Plan d’Epargne Retraite Populaire (PERP) account
Group life insurance policy through which savings are built up over a long period of time, leading to the payment of a life annuity upon retirement. The savings are available, at the time of retirement, in the form of a lump-sum payout only for the purchase of a primary residence (first-time home ownership). In addition to the life insurance regulations applicable to PERPs, the operation of this scheme is subject to specific provisions. Under certain conditions, a PERP offers an upfront tax advantage (deduction of the payments made).
Source: Banque de France