The Climate Future Savings Plan (PEAC) will come into force in France from July 1 and will allow those under 21 to save without any impact from the State on rates.
A new attractive savings plan aimed at young people. Starting this Monday, 1is July, the climate future savings plan (PEAC) will be available in French banking establishments.
This new savings product, initiated by the green industry law promulgated on October 23, targets exclusively young people under the age of 21 residing on French territory and whose funds are intended to finance the ecological transition.
Unlike traditional savings accounts such as the Livret A or the Sustainable and Solidarity Development Account, the PEAC allows its subscribers to invest in savings in stocks or bonds. A process which is similar to a stock savings plan (PEA) or a retirement savings plan (PER).
A tax-advantageous savings plan
Like many savings plans, the latter has several limits, both in terms of cash payments, which is 22,950 euros, and in age (with automatic closure at 30 years of age).
It will be possible to access the funds after the end of a blocking period of 5 years, which begins from the age of majority, at 8 years old. However, it will be impossible to make new payments into the PEAC once a withdrawal has been made.
From a tax perspective, the PEAC is attractive to younger people, since the profits and capital gains made are not subject to income tax and social security contributions.
