Legislative arrangements and system development studies regarding IPS are carried out by Insurance and Private Pension Regulation and Supervision Agency (IPRSA). The companies that will operate in the system are licensed by the said Authority. The institution oversees the activities of pension companies and Pension Monitoring Center.
Comprises of everyone over the age of 18 with a capacity to act, and whom an individual pension account has been opened for and on behalf of pursuant to the pension contract.
Act as an intermediary on behalf of the pension company for the pension contracts that pension companies offer to participants or sponsoring organization.
Manages pension mutual funds as a proxy pursuant to the portfolio management contract with an operating license from the Capital Markets Board of Turkey.
It oversees the purchase-sale and clearance of pension mutual funds, keeps fund shares for each participant, and allows fund-based monitoring of contribution amounts in the fund accounts to be invested and the number of corresponding shares.
Ensure that contributions collected as part of the IPS are invested, that participants can access their individual pension accounts and all other account information (website, call center, e-mail, petition, etc.) daily, and conduct internal audits of both the company and the funds so that the system operates according to relevant legislation. Once an employee earns and uses the right of retirement, the company provides the following:
Lump-sum payment of part or all of the accumulation,
Payment of the accumulation in part according to a set reimbursement plan,
Or, if transfer of accumulation is requested into the annuity, completion of the transfer and putting the participant into a regular payment plan
Pension Monitoring Center was established for the following purposes pursuant to Law No. 4632 and relevant legislation upon the authorization and commissioning of the Undersecretariat of the Treasury:
Ensure the safe and effective operation of the individual pension system,
Oversee the operations of pension companies and individual pension intermediaries to protect participants' rights and interests,
Build a monitoring and supervision system and report results to public authorities,
Maintain and consolidate electronic data on individual pension accounts; pension plans; participants and contracts,
Provide information to the public and participants,
Produce statistics,
Perform individual pension intermediaries' registry and exam transactions,
Fulfill other duties delegated regarding life insurance and other insurance branches
The Capital Markets Board introduces regulations on the contracts between pension mutual funds, portfolio management companies and pension companies and custodies; monitors their operations and any unusual changes in price or amount of pension mutual funds.
Formed pursuant to Individual Pension Savings and Investment System Law No. 4632, this Board sets IPS-related policies and gives recommendations on measures to be taken for the implementation of these policies and on legislative regulations.
Legislative arrangements and system development studies regarding IPS are carried out by Insurance and Private Pension Regulation and Supervision Agency (IPRSA). The companies that will operate in the system are licensed by the said Authority. The institution oversees the activities of pension companies and Pension Monitoring Center.
Comprises of everyone over the age of 18 with a capacity to act, and whom an individual pension account has been opened for and on behalf of pursuant to the pension contract.
Act as an intermediary on behalf of the pension company for the pension contracts that pension companies offer to participants or sponsoring organization.
Manages pension mutual funds as a proxy pursuant to the portfolio management contract with an operating license from the Capital Markets Board of Turkey.
It oversees the purchase-sale and clearance of pension mutual funds, keeps fund shares for each participant, and allows fund-based monitoring of contribution amounts in the fund accounts to be invested and the number of corresponding shares.
Ensure that contributions collected as part of the IPS are invested, that participants can access their individual pension accounts and all other account information (website, call center, e-mail, petition, etc.) daily, and conduct internal audits of both the company and the funds so that the system operates according to relevant legislation. Once an employee earns and uses the right of retirement, the company provides the following:
Lump-sum payment of part or all of the accumulation,
Payment of the accumulation in part according to a set reimbursement plan,
Or, if transfer of accumulation is requested into the annuity, completion of the transfer and putting the participant into a regular payment plan
Pension Monitoring Center was established for the following purposes pursuant to Law No. 4632 and relevant legislation upon the authorization and commissioning of the Undersecretariat of the Treasury:
Ensure the safe and effective operation of the individual pension system,
Oversee the operations of pension companies and individual pension intermediaries to protect participants' rights and interests,
Build a monitoring and supervision system and report results to public authorities,
Maintain and consolidate electronic data on individual pension accounts; pension plans; participants and contracts,
Provide information to the public and participants,
Produce statistics,
Perform individual pension intermediaries' registry and exam transactions,
Fulfill other duties delegated regarding life insurance and other insurance branches
The Capital Markets Board introduces regulations on the contracts between pension mutual funds, portfolio management companies and pension companies and custodies; monitors their operations and any unusual changes in price or amount of pension mutual funds.
Formed pursuant to Individual Pension Savings and Investment System Law No. 4632, this Board sets IPS-related policies and gives recommendations on measures to be taken for the implementation of these policies and on legislative regulations.
