In the event of a capital withdrawal :

Capital :
- Deductible payments : subject to income tax but exempt from social security contributions
- Non-deductible contributions and bonuses/CET : exempt from income tax and social security contributions
Capital gains :
- Deductible and non-deductible payments : subject to the Single Flat-Rate Levy of 31.4% (Social security contributions 18.6% + Income tax 12.8%) or the possibility of opting for the progressive scale.
- Bonus/CET: exempt from income tax but subject to social security contributions of 18.6% (rate in force in 2026)
Mandatory contributions (when the annuity is less than €110/month)
- Capital: reintegrated into taxable income and subject to the progressive income tax scale
- Capital gains: subject to the Single Flat-Rate Levy of 31.4% (Social security contributions 18.6% + Income tax 12.8%) or the possibility of opting for the progressive scale.

In the event of an annuity payout :

Deductible payments and mandatory contributions : Free Life Annuity scheme.
- The annuity is taxed as a retirement pension, after a 10% allowance (capped at €4,399 in 2025).
- It is also subject to social security contributions.
Non-deductible payments, premiums, CET : Onerous Life Annuity scheme.
- Only a portion of the annuity is taxed, depending on the age at the time of retirement:
  - 70% if you are under 50 years old,
  - 50% are between 50 and 59 years old.
  - 40% are between 60 and 69 years old.
  - 30% after age 69.
- Social security contributions (18.6%) are applied to this taxable portion.

What are the tax implications upon retirement?