Partial Payment Period In Pension: Regulation On Partial Payment In The Private Pension System Has Been Published 27 October 2023
With the amendment made to the Private Pension Savings and Investment System Law on 19.01.2022, a regulation was introduced stipulating that the participant can be partially paid up to fifty percent of the accumulation amount in his account, excluding the amounts in the State contribution account, without leaving the system, in cases and conditions determined by the Insurance and Private Pension Regulation and Supervision Agency. In this case, payments can also be made from the amount in the State contribution account, not exceeding twenty-five percent of the partial payment amount and the principles and procedures regarding the transactions to be carried out within this scope, including the practices regarding the State contribution, will be determined by the Institution with the appropriate opinion of the Ministry and with the amendment dated 19.01.2022, the relevant regulation is included in the Individual Pension Savings and Investment System Law.
Law No. 4632 on Private Pension Savings and Investment System stipulates that the issues that the Insurance and Private Pension Regulation and Supervision Agency is authorised to determine shall be regulated by regulations and the relevant regulation was prepared based on the sixth article of the law. The Regulation on Partial Payment in the Private Pension System by the Insurance and Private Pension Regulation and Supervision Agency was published in the Official Gazette dated 26 September 2023 and numbered 32321. |
The Regulation covers the application to be made by the participants in the individual pension system to exercise their right to partial payment, the evaluation of the application, the cases where partial payment can be made, the calculation and payment of the State contribution to be paid with partial payment, the sanctions to be applied, the duties and responsibilities of the pension supervision centre and pension companies in the partial payment process and other issues related to partial payment. |
Within the Scope of the Regulation; |
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Partial payment in case of marriage or house purchase |
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Partial payment in case of education |
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Partial payment in case of natural disasters |
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You can access the entire regulation here. |
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