Turkey: The Regulation On The Private Pension System Has Been Amended
Amendments regarding the Regulation on the Private Pension System (“Regulation”) were published in the Official Gazette No. 31476 dated 6 May 2021. With the changes introduced by the Insurance and Private Pension Regulation and Supervision Agency (“Agency”), new regulations have been created regarding the use of electronic means of communication, the maximum number of changes allowed in a fund distribution and the purchase and sale of pension investment funds via a central electronic platform. You can read the amendments here. (Available in Turkish only)
The amendment, has increased the maximum number of changes allowed in a fund distribution to twelve times a year.
In addition, the purchase and sale of pension investment funds via a central electronic platform has been introduced. Upon receiving the opinion of the Capital Markets Board, funds established by other companies traded on the Private Pension Fund Trading Platform will be included in the pension plans determined by the Agency and will be presented to participants.
Regulations on the purchase and sale of pension investment funds through the Private Pension Fund Trading Platform will enter into force on 1 July 2021, while the remaining amendments entered into force on 6 May 2021.
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