Assurance Vie Portability Reform:

Protecting Savers, Modernising Financial Fairness

Réforme pour la Portabilité de l’Assurance Vie : Protéger les Épargnants, Moderniser l’Équité Financière

“No saver should be held captive in a financial product.”
“Aucun épargnant ne devrait être prisonnier de son contrat financier.”

This initiative, led by MiraClair Wealth, aims to restore fairness, transparency, and freedom of choice for Assurance Vie savers – particularly British and international clients living in France.

Télécharger le Policy Brief (FR) Download Policy Brief (EN)

The Issue: When “Tax Efficiency” Becomes a Trap

Assurance Vie was designed to support long-term saving and protect family wealth. Over time, many savers – especially retirees and expats – have discovered that they cannot easily move out of older, expensive contracts without losing the tax advantages they have spent years building.

In practice, the system often forces savers to choose between:

  • Protecting their children’s or partner’s legacy through the tax treatment of Assurance Vie; or
  • Escaping high, layered fees that quietly erode the value of their savings.

This is not real choice. It is a structural lock-in that harms consumers and discourages fair competition.


Who Is Affected?

  • Retirees with older Assurance Vie contracts
  • British and international expats moving to or living in France
  • Savers who were never given a clear explanation of the true level of charges
  • Families who want their children or loved ones to inherit efficiently
  • Anyone who feels “stuck” in an Assurance Vie that no longer fits their needs
Many savers stay in unsuitable contracts not because they want to – but because they are afraid of losing tax benefits for their loved ones.

Real Example: Legacy Versus Lock-In

Client profile: 74-year-old British resident in France, with an Assurance Vie taken out at age 69 through a major French bank.

He invested for stability and tax efficiency, with the clear objective of leaving money to his children. The fees were never fully explained in a simple or transparent way.

Five years later, an independent review found:

  • Total portfolio growth of around 2% over 5 years
  • Inflation over the same period of roughly 12%
  • Ongoing charges of approximately 3% per year
  • 50% in Euro funds paying about 1.75%, and the rest in an “ethical” portfolio he never asked for

In real terms, his savings have lost purchasing power. Yet he feels unable to move to a better-value solution because he does not want to lose the Assurance Vie inheritance tax advantages for his children.

“I’m paying high fees to protect my children – but these same fees are eating away what I hoped to leave them.”

This is not an isolated story. It is a clear example of how the current structure can hold savers captive in contracts that no longer serve them.


Our Proposal: A Fair Right to Portability

MiraClair Wealth supports a reform often referred to as DTAV – Droit au Transfert d’Assurance Vie.

The principle is straightforward:

Savers should be able to transfer their Assurance Vie to another approved provider without losing their accrued tax advantages and without punitive penalties.

This kind of portability already exists in other products, such as:

  • PER (Plan d’Épargne Retraite)
  • PEA (Plan d’Épargne en Actions)
  • Many UK pension arrangements

Technically, this reform is feasible: existing systems already track fiscal “age” and contributions. What is missing is the legal right for the saver to take those advantages with them when they move to a better, more suitable product.


Why This Matters – For Savers, Markets, and the State

Benefits for Savers

  • Fairer, more transparent fees
  • Freedom to act in their own and their family’s best interests
  • No more emotional pressure to stay in unsuitable products “for the children”
  • Better long-term outcomes for heirs and beneficiaries

Benefits for the State

  • Higher long-term investment growth can lead to higher taxable gains
  • Stronger consumer protection and confidence in regulated products
  • A modernised framework that aligns with existing transfer rules in other savings products

Benefits for the Market

  • Encourages genuine competition based on value and service
  • Rewards providers that innovate and reduce fees
  • Rewards providers that excel at consumer service
  • Improves the overall reputation and resilience of the savings industry

Policy Brief: Download and Share

You can download the full bilingual policy brief, prepared for regulators, policymakers, journalists, and consumer advocates.

Télécharger la version française (PDF) Download English version (PDF)

How You Can Support This Initiative

This is a non-partisan, client-first reform. If you believe savers should be free to move to a fairer contract without being punished for doing so, you can:

  • Share this page with others who may be affected
  • Discuss the issue with your association, community, or adviser
  • Sign and share the public petition supporting Assurance Vie portability





Fairness should not be optional. Freedom should not be a privilege.

Contact

For media, policymakers, professional partners or associations wishing to discuss this further:

Joanne Leach
Managing Partner, MiraClair Wealth
www.miraclairwealth.com

Leana Kasapis
Senior Investment Analyst, MiraClair Wealth
advocacy@miraclairwealth.com
www.miraclairwealth.com

Matt Leach
Chief Communications Officer
advocacy@miraclairwealth.com

sign the petition