Lucya CNP PER: 0.30% Fees on Unit-Linked Funds, the Game Changer for PERs?
On October 1, 2026, Lucya launches Lucya CNP PER, an individual PER insured by CNP Assurances (La Poste group), France’s second-largest life insurer.
For many years, the floor for PERs in self-directed management was 0.50% in fees on unit-linked funds. To my knowledge, this is the first time a self-directed PER with a real choice of ETFs has dropped below that threshold.
This is no surprise. Last April, Lucya CNP life insurance had already disrupted the market with the same 0.30% on unit-linked funds. Six months later, CNP is doing it again with a PER.
I – Lucya CNP PER
Fees:
0% on contributions and transfers
0.30%/year on unit-linked funds in self-directed management
0.80%/year on the euro fund, 100% guaranteed
ETFs with no transaction fees, no currency exchange fees on dollar-denominated ETFs
Individual securities at 0.07% max per transaction
Managed portfolio at +0.25%/year, horizon management at no extra cost
Over 1,200 investment options: 570 mutual funds, 130 ETFs, over 600 individual securities, 17 unlisted investments (private equity and real estate)
Entry threshold of €500, scheduled contributions from €50/month
Launch promotion (from October 1 to December 31, 2026):
+2.00% net on the euro fund, in 2026 and 2027
From €5,000 invested, with at least 50% in unit-linked funds, to be maintained throughout the period
Not combinable with scheduled contributions and automatic transfers
Limited capacity, may close at any time.
II – Comparison Lucya CNP PER / Linxea Spirit PER
Lucya CNP PER advantages:
Unit-linked fees: 0.30% versus 0.50%
ETFs with no transaction fees, versus 0.06% at Linxea
Over 1,200 investment options, versus over 1,100 at Linxea
Euro fund 100% guaranteed, versus 98%
On €50,000 100% ETFs: approximately €100 less in fees per year
Linxea Spirit PER advantages:
209 ETFs, versus 130 at Lucya
Managed portfolio slightly cheaper: +0.20% versus +0.25%
III – Your Opinion?
My opinion to start the debate: for a 100% ETF investor, 0.30% is a game changer, and I no longer see any reason to pay 0.50%.
Quick reminder: since the Pacte law, transferring a PER is free if it’s over 5 years old. Before 5 years, the contract you’re leaving can charge up to 1% of the transferred assets.
What about you?
A. I’m transferring my PER to Lucya CNP PER as soon as possible
B. I’m staying with Linxea (or elsewhere), 0.20% isn’t worth the cost
C. I’m keeping my current PER and opening Lucya for new contributions
D. I’m waiting to see the actual 2026 return on the euro fund
To go further:
Game changer or marketing stunt? Will the « unbeatable » record hold, or will Linxea respond?
How much are you paying in unit-linked fees today? I’m curious to see who’s still paying more than 0.50%.
The 2% bonus: real opportunity or loss leader? Who’s going to contribute before December 31?
On life insurance, euro fund fees are reportedly deducted daily. Does anyone know if the displayed return is gross or net of these fees, and if it’s the same for the PER?
Has anyone already seen the terms and conditions? Outgoing transfer fees and annuity fees remain the big mystery
For me, same observation as for the Lucya CNP life insurance:
Good contract on paper thanks to its low fees, a fairly wide choice of funds, including good ETFs
A terrible interface by Lucya, which makes it an impossible contract to track precisely because no documents available, and no access to the insurer’s site. Still many operations impossible to do digitally since the life insurance opening like withdrawals for example, so it will be the same on the PER, until ???
The euro bonus: I don’t see the point of the euro fund on PER. Since the envelope is locked, might as well put 100% ETFs in it. The euro fund itself is quite poor. Its only interest will be to be able to secure on it as the unlocking approaches.
So well… for those who just want to invest in ETFs and don’t wish to follow the thing too closely, it will do the job with really low fees.
Reminder: no, the PER is not interesting for everyone, regardless of the fees. When you still see 25-year-olds in the 11% marginal tax bracket who got this pushed on them…
100% agree, especially since the point of the PER is to capitalize on the leverage of tax deferral. So why not use it for arbitrage as withdrawals approach. But for optimized returns, it’s better to put everything in ETFs.
Sorry, I didn’t understand, a PER can only be closed under certain conditions or did I miss something
More than 1,200 investment options, compared to over 1,100 at Linxea […]
209 ETFs, compared to 130 at Lucya
For me the quantity of available UCs (unit-linked funds) is not a criterion, it’s often highlighted by insurers, but for the investor it’s better to have a good ETF
Personally, the question of whether it’s a good PER matters little to me.
The PER is the heist of the century, to borrow a trendy title right now.
The heist of the century, or how to push savers towards a tunnel product only to discover over the years tax rule changes every two weeks, which end up emptying the initially promised advantage of its substance….
As for me, I already have a well-funded Linxea Spirit 2 life insurance policy and a Linxea Spirit PER. I had stopped funding the Spirit life insurance to fund the CNP life insurance, and I was eagerly awaiting the PER version. I will therefore keep my PER with Spirit, without funding it anymore, and will open the CNP one to fund it monthly (being in the 41% tax bracket, it’s a wrapper I appreciate). It’s true that even if the Lucya interface seems nicer, it remains less functional, but for what I do with it, it works for me, hoping it will improve little by little.
I opened a Lucya CNP life insurance policy, currently in progress, so I haven’t seen this interface yet. What’s bad about it at the moment, can you elaborate?
On my side, I opened a Lucya CNP life insurance policy and I’m very satisfied with it, so I’m also opening the retirement savings plan.
If I understand correctly, what’s being criticized is the fact that withdrawals and changes to monthly contributions can’t be done online yet.
I admit I don’t find that great and it seems like the basics to offer that, but I’m not affected by either one, so until they fix it, it doesn’t bother me.
Simply because there are no annual management fees
And since the PER is a capitalization wrapper, you can buy/sell without taxation even though it’s a securities account, which is quite significant.
Disadvantage on inheritance if you pass away with a securities account PER before age 70, however it’s better after 70 compared to an insurance-based PER (which then behaves like a life insurance policy for contributions made after 70).
Even at 0.3% annually, it still ends up eroding performance. And the securities account PER allows you to invest in everything (except euro funds but you can do without)
Our opinion on the Lucya CNP PER is very positive. With 0.30% annual fees on unit-linked funds, no transaction fees on ETFs and more than 1,200 unit-linked funds, Lucya and CNP Retraite are setting the bar very high.
Thanks to its excellent value for money (low fees but excellent PER with a wide choice of UCs and flexible management), Lucya CNP PER goes straight into our top best PERs on the market. It establishes itself as a new benchmark for building a diversified and high-performing long-term allocation.
It should be noted that Nicolas also mentions:
Lucya informed us that they were working [on the interface], they have recruited the former Chief Technical Officer (CTO) of Yomoni to improve the UX / user experience.
Yes, but I find him a bit too lenient towards Lucya. And I pointed it out to him, hence his response. They’ve been saying they’re going to improve things for over 3 years now. And since then? They changed the color of the site…
The euro fund on a PER is not subject to annual CSG like on a life insurance policy
In turbulent times like now, it’s a good compartment for keeping liquidity when you manage your PER independently
Personally on Boursorama I have 5.5% theoretical for 2 years on the euro fund of the PER, I sold all my ETFs to switch to euro funds and gold ETCs for the moment
