Protecting Savers, Modernising Financial Fairness
A national discussion on savings fairness, led by independent practitioners, supported by international best practice.
No saver should feel locked into a financial product.
This initiative, led by MiraClair Wealth, calls for a long-overdue modernisation of Assurance Vie — restoring fairness, transparency, and genuine freedom of choice for French residents, British expatriates, and international families.
The Issue: When Flexibility No Longer Matches the Modern Investor
Assurance Vie remains one of the most powerful and versatile wealth planning tools available in France.
For decades, it has provided:
Tax-efficient growth
Valuable inheritance planning benefits
Long-term financial stability for families
However, the landscape in which these contracts operate has changed significantly.
Many contracts were designed in a different era — before modern fee transparency, before open-architecture investment platforms, and before today’s expectations around flexibility and control.
As a result, a growing number of savers — particularly retirees and international clients — are finding themselves in contracts that no longer reflect their needs or today’s investment standards.
In practice, many investors face a challenging dilemma:
Retain valuable tax and inheritance benefits built up over time
orMove to a more modern, transparent, and cost-efficient solution
For many families, this is not a genuine choice.
The structure of the system can make change feel disproportionately costly — even when remaining in the existing contract may not be in the client’s long-term financial interest.
This is not true choice.
It reflects a structural constraint that can work against clients — limiting flexibility, discouraging healthy competition, and ultimately favouring legacy providers over the long-term interests of families.
This issue has increasingly gained national attention, including coverage in The Sunday Times, highlighting the real-life impact on savers and their families.
Who is affected?
Anyone who feels “stuck” in an Assurance Vie they would not choose today.
Retirees with contracts older than 8 years
British and international expats in France
Savers who were never shown full, transparent fee information
Families planning intergenerational wealth
According to an article in Le monde in November 2024, more than 50 million Assurance Vie contracts exist, yet only about 300,000 were transferred last year*. That’s less than 1% mobility. Many remain in unsuitable contracts not by preference but by fear of losing tax advantages for their loved ones.
Real Example: Legacy Versus Captivity
Profile: a 74-year-old British resident in France.
Objective: protect children and maintain long-term stability.
Over the last 5 years, an independent review found (approx figures):
Total portfolio growth: 2%
Inflation : 12%
Ongoing fees: 3% per year
Large Allocation to Euro funds earning 1.75%
An “ethical” portfolio chosen without his knowledge
In real terms, he has lost purchasing power. Yet he feels unable to move. The tax advantage for his children is too important to sacrifice.
This is not an isolated story. It is a structural problem affecting thousands of households.
“Per OECD figures, a 1% reduction in fees increases long-term capital by almost 20%. For a family saving over decades, that is life-changing.”
Our View
This is not a criticism of Assurance Vie itself.
It is a reflection on how the system has evolved — and where it has not.
We believe clients should not have to choose between:
protecting their family’s future
and improving the efficiency of their investments
Both should be possible.
Why now?
France’s pension system is under increasing pressure. The Conseil d’Orientation des Retraites has warned that future pensions will be lower, making efficient private savings—and the freedom to move them—more important than ever.
OECD projections confirm that France’s replacement rate is set to decline, while nearly €2 trillion of long-term household savings remains locked in legacy structures.
Pension ages are rising; replacement rates are falling
Fees in legacy products remain among the highest in Europe
A generation of retirees is entering decumulation with contracts written in the 1990s
The Senate has already signalled reform, passing a portability measure in 2023
At a time of structural change, trust in financial institutions depends on fair, modern and portable rules.
Why this matters
Benefits for Savers
Fair fees
Real freedom of choice
Better long-term capital protection
Less emotional pressure to “stay for the children”
Benefits for the Market
Healthy competition based on value and service
Innovation
A modernised financial ecosystem
More trust in the long-term savings sector
Benefits for the State
Higher long-term capital > higher taxable gains
Stronger consumer protection
A more resilient savings system
Support the initiative
Every voice, whether journalist, policymaker, adviser, or saver, makes this conversation harder to ignore.
In 2023, the French Senate already voted in favour of allowing Assurance Vie contracts to be transferred without losing tax benefits. The idea was clear and simple: savers should not be trapped in expensive or outdated contracts. But when the text moved to the Assemblée Nationale, it lost momentum.
Why? Because insurers pushed back, and ordinary savers didn’t have a way to make their voices heard.
That’s why this petition matters.
This reform wasn’t rejected, it was just never pushed over the finish line. With enough public support, we can show that real people want the freedom to move to a better contract without being penalised.
No saver should feel stuck. Your voice helps reopen a reform that was already on its way.
If you believe savers should have the right to move their contract without financial penalty:
Share this page
Sign the public petition here
Discuss the issue with local associations, community, or professional groups
Speak to your financial advisor
Fairness should not be optional. Freedom should not be a privilege.
Contact
For media, policymakers, professional partners or associations wishing to discuss this further, please contact the team at advocacy@miraclairwealth.com.
Joanne Leach - Managing Partner, MiraClair Wealth
Leana Kasapis - Senior Investment Analyst, MiraClair Wealth
Matt Leach - Chief Communications Officer