Analysis by Good Value for Money of the general conditions of the Arpèges multi-support contract of Axa France offering a wide range of delegated management


  • General condition analysis of contracts
  • Good Value for Money

Arpeggios (AXA France)

Good Value for Money analysis of the General Conditions

Version as of July 27, 2022

Reference elements

  • Insurer:
  • Type of Contract :
  • Type of contract:
    • Collective with individual subscription
  • Subscribing entity of the collective contract:
  • Version of the analyzed general conditions:
  • Contract status:
    • Open to new subscriptions

Costs

  • Association fees:
    • €15 membership fee for ANPERE upon subscription
  • Application fees:
  • Entry fees on payments:
    • 4.85% maximum fee on payouts
  • Annual management fees on the classic euro fund:
    • Global Euro Euro Fund: 0.80%
  • Annual management fees on the eurocroissance fund:
    • Funds in euros Growth: 0.80%
      withdrawn monthly at the rate of 0.067%
    • + 10% maximum financial performance fee
  • Annual management fees on account units (UA) excluding OPCI AXA Selectiv’Immo and AXA Selectiv’Immoservice:
    • 0.96% by reduction in the number of units of account
      withdrawn monthly at the rate of 0.0804%
  • Annual management fees on AXA Selectiv’Immo and AXA Selectiv’Immoservice OPCIs:
    • 1.50% per decrease in the number of units of account
      withdrawn monthly at the rate of 0.1259%
  • Annual management fees on units of account (UA) under discretionary management:
    • 1.46% withdrawn monthly by reduction in the number of units of account
      (i.e. 0.50% in addition to free management)

Minimum payment amounts

  • Minimum opening deposit amount:
    • Free management: €1,000
    • Free management with implementation of financial management options: €5,000
    • Scalable management / Management by agreement: €1,000
    • Mandated management (also called Piloted management): €10,000
  • Minimum free deposit amount:
  • Minimum amount of scheduled free payments:
    • Monthly periodicity: 40 €
    • Quarterly periodicity: 120 €
    • Half-yearly frequency: €240
    • Annual periodicity: 480 €
  • Possibility of annual indexation of scheduled free payments:

Global Euro Classic Euro Fund
(Axa France Vie general assets)

  • History of rates paid (net of fees and gross of social security contributions):
    • 2021: 0.90% to 1.35% depending on bonus
    • 2020: 1.20% to 1.60% depending on bonus
    • 2019: 1.60% to 2.00% depending on bonus
    • 2018: 1.90% to 2.25% depending on bonus
    • 2017: 1.90% to 2.25% depending on bonus
    • 2016: 2.00% to 2.50% depending on bonus
    • 2015: 2.20% to 2.70% depending on bonus
    • 2014: 2.55% to 3.05% depending on bonus
    • 2013: 2.70% to 3.30% depending on bonus
    • 2012: 2.90% to 3.50% depending on bonus
  • Possible investment constraint(s):
  • Type of guarantee:
    • Guarantee of 100% of capital gross of fees
  • Euro fund protection clause:
    • The insurer and the ANPERE association may decide, by mutual agreement, to limit incoming movements (initial payment, additional payments and reorientation of savings) towards the support in euros of the Arpèges contract, if, in a given month, the difference between the rate of return on the insurance company’s assets at 31/12 of the previous financial year and the average rate on government bonds (TME) is greater than 2%.
    • Similarly, they may by mutual agreement decide to limit movements out (savings reorientations) of the Global Euro support in euros, if, in a given month, the average rate on government bonds (TME) becomes higher than the rate return on assets of the insurance company at 31/12 of the previous financial year.
    • The TME index is available on the Banque de France website or from the insurer on request.
    • The rate of return on all of the insurance company’s assets corresponds, for a given year, to the ratio between financial income excluding variable capital insurance (ACAV) and the average amount of assets established for that same year. It is communicated each year in your account statement as of 31/12.
    • In the event of activation of the clause, movements into the support in euros (payments and reorientations of savings) or movements out of the support in euros (reorientations of savings) will be capped at 20,000 euros per subscription, throughout the period of activation of the clause (initial period and possibly renewal). Savings reorientation and payment operations beyond this threshold will be refused.
    • By way of derogation from the above, this threshold may be greater than 20,000 euros if the portion of the contract’s outstandings invested in units of account is greater than 40% after the savings reorientation or payment transaction.…

Eurocroissance fund
(Growth fund)

  • Annual financial performance of the fund (net of management fees and gross of social contributions):
    • 2021: 3.00%
    • 2020: 2.60%
    • 2019: 3.00%
    • 2018: 2.40%
    • 2017: 3.25%
  • Possible investment constraint(s):
  • Type of guarantee:
    • 10-year maturity guarantee of 100% of the amount invested net of fees, subject to maintaining savings in the fund until the maturity date

Proposed financial management methods

  • Free management (called “Personal management”):
    • Free investment:
      • in the classic euro fund of the contract,
      • in the growth euro fund.
    • Access to the range of 46 CPUs offered in free management
    • Limitation of the number of CUs to 14 for investment in the contract
    • Possible activation of the following financial management options:
      • Progressive investment
        • Requirement of a minimum amount of assets available on the fund in euros of €1,500
        • Minimum amount of €40 per investment maturity
        • Choice of frequency: monthly / quarterly / half-yearly / annual
        • Fixing the duration of implementation between 1 and 36 months
        • Free configuration of the investment (in %) between a maximum of 5 supports
        • Invoicing up to 0.80% of the redirected amounts
      • Dynamization of interest (PB paid annually on the fund in euros)
        • Requirement of a minimum amount of assets available on the fund in euros of €1,500
        • Choice of the percentage of the PB to energize on CUs
        • Free configuration of the investment (in %) between a maximum of 5 supports
        • Invoicing up to 0.80% of the redirected amounts
      • Securing performance
        • Different setting possible on each unit of account
        • Requirement of a minimum outstanding amount on each of the CUs concerned of €1,500
        • Choice of a level of added value per unit between + 5% and + 50% in steps of 1%
        • Choice of the % of the capital gain to be secured between 10% and 100%
        • Arbitrage to the fund in euros
        • Choice by the client of the periodicity of the reorientations: monthly, quarterly, half-yearly or annual
        • Invoicing up to 0.80% of the redirected amounts
      • Stop-loss
        • Different setting possible on each unit of account
        • Choice of a capital loss level per unit between – 5% and – 20% in steps of 1%
        • Arbitrage to the fund in euros
        • Daily check carried out every working day
        • Invoicing up to 0.80% of the redirected amounts
  • Management by agreement:
    (fixed allocation between one or more funds in euros, as well as a set of units of account)

  • Choice of an agreement among the 6 proposed:
    • Conviction Piano Mix
      (25% classic euro funds and 30% eurocroissance funds)
    • Conviction Piano Growth
      (55% Eurocroissance funds)
    • Conviction Allegro Mix
      (20% classic euro funds and 25% eurocroissance funds)
    • Conviction Allegro Growth
      (45% Eurocroissance funds)
    • Belief Crescendo Growth
      (30% Eurocroissance funds)
    • Fortissimo conviction
      (100% units of account)
  • Automatic annual readjustment of the allowance
  • Possibility of investing freely in the following permanent media:
    • AXA Selectiv’Immo (OPCI SRI)
    • AXA Selection Carmignac Convictions (flexible management)
    • AXA Star Selection (International Equities)
    • AXA Selectiv’ Income (flexible management)
    • AXA WF ACT Multi-Asset Optimal Impact (flexible management)

  • Possibility to invest freely in addition on the supports with the following marketing period:
    • AXA Selectiv’Immoservice (OPCI SRI)
    • AXA Future Infrastructure (FCPR)
    • AXA Future Entrepreneurs (FCPR labeled Recovery)
  • Management under mandate (also called managed management):
    (managed by an external manager, Architas, with minimum and maximum investment limits by asset class)
  • Mandate’s duration :
    • Mandate for a period of one year, tacitly renewed from year to year

  • Choice of a management orientation among the 6 proposed:
    • Perspective Piano Mix
      (25% classic euro funds and 30% eurocroissance funds)
    • Perspective Piano Growth
      (55% Eurocroissance funds)
    • Perspective Allegro Mix
      (20% classic euro funds and 25% eurocroissance funds)
    • Perspective Allegro Growth
      (45% Eurocroissance funds)
    • Perspective Crescendo Growth
      (30% Eurocroissance funds)
    • Perspective Fortissimo
      (100% units of account)
  • Possibility of investing freely in the following permanent media:
    • AXA Selectiv’Immo (OPCI SRI)
    • AXA Selection Carmignac Convictions (flexible management)
    • AXA Star Selection (International Equities)
    • AXA Selectiv’ Income (flexible management)
    • AXA WF ACT Multi-Asset Optimal Impact (flexible management)

  • Possibility to invest freely in addition on the supports with the following marketing period:
    • AXA Selectiv’Immoservice (OPCI SRI)
    • AXA Future Infrastructure (FCPR)
    • AXA Future Entrepreneurs (FCPR labeled Recovery)
  • Methods of possible accumulation of the proposed management methods:

Arbitrations

  • Minimum amount:
  • Constraint field:
    • Limitation to one arbitration per month (calendar) in personal management (free management)
  • Billing:
    • Free management: 4 free arbitrations per calendar year
    • Invoicing of the following possible arbitrations as follows:
      • Global Euro Classic Euro Fund
        • to Euro Growth Funds: 0.40%
        • to one or more CUs: 0.40%
      • Growth euro funds
        • to classic euro funds Global euro: 0.80%
        • to one or more CUs: 0.40%
      • Unit(s) of account
        • to classic euro funds Global euro: 0.80%
        • to funds in euros Growth: 0.80%
        • to one or more CUs: 0.40%

Partial redemption

  • Minimum amount:
  • Minimum balance at the end of the partial redemption:

Optional floor guarantee in the event of Death

  • Maximum amount of insurable loss:
  • Membership age limit:
  • Guarantee age limit:
    • 80th birthday of the insured
  • Annual warranty cost:
    • 0.03% monthly management fees applied to all managed savings, regardless of the share of units of account, the age of the insured and the situation (or not) of capital losses latent on certain units of account

Other possible optional guarantees

  • Accidental death guarantee
  • Increased guarantee in the event of death: 110%, 120%, 130%, 140%, 150%, 160%
  • Guarantee increased by the monthly rate of the Livret A
  • Ratchet warranty
  • Transmission warranty

To learn more about the analysis of Good Value for Money, click on the following link:

https://www.goodvalueformoney.eu/produit/selection-sel0000477-arpeges-axa-france-selection-2022-2023

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