The new pension rules in France apply only to individuals whose first basic pension begins on or after January 1, 2027. Those who retired before this date will continue to follow the current rules. For new retirees starting in 2027, the rules depend on age. If someone retires before the legal retirement age, any income from a new job will be deducted directly from their pension, euro for euro. Between the legal retirement age and 67, retirees can combine their pension with professional income, but only up to a threshold expected to be set at 7,000 euros gross annual income. If their earnings exceed this amount, their pension will be reduced by 50% of the excess. This threshold of 7,000 euros is still to be officially set by decree. Once someone reaches 67, they can combine their pension with professional income without a cap, and the work can also contribute to new retirement rights. Retirees who are working a second job will continue to benefit from the combination of pension and income from employment. The 2027 reform does not remove this benefit, and the new rules do not apply to them. For example, a person who retired in 2024 and receives 2,500 euros per month in pension, while earning 1,500 euros per month from a job, will remain under the old regime in 2027 and will not automatically be subject to the new 7,000 euro ceiling. The combination of employment and pension refers to the ability to receive a pension while also earning income from a professional activity. In a Société par Actions Simplifiée (SAS), which is a type of French company, dividends paid to shareholders are considered capital income and are not treated as professional income. If an SAS distributes about 12,000 euros in dividends per year without paying a salary or other forms of remuneration, these earnings are not added to the pension when calculating the combination of employment and pension. The fact that someone continues to work for an SAS does not automatically turn dividends into professional income for the purpose of the pension combination. However, it is essential to maintain a clear separation between roles. This includes having minutes from meetings that regularly decide on dividend distributions, ensuring there are sufficient profits available for distribution, and confirming that no payroll exists and that any dividends are not used as a disguised form of salary for the president. A president of an SAS can be considered an employee if their position is paid. The French tax authority, URSSAF, specifically targets "paid presidents and managers of SAS" as employees. For example, a retired person who receives a pension of 2,500 euros per month and gets 1,000 euros per month in dividends from an SAS is not considered to be earning professional income from the company, as long as the president's role remains unpaid. However, there is a risk that URSSAF might view these dividends as hidden salary if the president is actually working but not being paid directly. To reduce risks, it is important to ensure that the 12,000 euros in dividends are genuine and legally distributed. This includes having sufficient distributable profits, approved financial accounts, a regular decision to distribute the dividends, and an amount determined according to the shareholder's rights. Legal precedents show that URSSAF can challenge cases where personal withdrawals were made during the year and later presented as dividends after the fact, when no official distribution had been decided. Therefore, the method of withdrawing money should be carefully examined. If 1,000 euros are transferred every month directly to a personal account, the accounting process must be scrutinized more closely. Attention should be paid to two distinct scenarios: one where dividends have been regularly decided and the current account is in credit, allowing withdrawals as needed, and another where withdrawals are made before any distribution decision, creating a debit balance. In the latter case, the risk of URSSAF considering the withdrawals as a cash benefit subject to contributions is higher. The general ledger of the associate's current account (account 455) should be carefully monitored. If, for instance, 15,000 euros in dividends are credited to the account after a general meeting, and then smaller amounts are withdrawn as needed, this is less risky. However, if the account starts at zero and withdrawals create a debit balance before a later dividend distribution brings it back to zero, this could be seen as an advance on a current account, which may be considered a cash benefit. It is crucial to ensure that account 455 remains in credit through contributions or previously attributed dividends.