Combined employment and retirement for French directors 2026: rules, URSSAF contributions, accrued rights
Combined employment-retirement after the 2023 reform in France: capped vs full overlap, new 2nd-pillar rights mechanism, TNS contributions for active retirees, articulation with SASU/SARL/liberal profession.
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Director remuneration optimisation Paris | Salary, dividends and holdingExpert note: This article was written by our chartered accountancy firm. Information is current as of 2026. For a personalised review of your situation, contact us.
Updated on 13 May 2026.
You are 64, you have liquidated your retirement, but you want to continue or resume an activity — as a SASU president, SARL manager, liberal profession or consultant. The combined employment-retirement scheme is now a central device for French directors, and it has been deeply reformed by Law no. 2023-270 of 14 April 2023, with the introduction of an unprecedented 2nd pillar mechanism: contributions paid during activity resumption now open new pension rights.
This practical 2026 guide details the two overlap regimes, the full-overlap conditions, the applicable contributions, the 2nd pillar mechanism and the strategic arbitrage for SASU, SARL and liberal-profession directors.
Executive summary#
- 2 regimes: capped overlap (with income limit) and full overlap (no cap).
- 3 conditions for full overlap: legal age reached + full rate + total liquidation.
- 2023 reform: for pensions liquidated after 1 September 2023, contributions open a 2nd rights pillar (capped at 5% PASS).
- Contributions: same rate as an active worker (35-45% of gross TNS income), no exemption.
- SASU dividends: not counted in the cap — major strategic advantage.
1. The 2 overlap regimes#
Capped overlap#
Applies if at least one of the 3 full-overlap conditions is not met.
| Regime | Capped overlap ceiling |
|---|---|
| General regime | Average of 3 last gross salaries, or 160% monthly SMIC |
| TNS regime | 160% monthly SMIC (~€2,950/month in 2026) |
| Liberal professions | Variable per fund |
In case of exceeding, the pension is partially suspended.
Full overlap#
3 cumulative conditions:
- Legal retirement age reached (64 years).
- Full rate benefit: complete insurance duration OR automatic age 67.
- Effective and total liquidation of all pensions.
Full overlap authorises no income cap.
2. The 2nd pillar — 2023 innovation#
Before the reform#
Contributions paid during activity resumption were lost: no new pension rights.
After the 2023 reform (pensions liquidated from 1 September 2023)#
- Contributions paid under full overlap generate new pension rights.
- A 2nd pension is liquidated once the new activity ceases.
- Cap: 5% PASS per year, approximately €2,355/year in 2026 (€47,100 × 5%).
Our expert view#
The 2nd pillar introduces real value, but it must be put in perspective. €2,355/year of additional pension represents about 2% improvement for a median TNS retiree. For a high-income director, the TNS contribution effort (35-45%) remains significant for a modest fiscal return. The real strategic question is "which legal structure to adopt post-retirement". SASU with dividends optimises the exit better than pure TNS activity.
3. Contributions applicable to the active retiree#
| Income type | Social contributions | Approximate level |
|---|---|---|
| SASU salary | Identical to active employee | ~22% employee + ~45% employer |
| SARL manager remuneration (TNS) | Identical to active TNS (base × 74%) | ~35-40% |
| Liberal activity (BNC) | Identical to active liberal | Variable |
| SASU dividends | None | 0% |
| SARL dividends > 10% capital | TNS contributions on excess | ~30% |
| Rental, investment income | Social levies 17.2% only | 17.2% |
Practical optimisation#
- SASU + dividends = optimum (0% on dividends).
- SARL management + dividends = sub-optimal.
- Liberal BNC activity = poorly optimisable.
- Consulting via wage portage = simple but costly.
4. Worked example — Retired ex-CEO resumes consulting#
Profile: Henri, 66, ex-CEO, pension liquidated 1 January 2024 (full overlap). Annual pension: €78,000. Consulting resumption in 2026 under SASU, €60,000 gross/year + €40,000 dividends.
| Item | Amount |
|---|---|
| Gross SASU remuneration | €60,000 |
| Employer social contributions (~45%) | €27,000 |
| Net salary (before income tax) | €46,800 |
| Gross SASU dividends | €40,000 |
| 30% flat tax | €12,000 |
| Net dividends | €28,000 |
| Total net activity income | €74,800 |
| Combined pension | €78,000 |
| 2026 global income | €152,800 |
2nd pillar impact#
2026 retirement contributions on SASU remuneration = ~€6,000. Henri will open rights to a 2nd pension of approximately €800-€1,200/year.
5. Progressive retirement — alternative to overlap#
Since 1 September 2023, progressive retirement is open to TNS and liberal professions. From age 60:
- Receive a fraction of the pension (proportional to activity reduction).
- Continue a part-time activity (40% to 80% of full time).
- Contribute and open additional rights.
For a director wishing to reduce intensity without ceasing totally, progressive retirement is often more optimal than a deferred total overlap.
6. Director decision checklist#
- Career statement diagnosis: info-retraite.fr.
- Liquidation calendar: immediate at 64, deferred, or progressive from 60.
- Overlap choice: full or capped depending on situation.
- Post-retirement legal structure: SASU vs SARL vs liberal.
- 2nd pillar calendar: pension liquidated before or after 1 September 2023?
- Patrimonial articulation: PER, life insurance, real estate.
7. The underestimated risk#
Many directors think that from pension liquidation onwards they are "exempt" from social contributions. False: the active retiree contributes at full rates. Worse, in case of unrespected capped overlap, the pension is retroactively suspended — with a demand for repayment of wrongly-received sums plus interest. The regularisation can reach tens of thousands of euros. Verify annually compliance with overlap conditions.
Closing thoughts#
Combined employment-retirement is no longer the end-of-career exception — it has become a structuring device for French directors' retirement transition. The 2023 reform brought a significant innovation (2nd pillar). The main stake remains the post-retirement legal structure arbitrage, and SASU continues to offer the optimum for directors who wish to receive dividends without social contributions.
Our firm advises directors and liberal professions on retirement strategy, overlap choice and patrimonial optimisation. Contact our experts.
Frequently asked questions
Quelle différence entre cumul emploi-retraite plafonné et cumul intégral ?
Le cumul intégral suppose 3 conditions cumulatives : (1) avoir atteint l'âge légal de la retraite (64 ans à terme), (2) bénéficier du taux plein (durée d'assurance complète ou âge du taux plein automatique 67 ans), (3) avoir liquidé l'ensemble de ses pensions auprès de tous les régimes obligatoires. Le cumul plafonné s'applique si l'une de ces conditions n'est pas remplie : pension + nouveau revenu d'activité ne doit pas dépasser la moyenne des 3 derniers salaires (régime général) ou 160 % du SMIC pour les TNS.
Depuis la réforme 2023, ma reprise d'activité ouvre-t-elle de nouveaux droits ?
Oui, pour les pensions liquidées à partir du 1er septembre 2023. La loi n° 2023-270 du 14 avril 2023 a introduit un mécanisme de 2nd pilier : sous condition de cumul intégral effectif, les cotisations versées par le retraité actif génèrent désormais de nouveaux droits à pension, ouvrant droit à une 2ème pension liquidable une fois la nouvelle activité cessée. Plafond : 5 % du PASS par an (soit ~2 355 €/an en 2026). Pour les pensions liquidées avant cette date, l'ancien régime continue de s'appliquer : cotisations à fonds perdus.
Quel taux de cotisations s'applique à un retraité dirigeant qui reprend une activité TNS ?
Un retraité TNS qui reprend une activité indépendante cotise aux mêmes taux qu'un actif TNS (maladie, retraite base, RCI, CSG-CRDS, allocations familiales) — soit environ 35-45 % du revenu brut. La différence : les cotisations retraite base sont à fonds perdus si la pension a été liquidée AVANT le 1er septembre 2023 ; depuis cette date, elles génèrent de nouveaux droits dans le 2nd pilier (plafonné à 5 % PASS). Le retraité actif n'est pas exonéré de cotisations sociales.
Puis-je continuer en SASU et toucher des dividendes pendant ma retraite ?
Oui. Les dividendes versés par la SASU au président retraité ne sont pas considérés comme un revenu d'activité au sens du cumul emploi-retraite — ils sont des revenus de capitaux mobiliers (PFU 30 % ou barème IR). Un président de SASU peut percevoir des dividendes illimités pendant sa retraite sans aucun impact sur le cumul. C'est un avantage majeur de la SASU vs SARL pour la phase post-retraite. Attention toutefois aux abus de droit si l'entreprise verse des dividendes massifs alors qu'elle pourrait verser un salaire.
Quand faut-il liquider partiellement ou totalement sa retraite pour optimiser ?
Scénario A — Liquidation totale immédiate à 64 ans : pertinent si vous cessez toute activité ou si vous bénéficiez du taux plein. Seul moyen d'accéder au cumul intégral et au 2nd pilier. Scénario B — Liquidation différée : pertinent si vous continuez votre activité pleine et souhaitez accumuler surcote (+1,25 % par trimestre travaillé au-delà du taux plein). Limite : 70 ans, liquidation forcée. Scénario C — Retraite progressive (ouverte aussi aux TNS depuis 2023) : à partir de 60 ans, percevoir une fraction de la pension tout en continuant une activité à temps partiel.
Article written by Samuel HAYOT
Chartered Accountant, registered with the Institute of Chartered Accountants.
Regulated French accounting and audit firm based in Paris 8, built to support companies across France with a digital and decision-oriented approach.
Sources
Official and operational sources cited for this page.
- Légifrance — Code de la sécurité sociale art. L. 161-22 et L. 161-22-1
- URSSAF — Cumul emploi-retraite des indépendants
- L'Assurance retraite — Cumul emploi-retraite régime général
- Agirc-Arrco — Cumul emploi-retraite complémentaire
- Légifrance — Loi n° 2023-270 du 14 avril 2023 (réforme retraites, 2nd pilier)
This topic is part of our service Director remuneration optimisation Paris | Salary, dividends and holding
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