Emeklilik Gözetim Merkezi

Legislative Changes to the AES

2000

2001

2003

2016

2017

2019

2020

2022

2023

2024

2000

Legislative Changes to the AES

History	Legislative Changes
May 16, 2000	The Individual Pension Board draws up the Individual Pension Savings and Investment System Law draft law and submits it to the Grand National Assembly of Turkey (GNAT) Presidency following a review by the Cabinet.

2001

Legislative Changes to the AES

History	Legislative Changes
March 28, 2001	The GNAT approves the Individual Pension Savings and Investment System Law.
April 7, 2001	The Individual Pension Savings and Investment System Law is published in Official Gazette No. 24366.
October 7, 2001	The Individual Pension Savings and Investment System Law goes into effect.

2003

Legislative Changes to the AES

History	Legislative Changes
Juy 10, 2003	The Pension Monitoring Center Inc., whose headquarters are based in İstanbul, is established pursuant to the Individual Pension Savings and Investment System Law and the relevant legislation upon the authorization and commissioning of the Undersecretariat of the Treasury.

2016

Legislative Changes to the AES

History	Legislative Changes
August 10, 2016	Revision of the principles on automatic entry of employees to a pension plan by employers pursuant to the Law on Amendment of the Individual Pension Savings and Investment System went into effect on January 1, 2017 and was published in Official Gazette No. 6740. Pursuant to the Law that entered into effect on January 1, 2017, articles (additional article 2 and supplementary article 2) regarding entering employees into a pension plan automatically were added in the Law No. 4632.
November 26, 2016	Circular on Automatic Participation to the Individual Pension System No. 2016/26 of the Prime Ministry published. The Circular informs the public about the "Automatic Participation System Introductory Guide for Employers" prepared by the Undersecretariat of Treasury as a guideline during the process.
December 15, 2016	The Undersecretariat of Treasury published the Industry Announcement on Automatic Enrollment Implementation Principles to the Private Pension System No. 2016/30. The announcement describes the pension investment funds to offer the employees as part of the automatic participation and the investment instruments, as well as the funds' offer periods and conditions, maximum fund management fee deduction rates, and the additional deduction rates depending on the fund performance; and states that the state contribution in AES will be calculated as a commitment.
December 17, 2016	The Regulation on Amendment of the Regulation of the Private Pension System, published in the Official Gazette 29921, amended the IPS Legislation and set forth the main framework of the automatic participation process with the addition of part six. The Regulation set forth the following; The matters that employers must take into consideration when choosing the pension company, The principles on deduction of the contributions from employees' salaries, and transfer and monitoring of the deducted amounts to pension companies, Main essential elements of a pension contract, The processes for workplace change, contribution payment suspension or withdrawal, and leaving the system by the employees, Main information, documents and forms to provide the employee. The Regulation on Amendment of the Regulation of State Contributions in the Individual Pension System, published in the Official Gazette bearing the same date, governs the procedures and principles about the state contribution to provide the employees that will be automatically entered in a pension plan through employers, and the main principles on the additional state contribution that will be calculated if the employee does not exercise the right of withdrawal.
December 30, 2016	The Circular on the Private Pension System No. 2016/39 provided explanation on both the AES and IPS. The Circular provided definitions on the following; Responsibilities of the employer and the pension company during the process of deduction of the contribution from the employee's salary and transfer to the pension company; and the matters on tracking contribution collections, and the contribution returns to be made to the employee, The content of the pension plan and the pension mutual funds to be offered within the plan, The matters on re-entry of the employees who have withdrawn from the plan, The matters on the process of calculating the state contribution as a commitment, and the valuation method and frequency these amounts are recorded in the state contribution account; vesting periods for the calculated state contribution and the state contribution rates to be vested for at the end of these periods; the investment process of the paid state contributions; and unduly earned and paid amounts, The attributes of the contracts and forms to be signed by the parties; and the information and content of the documents and forms to be presented to the employees, and the procedures and principles of the notifications to be made with these, The procedures for transfers due to change of workplace and in the transactions regarding termination of employment relation.

2017

Legislative Changes to the AES

History	Legislative Changes
January 2, 2017	The Regulation on the Procedures and Principles about Automatically Entering the Employees in the Pension Plan through the Employer, published in the Official Gazette No. 29936, set forth the gradual participation schedule by distinguishing the public and private sectors at the workplaces that will be included in the pension plan through automatic participation.

2019

Legislative Changes to the AES

History	Legislative Changes
October 18, 2019	A Presidential Decree was published in the Official Gazette No. 30922 on the establishment of the Insurance and Private Pension Regulation and Supervision Agency.

2020

Legislative Changes to the AES

History	Changes
June 5, 2020	With the Presidential Decree No. 47, the Insurance and Private Pension Regulation and Supervision Agency was established, which regulates the procedures and principles regarding its organization, duties, powers and responsibilities.

Start-up, Merger, and Title Changes of Pension Companies

History	Changes
August 24, 2020	Halk Hayat ve Emeklilik A.Ş., Vakıf Emeklilik ve Hayat A.Ş. and Ziraat Hayat ve Emeklilik A.Ş., merged under the name Türkiye Hayat ve Emeklilik A.Ş.
October 22, 2020	The title of Cigna Finans Emeklilik ve Hayat A.Ş. was changed to Cigna Sağlık Emeklilik ve Hayat A.Ş.

2022

Legislative Changes to the IPS

History	Changes
January 22, 2022	Amendments were made to the Individual Pension Savings and Investment System Law No. 4632 through the Law on Amendment of Certain Laws and Decree Laws No. 375 and the Individual Pension Savings and Investment System Law, which was published in the Official Gazette dated January 22, 2022, and numbered 31727. This amendment stipulates the following: * Increasing the rate of state contribution paid to individual pension accounts from 25 to 30 percent; * If the total of the contributions paid during the year exceeds the total annual gross minimum wage, the state contribution is paid in the following calendar years for the exceeding contributions; * Partial payment of savings; * The transfer of individual pension contracts or receivables arising from these contracts and the exercise of the relevant rights.

History

Changes

January 22, 2022

Amendments were made to the Individual Pension Savings and Investment System Law No. 4632 through the Law on Amendment of Certain Laws and Decree Laws No. 375 and the Individual Pension Savings and Investment System Law, which was published in the Official Gazette dated January 22, 2022, and numbered 31727. This amendment stipulates the following:
* Increasing the rate of state contribution paid to individual pension accounts from 25 to 30 percent;
* If the total of the contributions paid during the year exceeds the total annual gross minimum wage, the state contribution is paid in the following calendar years for the exceeding contributions;
* Partial payment of savings;
* The transfer of individual pension contracts or receivables arising from these contracts and the exercise of the relevant rights.

Start-up, Merger, and Title Changes of Pension Companies

History	Changes
September 1, 2022	The title of Aegon Emeklilik ve Hayat A.Ş. was changed to Viennalife Emeklilik ve Hayat A.Ş.

2023

Legislative Changes to the AES

History	Legislative Changes
March 28, 2023	Amendments made to the Regulation with The Regulation on Amendment of the Regulation of the Private Pension System, published in the Official Gazette No. 32146 and entered into force on September 28, 2023, it has been regulated that the participant can transfer the receivables arising from the individual pension contract to banks.

Start-up, Merger, and Title Changes of Pension Companies

History	Changes
January 25, 2023	The title of Fiba Emeklilik ve Hayat A.Ş. was changed to HDI Fiba Emeklilik ve Hayat A.Ş.
June 2, 2023	The title of Cigna Sağlık Hayat ve Emeklilik A.Ş. was changed to QNB Sağlık Hayat Sigorta ve Emeklilik A.Ş.
October 31, 2023	Axa Hayat ve Emeklilik A.Ş. and Groupama Hayat A.Ş. merged, the title of the new company is Axa Hayat ve Emeklilik A.Ş.

2024

Legislative Changes to the AES

History	Changes
June 3, 2024	A practice was implemented that allows participants to transfer their receivables from individual pension contracts to banks through a receivable transfer contract.

Start-up, Merger, and Title Changes of Pension Companies

History	Changes
July 24, 2024	Zurich Yaşam ve Emeklilik A.Ş. obtained an operating license for the pension branch.

2000

Legislative Changes to the AES

History	Legislative Changes
May 16, 2000	The Individual Pension Board draws up the Individual Pension Savings and Investment System Law draft law and submits it to the Grand National Assembly of Turkey (GNAT) Presidency following a review by the Cabinet.

2001

Legislative Changes to the AES

History	Legislative Changes
March 28, 2001	The GNAT approves the Individual Pension Savings and Investment System Law.
April 7, 2001	The Individual Pension Savings and Investment System Law is published in Official Gazette No. 24366.
October 7, 2001	The Individual Pension Savings and Investment System Law goes into effect.

2003

Legislative Changes to the AES

History	Legislative Changes
Juy 10, 2003	The Pension Monitoring Center Inc., whose headquarters are based in İstanbul, is established pursuant to the Individual Pension Savings and Investment System Law and the relevant legislation upon the authorization and commissioning of the Undersecretariat of the Treasury.

2016

Legislative Changes to the AES

History	Legislative Changes
August 10, 2016	Revision of the principles on automatic entry of employees to a pension plan by employers pursuant to the Law on Amendment of the Individual Pension Savings and Investment System went into effect on January 1, 2017 and was published in Official Gazette No. 6740. Pursuant to the Law that entered into effect on January 1, 2017, articles (additional article 2 and supplementary article 2) regarding entering employees into a pension plan automatically were added in the Law No. 4632.
November 26, 2016	Circular on Automatic Participation to the Individual Pension System No. 2016/26 of the Prime Ministry published. The Circular informs the public about the "Automatic Participation System Introductory Guide for Employers" prepared by the Undersecretariat of Treasury as a guideline during the process.
December 15, 2016	The Undersecretariat of Treasury published the Industry Announcement on Automatic Enrollment Implementation Principles to the Private Pension System No. 2016/30. The announcement describes the pension investment funds to offer the employees as part of the automatic participation and the investment instruments, as well as the funds' offer periods and conditions, maximum fund management fee deduction rates, and the additional deduction rates depending on the fund performance; and states that the state contribution in AES will be calculated as a commitment.
December 17, 2016	The Regulation on Amendment of the Regulation of the Private Pension System, published in the Official Gazette 29921, amended the IPS Legislation and set forth the main framework of the automatic participation process with the addition of part six. The Regulation set forth the following; The matters that employers must take into consideration when choosing the pension company, The principles on deduction of the contributions from employees' salaries, and transfer and monitoring of the deducted amounts to pension companies, Main essential elements of a pension contract, The processes for workplace change, contribution payment suspension or withdrawal, and leaving the system by the employees, Main information, documents and forms to provide the employee. The Regulation on Amendment of the Regulation of State Contributions in the Individual Pension System, published in the Official Gazette bearing the same date, governs the procedures and principles about the state contribution to provide the employees that will be automatically entered in a pension plan through employers, and the main principles on the additional state contribution that will be calculated if the employee does not exercise the right of withdrawal.
December 30, 2016	The Circular on the Private Pension System No. 2016/39 provided explanation on both the AES and IPS. The Circular provided definitions on the following; Responsibilities of the employer and the pension company during the process of deduction of the contribution from the employee's salary and transfer to the pension company; and the matters on tracking contribution collections, and the contribution returns to be made to the employee, The content of the pension plan and the pension mutual funds to be offered within the plan, The matters on re-entry of the employees who have withdrawn from the plan, The matters on the process of calculating the state contribution as a commitment, and the valuation method and frequency these amounts are recorded in the state contribution account; vesting periods for the calculated state contribution and the state contribution rates to be vested for at the end of these periods; the investment process of the paid state contributions; and unduly earned and paid amounts, The attributes of the contracts and forms to be signed by the parties; and the information and content of the documents and forms to be presented to the employees, and the procedures and principles of the notifications to be made with these, The procedures for transfers due to change of workplace and in the transactions regarding termination of employment relation.

2017

Legislative Changes to the AES

History	Legislative Changes
January 2, 2017	The Regulation on the Procedures and Principles about Automatically Entering the Employees in the Pension Plan through the Employer, published in the Official Gazette No. 29936, set forth the gradual participation schedule by distinguishing the public and private sectors at the workplaces that will be included in the pension plan through automatic participation.

2019

Legislative Changes to the AES

History	Legislative Changes
October 18, 2019	A Presidential Decree was published in the Official Gazette No. 30922 on the establishment of the Insurance and Private Pension Regulation and Supervision Agency.

2020

Start-up, Merger, and Title Changes of Pension Companies

History	Changes
August 24, 2020	Halk Hayat ve Emeklilik A.Ş., Vakıf Emeklilik ve Hayat A.Ş. and Ziraat Hayat ve Emeklilik A.Ş., merged under the name Türkiye Hayat ve Emeklilik A.Ş.
October 22, 2020	The title of Cigna Finans Emeklilik ve Hayat A.Ş. was changed to Cigna Sağlık Emeklilik ve Hayat A.Ş.

Legislative Changes to the AES

History	Changes
June 5, 2020	With the Presidential Decree No. 47, the Insurance and Private Pension Regulation and Supervision Agency was established, which regulates the procedures and principles regarding its organization, duties, powers and responsibilities.

2022

Legislative Changes to the IPS

History	Changes
January 22, 2022	Amendments were made to the Individual Pension Savings and Investment System Law No. 4632 through the Law on Amendment of Certain Laws and Decree Laws No. 375 and the Individual Pension Savings and Investment System Law, which was published in the Official Gazette dated January 22, 2022, and numbered 31727. This amendment stipulates the following: * Increasing the rate of state contribution paid to individual pension accounts from 25 to 30 percent; * If the total of the contributions paid during the year exceeds the total annual gross minimum wage, the state contribution is paid in the following calendar years for the exceeding contributions; * Partial payment of savings; * The transfer of individual pension contracts or receivables arising from these contracts and the exercise of the relevant rights.

History

Changes

January 22, 2022

Start-up, Merger, and Title Changes of Pension Companies

History	Changes
September 1, 2022	The title of Aegon Emeklilik ve Hayat A.Ş. was changed to Viennalife Emeklilik ve Hayat A.Ş.

2023

Legislative Changes to the AES

History	Legislative Changes
March 28, 2023	Amendments made to the Regulation with The Regulation on Amendment of the Regulation of the Private Pension System, published in the Official Gazette No. 32146 and entered into force on September 28, 2023, it has been regulated that the participant can transfer the receivables arising from the individual pension contract to banks.

Start-up, Merger, and Title Changes of Pension Companies

History	Changes
January 25, 2023	The title of Fiba Emeklilik ve Hayat A.Ş. was changed to HDI Fiba Emeklilik ve Hayat A.Ş.
June 2, 2023	The title of Cigna Sağlık Hayat ve Emeklilik A.Ş. was changed to QNB Sağlık Hayat Sigorta ve Emeklilik A.Ş.
October 31, 2023	Axa Hayat ve Emeklilik A.Ş. and Groupama Hayat A.Ş. merged, the title of the new company is Axa Hayat ve Emeklilik A.Ş.

2024

Start-up, Merger, and Title Changes of Pension Companies

History	Changes
July 24, 2024	Zurich Yaşam ve Emeklilik A.Ş. obtained an operating license for the pension branch.

Legislative Changes to the AES

History	Changes
June 3, 2024	A practice was implemented that allows participants to transfer their receivables from individual pension contracts to banks through a receivable transfer contract.

History of AES

Legislative Changes to the AES

2000

Legislative Changes to the AES

2001

Legislative Changes to the AES

2003

Legislative Changes to the AES

2016

Legislative Changes to the AES

2017

Legislative Changes to the AES

2019

Legislative Changes to the AES

2020

Legislative Changes to the AES

Start-up, Merger, and Title Changes of Pension Companies

2022

Legislative Changes to the IPS

Start-up, Merger, and Title Changes of Pension Companies

2023

Legislative Changes to the AES

Start-up, Merger, and Title Changes of Pension Companies

2024

Legislative Changes to the AES

Start-up, Merger, and Title Changes of Pension Companies

2000

Legislative Changes to the AES

2001

Legislative Changes to the AES

2003

Legislative Changes to the AES

2016

Legislative Changes to the AES

2017

Legislative Changes to the AES

2019

Legislative Changes to the AES

2020

Start-up, Merger, and Title Changes of Pension Companies

Legislative Changes to the AES

2022

Legislative Changes to the IPS

Start-up, Merger, and Title Changes of Pension Companies

2023

Legislative Changes to the AES

Start-up, Merger, and Title Changes of Pension Companies

2024

Start-up, Merger, and Title Changes of Pension Companies

Legislative Changes to the AES