Organisation of the system, Gabriel Attal
Funded share: €1,000 retirement savings per child, 50% of profit-sharing into PERs
Direction of change: creation of a scheme, compared with current law.
The lever. Role given to retirement savings invested on the markets, alongside pay-as-you-go, in which the contributions of those in work pay the pensions. Direction rule: ↑ larger funded share.
Words reported by Site de campagne, Assises de l'AFER: Il propose notamment l’ouverture d’un plan d’épargne retraite de 1000€ par l’État, que les parents et grands-parents pourraient abonder jusqu’aux 18 ans de l’enfant grâce à un dispositif fiscal incitatif. Et cette épargne permet d’investir dans nos entreprises les plus innovantes. Pour les actifs, il souhaite également que 50 % de l’intéressement et de la participation versés par les entreprises soient orientés vers des plans d’épargne retraite.1
Translation by the editorsHe proposes in particular the opening by the State of a €1000 retirement savings plan, to which parents and grandparents could contribute until the child turns 18 thanks to a tax incentive scheme. And these savings make it possible to invest in our most innovative companies. For working people, he also wishes 50% of the profit-sharing and employee participation paid by companies to be channelled into retirement savings plans.
Words of Gabriel Attal reported by Site de campagne, Assises de l'AFER, 29 September 2026. Position taken from public statements, not from a written programme.
Encoding
| Parameter | Current law | Proposed | Effective date or horizon |
|---|---|---|---|
| Public endowment paid into a retirement account at each birth | 0 € per birth | 1,000 € per birth (assumption by the editors, see the costing) | €bn per year, 2025 base: revenue loss for the pay-as-you-go scheme during the transition, pensions unchanged |
Costing
Announced by the candidate
not announced
The cited source does not cost this measure.
Published costings
none
No external costing of this position recorded to date.
Our calculation
−€0.6bn
per year for the public accounts, new spending.
The calculation
- Public endowment paid into a retirement account at each birth: (1,000 − 0) ÷ 1,000 = 1 times “€1,000 paid at each birth (643,905 births in France in 2025)”, each a cost of €0.64bn (0.64 to 0.64).
Assumption by the editors. Partial costing. Reading adopted: €1,000 paid at each birth, as in amendment no. 3301 to the budget bill (PLF) for 2026 (National Assembly, 10 January 2026), of which Gabriel Attal is a co-signatory. Neither the tax scheme for family top-ups nor the channelling of 50% of profit-sharing and employee participation into retirement savings plans is costed.
Coefficient calculated by the editors from Céreq Bref n° 487-488, « S'insérer dans un monde instable : le diplôme reste une valeur sûre » (enquête 2024 auprès de la Génération 2021): the position is marked as an assumption by the editors.
Current law, sources and limits of the cost schedule
Current law. The mandatory system is pay-as-you-go. The only funded exceptions: the RAFP (civil service, €43.3bn in provisions) and the FRR (€21.2bn in assets at end-2023, which pays €1.45bn per year to the Cades in 2025). Voluntary retirement savings (PER) accounted for €8.3bn in benefits and €18.5bn in contributions in 2022, for outstanding assets of €292.7bn at end-2023. Their tax and social advantages cost about €1.8bn per year.
Horizon. €bn per year, 2025 base: revenue loss for the pay-as-you-go scheme during the transition, pensions unchanged.
Limits. Parameter “payment at the first job” (18 October 2026): arithmetic coefficient, 773,000 young people who left the education system for the first time in 2021 (Céreq, Génération survey) × amount paid, i.e. €0.77bn per year for €1,000; each leaver is assumed to obtain a job one day and to receive the payment once, the annual flow of first jobs then being equal to that of leavers. Leavers in 2017 numbered 746,000 (Céreq). Any switch to funded pensions has a double cost: the diverted contributions no longer finance current pensions, which the State must continue to pay. The range uses the yield of one point of contribution to the general scheme: €4.8bn (employee share, uncapped), €6.2bn (below the ceiling) and €7.6bn (employer share, uncapped), according to the DSS. A public endowment to a sovereign pension fund is costed as a lump sum equal to the amount paid in, hence the value 0 to be filled in according to the programme. Future financial returns are not counted in a static costing. A mere new tax incentive for the PER (retirement savings plan) is costed as a tax expenditure, from the €1.8bn benchmark. A public endowment to a funded pension fund is costed at the amount paid in, which is announced by the candidate; the cost of retirement savings incentives (€1.8bn) is a benchmark. Parameter “endowment at birth”: arithmetic coefficient, number of births in France in 2025 (Insee, 643,905) × amount paid, i.e. €0.64bn per year for €1,000. The number of births has fallen every year since 2010: the cost follows. Newborns of French nationality are slightly fewer than births in France. The payment is counted as spending (a transfer to the child); if it remained the property of a public fund, it could be classified as a financial transaction, which weighs on the debt and not on the deficit. Tax-exempt family top-ups and the fund's future return are not costed.
- Céreq Bref n° 487-488, « S'insérer dans un monde instable : le diplôme reste une valeur sûre » (enquête 2024 auprès de la Génération 2021), 2026-07: « L’enquête 2024 auprès de la Génération 2021 est représentative au niveau national des 773 000 individus ayant quitté pour la première fois le système éducatif en 2021, depuis le niveau collège jusqu’au niveau doctorat. »
- Cour des comptes, Situation financière et perspectives du système de retraites, tableau n° 8 (DSS), 2025-02-20: « Le montant des ressources annuelles supplémentaires pour le système de retraites issues d’une augmentation d’un point du taux de cotisations serait compris entre 4,8 Md€ et 7,6 Md€ selon que la mesure serait appliquée sur la part salariale ou sur la part patronale »
- Cour des comptes, même rapport, épargne retraite, 2025-02-20: « en 2022, ils représentent 8,3 Md€ de prestations pour 18,5 Md€ de cotisations et un encours de 292,7 Md€ fin 2023. Même s’ils sont limités, ces dispositifs sont coûteux pour les finances publiques. […] pour un coût estimé à 1,8 Md€ par an. »
- Cour des comptes, même rapport, RAFP et FRR, 2025-02-20: « Le régime additionnel de la fonction publique, qui repose sur une logique de capitalisation, dispose de 43,3 Md€ de provisions. […] Le placement de ses actifs (21,2 Md€ fin 2023) a permis de financer une contribution annuelle à la Cades […] passée à 1,45 Md€ en 2025. »
- Insee, Les naissances en 2025 et en séries longues (État civil, Insee Résultats), 2026-07-06: « Au total, 643 905 bébés sont nés en France en 2025, contre 645 000 estimés lors du bilan démographique. »
How to read these amounts. These are static costs and revenues, with no feedback effect, over a full year: nothing on growth, employment or the revenue that economic activity would gain or lose. A higher net cost does not on its own make a worse policy, nor net savings a better one: each programme rests on an economic model (demand-led stimulus, lower compulsory levies, consolidation of the public accounts…) that the cost schedule does not settle. GDP itself measures a volume of activity, not well-being or the usefulness of what is produced. Economic models and feedback effects.
- Site de campagne, Assises de l'AFER, 29 September 2026. Words of Gabriel Attal reported by this outlet: the text quoted is the article’s, not their exact words. Position taken from public statements, not from a written programme. Read the source (Site de campagne, Assises de l'AFER).
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