Persons under the age of 18 are now allowed to enter to Private Pension System (PPS)

Regional Economy 24.05.2021, 17:04 24.05.2021, 17:45
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Persons under the age of 18 are now allowed to enter to Private Pension System (PPS)

Atilla Benli, president of the Insurance Association of Turkey (TSB), stated that the law that was adopted and enacted at the Grand National Assembly and will allow the population under the age of 18 to enter the system, which is going to take the Private Pension System (PPS) to a new dimension, would positively support the sector and the development of the country.

"PPS will grow even faster in the new period"

Pointing out the efforts of the management personnel and experts of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) for the development of the sector, Atilla Benli stated that PPS is one of the most important success stories in the history of our economy. Benli said, "We are pleased and excited that nearly 24 million children/young individuals will join the PPS at an early age, and the opportunity is given to them for transferring their savings in organizations such as funds, foundations, and associations to PPS, which are of great value for our country. Having reached a fund size of TRY 178 billion through the support of 13 million participants transparently and reliably in more than 18 years, PPS will grow even faster in the new period and strengthen its role in the healthy increase of the country's savings."

"Our priority is the citizens"

Benli stated that the insurance and the individual pension sector had grown in the last 20 years and succeeded in becoming one of the most important sectors of the country's financial system. Benli continued, "We will continue to work with SEDDK and all our stakeholders to bring the law amendment to the General Assembly with great support by explaining the reason for the mentioned law amendment to the representatives of the Turkish Grand National Assembly. Citizens are our priority in the regulation planned to be made on the product in question. With the regulation we requested, our aim is to have legal regulations that are open, clear, understandable, applicable, and objective, containing protective measures against arbitrary practices and thus ensuring legal security."

Citizens under the age of 18 will be able to be included in PPS

In accordance with the amendment adopted and enacted in the General Assembly of the Grand National Assembly of Turkey, persons under 18 years of age are now allowed to enter the Private Pension System (PPS). Pension savings in organizations such as funds, foundations, and associations will be partially or completely transferred to PPS until December 31, 2023. The Management Center for Extraordinary Risks was restructured as Management Center for Special Risks by gaining legal personality. In line with these, State-supported receivable insurance, compulsory personal accident insurance for mine workers, and compulsory liability insurance for medical malpractice will be collected at the Management Center for Special Risks.

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