Business

Fund amount in Voluntary BES reached ₺124 billion

A record is set in the Individual Pension System (BES). Treasury and Finance Minister Lutfi Elvan announced that while the number of participants in the voluntary BES is 6 million 906 thousand 880 people, the number of employees in the Automatic Enrollment System is 6 million 868 thousand 168 people. Responding to the proposal, Elvan also announced the numerical data on the fund size of the BES.

GREAT INTEREST IN INTEREST-FREE SYSTEM

As of 28 May 2021, the amount of voluntary BES funds in the interest-bearing system amounted to ₺123 billion 978 million, the automatic participation system fund amounted to ₺4 billion 719 million and the state contribution fund amounted to ₺18 billion 554 million, totaling ₺147 billion 252 million. The amount of voluntary BES funds in the interest-free system was announced as ₺36 billion 357 million, of which the amount of funds for the automatic participation system was ₺7 billion 896 million, and the state contribution fund amount was ₺2 billion 448 million. With the regulation, which includes important regulations in the field of insurance and which was approved by the General Assembly of the Grand National Assembly of Turkey and enacted in the past months, a new era has begun in the Private Pension System. As of January 1, 2021, it has been paved the way for transferring the amounts of domestic or foreign savings and commitments within the scope of existing pension commitment plans to BES, partially or completely, until December 31, 2023, provided that the decision is taken by the authorized bodies of the citizens, in the presence of professional organizations or trade companies with legal personality such as associations, foundations and funds that make a commitment to retirement to their members or employees and comply with the conditions.

Source: Sabah / Translated by Irem Yildiz

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