child. Otherwise, the quarters are attributed to the mother.
Children born or adopted before January 1, 2010, were subject to a specific system. The quarters were granted to the mother in the absence of disagreement from the father expressed before the expiration of the deadline imposed by law.
The Duration of Insurance Increases (MDA) are granted in the private sector, particularly for children born or adopted. The cases each granting a 4-quarter increase are as follows:
DID YOU KNOW
These increases are granted for each child. The birth of twins, for example, will double the number of quarters obtained.
Calculation formulas
In the basic schemes of the private sector (excluding regulated liberal professions)
The calculation formula is the same in the general regime for employees managed by the National Old Age Insurance Fund (CNAV) in Île-de-France and the Retirement and Occupational Health Insurance Funds (CARSAT) in the regions as well as in the so-called “aligned” schemes. Since January 1, 2020, self-employed workers, except for those under the retirement schemes for liberal professions (CNAVPL and CNBF), will be attached to the old age insurance of the general regime. They will then fall under the regional retirement insurance funds (Carsat) of their place of residence.
Calculation formula:
The Average Annual Salary (SAM) corresponds to the average of the 25 best years of salary of the career. For traders and craftsmen, we speak of Average Annual Income (RAM) equivalent to the average of the 25 best years of professional income. The SAM and RAM cannot exceed the annual ceiling for the year concerned (€47,100 in 2025).
Average annual salary
Amount of the pension
Pension rate x Number of quarters contributed
Number of quarters required according to the year of birth
=
x
Divided by
Note
The Info Retraite website allows you to consult your personal retirement account, retrieve your career and contribution statement, as well as simulate the amount of your retirement.
In public schemes
The calculation formula is the same for the State Retirement Service (SRE), the regime for state civil servants, military personnel, and magistrates, for the National Retirement Fund for Local Authority Agents (CNRACL), the regime for territorial and hospital civil servants, as well as for so-called “special” regimes (SNCF, RATP, Banque de France, Comédie française…). The amount of the pension is equal to the average of the last 6 months of indexed treatment multiplied by the pension rate of 75% at full rate multiplied by the number of quarters contributed divided by the number of quarters required according to the year of birth. The indexed treatment does not take into account bonuses and benefits (allowances, family supplement of treatment…) received. In short: only the fixed remuneration of the civil servant is counted, unlike private sector employees for whom variable remuneration elements are included in the SAM.
Average of the last 6 months of treatment
Amount of the pension
Pension rate x Number of quarters contributed
Number of quarters required according to the year of birth
=
x
Divided by
In the case of a discount in the basic regime, excluding liberal professions, a reduction coefficient applies to complementary pensions. However, there is no system of lifelong bonuses in AGIRC-ARRCO.
Note
My Retirement 360 is a service available to AXA clients in their client area. With My Retirement 360, you benefit from a complete dashboard allowing you to have a clear view of all your sources of income at retirement (Retirement savings held with AXA or with other official mandatory basic and complementary retirement organizations). Having the right information to help you make the right choices is what a citizen savings plan is all about.
Increases in basic pensions
Unlike assimilated quarters or MDA (increase in insurance duration), pension increases affect the amount of retirement and not the duration of contributions. There are several:
- Increase for extended activity
The insured can benefit from an increase for extended activity, that is to say, a “bonus,” if they continue to work after reaching the legal retirement age, have all their quarters to obtain the full rate, and have not yet liquidated their rights to retirement in a basic scheme. At the time of liquidating their retirement rights, they will see their full rate increase their basic retirement by 1.25% for each additional quarter contributed, up to a limit of 4 per year. The increase is applied to the pension and not to the full rate. With 4 additional quarters, the retirement pension will be increased by 5%.
Full pension rate
50% + 1.25 = 55% x 4 of pension rate
Currently, the rights are not the same across schemes. Employees benefit from a 10% increase applied to the amount of the basic retirement if they have raised at least 3 children. An additional increase of 5% is applied in the public service for each child beyond the 3rd. The total of the retirement and the increase cannot exceed the amount of the treatment serving as the basis for calculating your pension.
DID YOU KNOW
The increase for children
The bonus can be applied as early as the year preceding the minimum legal retirement age, that is to say, as early as 63 years at the end of the reform, for parents who have validated at least one quarter of the increase for children and justifying the required insurance duration for the full rate.
The reform raises the rate of the “classic” bonus for liberal professionals to 1.25% per completed quarter starting from September 1, 2023 (instead of 0.75% until now).
The 2023 retirement reform has extended the benefit of the 10% increase in their basic scheme to liberal professionals as well as lawyers from 3 children. This extension applies to pensions taking effect from September 1, 2023.
DID YOU KNOW
06 68 90 89 24
05 25 33 10 00
agencea2p.erik.thieblemont@axa.fr
Increases in basic pensions
The increased pension cannot be higher than the pension that the person would have received at the full rate. The increase for a third party is set at 40% of the amount of the pension of the disabled retiree. The amount cannot be less than €1,288.13 per month. It is granted to disabled individuals whose disability pension has been replaced from the age of 62 by an old-age pension and to retirees whose old-age pension has been granted for unfitness to work. The MTP aims to partially finance the employment of a home helper.
Increase for disability
In the context of early retirement for disability, the pension is calculated at the full rate regardless of the number of retirement insurance quarters, that is to say, at the maximum rate of 50%. If the required number of retirement insurance quarters for entitlement to a full-rate pension is reached, the retirement pension paid by the Retirement Insurance is then increased according to the indicated formula. Its rate is calculated based on the following formula:
The increase for a third party (MTP)
= Amount of the increase
Duration of insurance while being disabled
Divided by
total duration of insurance while being or not disabled
Buying back quarters
Since the Fillon law of 2003, all active workers can buy back contribution quarters for years of higher education. Only years validated by a higher education diploma are taken into account. The only exception: years of preparatory classes for entrance exams to grandes écoles (business schools, engineering schools, normal schools, Sciences Po, Fine Arts, Decorative Arts…) can be bought back even if they do not award a diploma.
In the basic schemes of the private sector, it is also possible to make Payments for Retirement (VPLR) for years of incomplete contributions. These are the years when the insured could not contribute 4 quarters in the year and thus validate a complete annuity because they were working part-time, were unemployed without allowance, or had a “small job.” Buybacks for years of study and/or incomplete years are also allowed in the AGIRC-ARRCO complementary scheme provided that a VPLR has first been made with the basic scheme. The price of a buyback depends on the age of the applicant at the date of the request, their salary level, and the option chosen. It increases with age. The amounts paid for the buyback of retirement quarters are deducted from your taxable income.
DID YOU KNOW
Insured individuals wishing to buy back quarters under the basic scheme can benefit from a reduced rate if the request is made before the end of the calendar year of the insured's 40th birthday and no longer the 10th calendar year following the end of their studies.
3 options exist
- Option 1 allows for a reduction in the discount applied to the pension rate. The price of a quarter can reach €4,510.
- Option 2 allows for both a reduction in the discount and an increase in the number of contribution quarters. This last option is more expensive.
- Option 3, reserved for public agents, allows for an increase in service duration and bonuses. The price of buying back quarters depends on the age at the time of the request and the indexed treatment of the applicant.
Progressive retirement
2023 retirement reform
The progressive retirement system is now open to insured individuals from the age of 60 for pensions liquidated from September 1, 2025, provided they can justify a duration of at least 150 quarters in one or more mandatory old-age insurance schemes, and a reduction in their professional activities.
For example, for employees subject to a defined working duration in hours or days, the reduction in activity must be between 40% and 80% of the legal or conventional working duration, based on full-time work in the company. The procedure with the employer is regulated by law.
The employee must send their request by registered letter with acknowledgment of receipt at least 2 months before the desired date. The employer must also respond by registered letter with acknowledgment of receipt within 2 months of receiving the request. The absence of a written response within this timeframe will be considered as the employer's agreement.
The 2023 reform also broadens and facilitates access to progressive retirement for civil servants and liberal professionals. Non-salaried insured individuals will need to justify a minimum annual income (penultimate year) of at least 40% of the annual gross SMIC as of January 1, a reduction in their income of 20% to 60%, and not engage in any other professional activity.
There is a system designed for active individuals who wish to arrange a smooth transition between active life and retirement: progressive retirement. This system allows insured individuals to work part-time while receiving a portion of their basic retirement pension.
Note
For more information, you can also contact your company's Human Resources Department.
Retirement indemnity
Unlike retirement, retirement indemnity is initiated solely by the employer. Outside of certain specific professions (military personnel, air traffic controllers, dancers of the Paris Opera, magistrates…), an employer cannot retire an employee before the full retirement age (67 years). Between this age and 70 years, retirement is possible but only with the employee's agreement. After 70 years, the employer no longer needs the employee's approval. In both cases, they must notify the future retiree one month before their departure or two months if they have more than 2 years of seniority and pay them the retirement indemnity (without any seniority condition).
The minimum amount of the indemnity is equal to 1/4 of a month's salary per year of seniority for the first 10 years and 1/3 of a month's salary per year of seniority from the 11th year. Your collective agreement or collective agreement may provide for more favorable provisions.
In terms of income tax, retirement indemnities are exempt up to the highest of the following amounts:
- the legal or contractual indemnity without limitation of amount,
- half of the indemnity received or double the gross annual salary received during the civil year preceding the termination, within the limit of 5 times the annual amount of the social security ceiling (€235,500 in 2025).
Retirement indemnities
Retirement indemnities are exempt up to a limit of an amount set at 2 times the annual social security ceiling of the portion of indemnities paid that is not taxable. The excess portion is included in the base for social security contributions (PASS) under common law conditions.
The indemnity paid upon retirement benefits from an exemption from CSG and CRDS, up to the lowest amount between:
- that provided for by the collective agreement, a professional or interprofessional agreement, or failing that, by the legislation in force.
Exemptions from social contributions, CSG, and CRDS apply only if the total indemnity does not exceed 10 times the PASS (i.e., €471,000 in 2025). Beyond this threshold, the entire indemnity is subject to these contributions.
The indemnity is subject to a specific employer contribution of 30% for its portion excluded from the base of social security contributions. It is exempt from the social flat-rate tax.
Note
In the case of voluntary departure, only employees with more than 10 years of seniority in the company are entitled to the retirement departure indemnity.
DID YOU KNOW
If the retirement is pronounced within the framework of a Job Preservation Plan (PSE), the employee cannot receive a dismissal indemnity unless the PSE expressly provides for it.
The unified AGIRC-ARRCO complementary scheme
Since January 1, 2019, the ARRCO scheme (complementary scheme for all private sector employees) has merged with the AGIRC scheme (specific scheme dedicated to executives in the private sector). The new unified scheme, resulting from the merger of ARRCO and AGIRC, has been named AGIRC-ARRCO. Since January 1, 2019, the status of executive or non-executive no longer matters in pension contributions.
What happens to the points acquired before the merger?
At the time of liquidating retirement rights, the number of complementary retirement points acquired during the career is multiplied by the service value of the point at that time to give the amount of the complementary retirement pension to be paid. For employees who will liquidate their rights from January 1, 2019, the cumulative number of ARRCO points acquired and, for executives, the number of AGIRC points acquired before this date, have been converted into AGIRC-ARRCO points. In other words, employees retiring since January 1, 2019, receive a single AGIRC-ARRCO pension.
The conversion rate for the ARRCO point is 1. This means that 1 ARRCO point is worth 1 AGIRC-ARRCO point. The conversion coefficient for the AGIRC point is 0.347791548. This coefficient results from the division between the value of the AGIRC point and the value of the ARRCO point in 2018. For pensions liquidated from January 1, 2019, the number of AGIRC points acquired is therefore multiplied by 0.347791548 to give the number of AGIRC-ARRCO points. Available on the AGIRC-ARRCO website, a conversion calculator allows the insured to know how many points they have in the new unified scheme.
AGIRC-ARRCO contribution bases
Executives and non-executives have been subject to the same complementary contribution bases under the new AGIRC-ARRCO scheme since January 1, 2019:
IMPORTANT
AGIRC-ARRCO contributions are borne 60% by the employer and 40% by the employee. Some collective agreements or branch agreements may provide for a higher employer share than 60%.
- a tranche 1 based on gross salary up to 1 PSS (from €0 to €3,925 in 2025),
- a tranche 2 based on the portion of gross salary between 1 and 8 PSS (from €3,925 to €31,400 in 2025).
On these contribution bases, contribution rates are applied that allow for the acquisition of AGIRC-ARRCO points. The rate for tranche 1 has been set at 7.87% and that for tranche 2 at 21.59%. These rates correspond to the contractual contribution rate multiplied by a call rate of 127% which does not generate any additional rights.
Annual revaluation of AGIRC-ARRCO retirement
The AGIRC-ARRCO survivor's pension
The annual revaluation of complementary pensions, which allows retirees not to lose purchasing power and which occurs on November 1, is no longer based on inflation but on the average evolution of salaries. Since salaries traditionally increase faster than prices, this new indexing is presumably more favorable for retirees.
As with basic pensions, the spouse of an employee receives, upon the death of their partner (or ex-partner if the surviving spouse has not remarried) a fraction of the complementary pension that the deceased was receiving during their lifetime or should have received if they had retired. This is called the survivor's pension. The reversion rate is 60%. Since January 1, 2019, the widower or widow must be at least 55 years old to benefit from the AGIRC-ARRCO reversion (compared to 60 years in AGIRC before the merger). In the event of remarriage, the AGIRC-ARRCO survivor's pension is definitively canceled.
However, a so-called “technical” management has been introduced which allows social partners to reduce or increase the indexing rate from time to time while respecting the financial balance of the AGIRC-ARRCO scheme. For example, employer representatives and employee unions can decide, in light of the increase in life expectancy, to decrease the indexing rate. Conversely, in the event of strong economic growth, they can temporarily increase the indexing rate.
For the period from 2024 to 2026, the annual revaluation will be indexed to the inflation rate reduced by a sustainability factor of 0.40 points. The board of directors of AGIRC-ARRCO will have some leeway depending on the evolution of the economic situation in the coming years.
DID YOU KNOW
Insured individuals justifying a situation of disability, unfitness for work, or in certain specific situations may benefit from their complementary retirement at the full rate before the legal retirement age.
The Retirement Savings Plan (PER)
A simplified, flexible, and attractive retirement savings plan
The PER, Retirement Savings Plan was launched in October 2019 to encourage more French people to financially prepare for this deadline, often synonymous with a loss of purchasing power.
The PER retains the tax deductibility rules for contributions established by the Madelin and Fillon laws. While the annuity guarantees a lifelong retirement supplement, the PER allows for the free access to savings once retired, which can be withdrawn in the form of capital (in one or several installments) or converted into an annuity. It is even possible to combine these two options to benefit from an annuity while keeping part of the savings available in capital in case of need.
Regardless of your choice, the amounts will be taxed according to the regulations in force. The amounts paid will also be subject to social levies at the rates in force on the day of payment.
Another advantage of the PER: the widening of cases for unlocking savings before retirement. As a reminder, before retirement: your savings cannot be unlocked except in exceptional cases.
Individual savings solutions
The acquisition of the primary residence (without it necessarily being the first acquisition) is a new case of early unlocking of savings(2). This buyback will be taxed and will bear social levies. It adds to the early withdrawals allowed in case of hardship, such as the death of a spouse or PACS partner, the disability of the insured, their spouse, or a child, as well as the expiration of unemployment benefits, or over-indebtedness.
These cases of early withdrawals are exempt from taxes but remain subject to social levies. Finally, in order to adapt to increasingly diversified professional paths, the PER can allow for the grouping of previously scattered retirement savings into a single product (Préfon, PERP, Art. 83, PERCO, Madelin, other individual or collective PER…).
Your AXA advisor is at your disposal to study the opportunity for such a transfer.
(1) Unless the member irrevocably opts for the annuity and except for the portion corresponding to the mandatory contributions of the employee and employer.
(2) Except for amounts corresponding to the mandatory contributions of the employee and employer.
Investing in unit-linked supports carries a risk of capital loss. The amounts invested in these supports are not guaranteed by the insurer, who only commits to the number of units, but are subject to fluctuations up or down depending particularly on the evolution of financial markets.
The PERP (Popular Retirement Savings Plan)
The Madelin retirement savings contract
The PERP is no longer marketable since October 2020, but contracts opened previously retain their operating principles. Amounts paid into an existing PERP remain deductible from taxable income within a certain limit. While its main objective is to allow for the payment of life annuities (that is to say, paid throughout your life), it is nevertheless possible, at the liquidation of the PERP, to withdraw in capital up to 20% of the accumulated savings, with the remaining 80% giving rise to the payment of an annuity.
At retirement, the annuity received each year will be taxable in the category of pensions. It is also subject to social levies at the rates in force on the day of payment. During the accumulation phase, the savings on this contract cannot be redeemed except in exceptional cases (L132-23 of the Insurance Code). Once they have liquidated their rights to mandatory retirement, the member of a PERP is not obliged to unwind their plan. The retiree can thus continue to contribute to their PERP and thereby build a higher annuity over time and deduct part of their contributions from their taxable income, within the limit of a legal ceiling (under conditions).
PERPs can be transferred to a PER and the amounts therein can then benefit from the ability to withdraw in capital(3) at retirement and from early withdrawal for the acquisition of the primary residence. Your AXA advisor is at your disposal to study the opportunity for such a transfer.
The Madelin contract is no longer marketable since October 2020, but contracts opened previously retain their operating principles. Amounts paid into Madelin contracts are deductible from taxable profits.
Madelin retirement savings contracts
Madelin retirement savings contracts do not offer a capital withdrawal option, unlike the PERP. During the accumulation phase, the savings on this contract cannot be redeemed except in exceptional cases (like the PERP). However, unlike the PERP, the Self-Employed Worker must unwind their Madelin retirement savings contract once they have liquidated their retirement rights and ceased their professional activity.
At retirement, the annuity received each year will be taxable in the category of pensions. It is also subject to social levies at the rates in force on the day of payment. To benefit from a tax deduction under this contract, you have a commitment to pay a minimum amount each year. Madelin contracts can be transferred to a PER to benefit from the relaxations brought by the latter (the ability to withdraw in capital(3) at retirement, cases of early withdrawals). Such a transfer may lead to a loss of guarantees. Your AXA advisor is at your disposal to study the opportunity for such a transfer.
(3) Unless the holder has irrevocably opted for an annuity payout and except for the rights corresponding to the mandatory contributions of the employee and employer.
Investing in unit-linked supports carries a risk of capital loss. The amounts invested in these supports are not guaranteed by the insurer, who only commits to the number of units, but are subject to fluctuations up or down depending particularly on the evolution of financial markets.
Collective savings solutions
The PERCO and PERECO (Collective Retirement Savings Plan) allow you to save to receive an annuity or capital on the day of your retirement. Depending on the companies, you can optimize your investments until your retirement with managed management or manage your investments yourself with free management.
To complement the pensions of mandatory schemes, arrangements may have been made by your company within the framework of a collective contract.
The PERCO (Collective Retirement Savings Plan) or the PERECO (since October 2019)
You can invest:
- your participation bonus,
- your profit-sharing bonus,
- your own savings by making voluntary contributions,
- any contributions from your company,
- employee savings from a PERCO from a former employer by transfer, or from a PEE for the PERCO (and not for the PERECO except for the portion of savings corresponding to mandatory contributions),
- amounts from a CET or from unused leave days.
You can unlock your savings before your retirement, without tax, in cases of exceptional unlocking such as the purchase of your primary residence (Article R.3334-4 of the Labor Code for the PERCO and Article L. 224-4 of the Monetary and Financial Code for the PERECO).
Article 83 or the Mandatory PER (since October 2019)
They allow for voluntary contributions at your own pace during your working period, in addition to the mandatory contributions from the company. Upon your retirement, you will receive a guaranteed income supplement for life. Before your retirement, your savings can be returned to you in exceptional cases (Article L 132-23 of the Insurance Code for Article 83 and Article L 224-4 of the Monetary and Financial Code for the Mandatory PER). With the new Mandatory PER, you have the option to recover your savings from voluntary contributions and employee savings for the purchase of your primary residence.
Investing in unit-linked supports carries a risk of capital loss. The amounts invested in these supports are not guaranteed by the insurer, who only commits to the number of units, but are subject to fluctuations up or down depending particularly on the evolution of financial markets.
particularly the evolution of financial markets.
DID YOU KNOW
With the new PERECO and Mandatory PER, you have the option to make voluntary contributions that are deductible or not from your taxable income. It’s up to you to choose based on your situation. The chosen option will impact the taxation on the annuity or capital paid.
DID YOU KNOW
Once their rights to mandatory retirement have been liquidated, the employee must contact the account holder or insurer of the PERCO/PERECO/Article 83/Mandatory PER to receive their annuity and/or capital. They can also choose not to liquidate their account. They can thus continue to make voluntary contributions. In the cases of Article 83/Mandatory PER and Collective PER, they will be able to deduct their contributions from their taxable income. However, the retiree will no longer be able to benefit from the employer's contribution (in the case of PERCO/Collective PER) or from employer contributions (in the case of Article 83/Mandatory PER).
Note
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Collective savings solutions
Retirement savings: annuity or capital?
The reversible annuity
TO PROTECT THE DESIGNATED BENEFICIARY
This option ensures that upon your death, the payment of the annuity continues for the designated loved one, as long as they are alive. The reversion rate is chosen at the time of the annuity liquidation. It can be 100% or 60%.
Once retired… capital or annuity?
Some examples of annuity options that may be provided depending on the contracts.
Faced with the increase in life expectancy and thus the number of years lived in retirement, the life annuity is the only way to guarantee complementary income for life. Individual or collective retirement contracts thus offer a wide choice of annuities at your retirement. When the time comes, you will be able to choose the option that best suits your situation and needs.
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The annuity with guaranteed payments
TO ENSURE YOUR PAYMENTS NO MATTER WHAT HAPPENS
This option ensures that you receive an annuity for a defined period. If you are still alive at the end of this guaranteed period, you continue to receive this guaranteed annuity for life. In the event of death during the guaranteed period, the unpaid annuities will be paid as an annuity to a designated loved one until the end of the guaranteed period.
Retirement savings: annuity or capital?
At the time of retirement, your AXA advisor will help you determine the solution that suits your situation.
This annuity option ensures that upon your death, your beneficiary will receive a capital equal to 100%, 200%, or 300% of the last annual amount of the annuity.
TO ANTICIPATE YOUR HEALTH EXPENSES
TO INCREASE YOUR INCOME IF NEEDED
This annuity option allows you to increase your annuity to anticipate your health expenses. Your annuity will be increased by 20% at your 70th and then at your 75th birthday.
This option ensures you have an increased annuity when you need it most:
- during the first years (end of credit, children's studies…),
- after 10 or 15 years (anticipation of future needs in the medium or long term).
The annuity with increased payments upon death
TO LEAVE A RESERVE CAPITAL
The increasing step annuity
The increased annuity
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Anticipating health and insurance coverage
The complementary health insurance
French employees have “company health coverage,” that is to say, complementary health insurance offered by the employer that covers part of the contribution. Since January 1, 2016, all companies (including very small ones) offer complementary health insurance to all their employees and bear at least 50% of the cost. Complementary health insurance reimburses health expenses that are not fully covered by Health Insurance (consultations, pharmacy, hospitalization, optics, dental…) and those not reimbursed (excess fees, daily hospital fees, dental implants, sessions of alternative medicine…). It thus allows for better reimbursement of health expenses.
When you leave active life, your health coverage must be taken out individually. The contribution will be entirely your responsibility.
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Anticipating health and insurance coverage
How to assess your needs? Each case is unique. They depend on many parameters (for example, coverage or not of your spouse) and especially on your health care consumption habits (for example, if you wear glasses, if you consult doctors who charge excess fees…). To choose your contract, and particularly between continuing your company coverage and a coverage consistent with your new situation, take stock of your treatments and assess your level of health expenses. Once retired, it is possible to keep the complementary health insurance from your company provided you notify the insurer of the collective contract by registered letter within 6 months following your departure. The retiree no longer benefits from the employer's share and must pay the entire contribution. Beyond the guarantees, examine all the services offered by complementary health insurances. For example, third-party payment allows you not to advance certain medical or pharmaceutical expenses. Assistance services are also very useful if you are hospitalized and need, for example, a home helper. There are also teleconsultation medical services, which allow you to consult a doctor 24/7 by phone or video from France or abroad. Some complementary health insurances have a partner network of health professionals and offer negotiated rates with these practitioners (opticians, dental surgeons…).
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In terms of insurance
Many employees also benefit from a contract set up by their company. This type of contract helps to cope with financial difficulties related to death, disability, or work stoppage with the payment of a capital, daily allowances, or annuities. You will cease to benefit from this coverage when you retire.
Whether you are retired or not, know that you will be able to benefit from the implementation of the “100% health” reform. This reform aims to eliminate the “out-of-pocket” costs for certain equipment in audiology, optics, and dentistry. The out-of-pocket costs correspond to the remaining amount to be paid by the insured after deducting reimbursements from Health Insurance and individual or collective complementary health insurance. All French citizens covered by a complementary health insurance contract integrating the 100% health will be able to benefit from it. The insured must also opt for equipment (corrective glasses or lenses, dental prostheses, hearing aids) eligible for “100% health” that meet a strict specifications set by ministerial decree. If these two criteria are met and the health professional respects the price ceilings of the Social Security code, the cost of the service will be fully covered by mandatory and complementary health insurance. The insured will therefore have no amount to pay out of pocket. The “100% health” came into effect for optics and part of dentistry in 2020 and for an additional part of dentistry and audiology in 2021.
Insurance coverage
You must therefore think about your new needs: protecting yourself against everyday accidents (DIY, cleaning, gardening, sports, leisure…) and protecting your spouse or dependent children in case of death. If your company has allowed you to benefit from a dependency contract, you must subscribe and contribute individually to the offer of continued guarantee of annuity in case of loss of autonomy, under penalty of reducing or losing your guarantee. Note that borrower insurance, contracts of insurance associated with a mortgage, only cover the repayment of loan installments in case of death, incapacity, or disability.
Anticipating health and insurance coverage
There is no need to “over-equip” yourself by subscribing to a plan that exceeds your needs in care; you risk paying excessively high contributions. Instead, ask yourself the right questions and choose the plan that is most consistent with your real needs.
Note
When you are an executive… and in your thirties
At 32 years old and a salary of €4,600 gross per month, Julien has moved quickly.
Look ahead, decide now
DID YOU KNOW
If his short-term future is necessarily uncertain, he nonetheless has two ideas in mind: the reduction of his income will be drastic at retirement while his needs will not decrease; it is now that he must address this to avoid it; buying his primary residence before this deadline is a priority. Renting to remain mobile according to the missions assigned to him, he is single and heavily taxed. “My income allows me to save, but the availability of this savings is fundamental, and I really need to reduce the tax pressure,” he analyzes.
The PER is a good starting point since, given his income and tax bracket, Julien could deduct 30% of his contributions from his taxable income, according to the conditions and tax limits of the PER contract. This strong argument is complemented by the fact that the acquisition of the primary residence is one of the cases of early unlocking of savings invested in a PER. “I don’t yet know if I will unlock this savings when buying property, but the fact that I can do so reassures me.”
(1) Except for amounts from mandatory contributions of the employee and employer.
And in real life?
Amounts paid into a PER are blocked until retirement, but it will be possible to recover the savings linked to voluntary contributions and employee savings to finance the acquisition of your primary residence(1), without it necessarily being the first. This buyback will be subject to taxation and will bear social levies. This option is not possible for amounts from mandatory contributions of the employee and employer that would have been transferred to the PER.
DID YOU KNOW
When you are a doctor… and rather close to retirement
Anything is possible… even being wise.
At 56 years old, the simultaneous end of his mortgage and his children’s studies comes at just the right time to free up significant savings capacity. “For my retirement, it changes everything,” smiles Dominique, “and the options presented by my advisor to secure my future, even though I have little time left, are more numerous than I imagined.”
The first possible option: increase the amount of his contributions to his Madelin contract opened about fifteen years ago. Another possibility is to open a PER in parallel to make contributions alongside and benefit from the ability to withdraw in capital from this product. But it is to reduce his taxable base that the dilemma arose: “With a little more time ahead of me, I would probably have invested in biotech startups, as I am passionate about the subject. But I was wise,” she adds with a wink, “I thought about time. About the time it takes for these activities to develop and my own time, my free time, spent managing this investment.” Ultimately, Dominique opted for a distribution of her new savings capacity between a PER and a life insurance contract.
And in real life?
The closer retirement gets, the more one thinks about it.
When you are a SME manager… and want to retain your employees
Marc’s company has grown rapidly.
New perspectives opening up
At 52 years old, for this founder and salaried manager of his company, thinking of others is a way of thinking of himself. Proud to have already created 50 jobs and not lacking in prospects, he wants to retain his executives and attract others. However, even if he had the opportunity to offer them tax-exempt retirement savings solutions through the company, the blocking of this savings until retirement, except in cases of hardship, represented a serious obstacle. By choosing to implement a so-called “Mandatory” PER for his executives, Marc will be able to offer them a more flexible retirement solution: “They can now not only build up savings with a tax advantage, but also unlock it whenever they want to buy a primary residence for the rights linked to voluntary contributions and employee savings. The icing on the cake is that they will be able to recover it in the end, either in part, in capital or in annuity. It becomes really attractive. And let’s not forget that the company contributes to the effort by contributing for them,” he adds, thinking of both himself and others.
Offering retirement savings solutions to employees
And in real life?
For all employees, once his close guard and himself are sufficiently protected, Marc hopes to be able to offer, as early as next year, the same possibility of deductibility of voluntary contributions to all employees. The Collective PER he would propose would allow them to invest all or part of the participation he is now required to pay them, which is itself tax-exempt at entry as well as at exit. And if the economic situation allows, he might even contribute to these payments to motivate the troops.
DID YOU KNOW
The so-called “Mandatory” PER results from an agreement between the company and its employees or part of them: the company commits to pay a contribution every month into an account opened in their name, thereby making their membership mandatory. Depending on the negotiated agreement, the company can cover all or part of this contribution.
Diversifying your savings
(1) Except if the member irrevocably opts for the annuity and except for the portion corresponding to the mandatory contributions of the employee and employer.
Taking responsibility for your choices while preserving the essentials
And in real life?
When you are a self-employed worker… after being an employee. Divorced and father of two children, the leap out of the big company to create his own as a self-employed worker is not designed to destabilize him but to move forward in life. The PER offers him the opportunity to deduct from his taxable income the contributions he makes, within the limit of his legal ceiling. While he is currently not interested in the possibility of early withdrawal of his savings for the acquisition of a primary residence, Sébastien is attracted by the possibility of withdrawing in capital(1) at retirement: “I plan to settle abroad for my old age. Also, my PER can help finance my relocation,” he says. Another significant interest is that he can also transfer the savings invested in the retirement contract of his former employer to his PER. Thinking as much about his future projects as about the future of his two daughters, he is also considering funding a life insurance contract to benefit from more available savings. And in the event of death, the favorable tax framework of life insurance allows him to pass on all or part of his capital to his children, who currently live with his ex-wife.
At 45, Sébastien has bet on the startup
Staying solid, and flexible
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An executive in a company and a single mother, Katia must prepare alone for many deadlines.
A new vision of savings
Securing the future
Financing her son’s education is her priority, but thinking about her retirement is also a way to protect him. Holding a “precautionary” Livret A, Katia is considering reallocating part of it to a PER. “The Livret A rate is progressing slower than inflation,” she notes. “Contributions to a PER would allow me, while preparing for my retirement, to achieve tax savings within a certain limit.” The tax savings obtained through this savings could finance a dependency contract with an education annuity for her son if something were to happen to her. The company she works for having decided to set up a Collective PER, she knows that she will be able to invest part of her participation and will also benefit from the subscription offered by her company. That’s enough to reassure her!
I want my son to always be able to count on me
And in real life?
When you are an employee… and a single mother
06 68 90 89 24
05 25 33 10 00
agencea2p.erik.thieblemont@axa.fr
Chloé is a part-time employee in a surface treatment company. In her free time, she has been passionate about photography since her teenage years. Her professional activity leaves her free on weekends, and she recently started a wedding photography business. This rather seasonal job allows her to generate income that enables her to finance the purchase of photographic equipment to fully live her passion. Consequently, Chloé becomes multi-active and must therefore contribute to each mandatory scheme related to her activities. She has adopted the status of a self-employed worker since her annual service revenue does not exceed the €77,000 excluding taxes provided for by this system. In addition to financing her passion, this activity generates retirement contributions to the general scheme as well as to the complementary fund for the self-employed.
This second activity could have 2 effects on her future retirement
In terms of income, her contributions could generate a pension from.