Created by Act 2003-775 of 21 August 2003 reforming pensions, the retirement savings plan (PERP) allows the holder to build up additional retirement income in the form of an annuity.

This product is subscribed by signing up to an insurance contract entered into between an association, known as a Retirement Savings Group (GERP), and an insurance institution. These groups, which are now partly subject to the new rules applicable to associations of policyholders, must also apply specific governance rules. This institutional framework is designed to ensure that the interests of subscribers to PERPs, or, in the event of their death, the interests of their beneficiaries, are represented. A given GERP may offer more than one PERP.

Article R.144-5 of the Insurance Code stipulates that GERPs must register with the ACPR within six months of entering into their first PERP.

To register with the ACPR, a GERP must submit the following:

• a copy of the publication in the Official Journal of the statement confirming the formation of the association
• a copy of the GERP’s articles of incorporation
• if necessary, a copy of the internal rules of procedure and code of conduct

The ACPR has two months to issue the registration number that must be shown on contractual documents relating to plans subscribed by the association. This number consists of the association’s business registration (SIREN) number followed by a sequence number.

The ACPR must be informed within 30 days if:

• any changes are made to the articles of incorporation;
• the association is dissolved;
• the association ceases its activities as a GERP;
• the association enters into a new PERP;
• a GERP is closed down.

Register of GERPs- December 2016