All or part of the BES account receivable can be transferred to banks.

The Agency for the Regulation and Supervision of Insurance and Private Pensions (SEDDK) has issued a rule that allows the transfer of all or part of its credits, excluding the state contribution, from individual pension contracts (BES) to banks.

In accordance with the regulation of modification of the regulation of the individual pension system published in this Official Gazette, the participants may be subject to all or part of their credits, excluding the state contribution derived from the PPS contracts, to be subject to all Class of administrative and judicial demands, such as measures of participation of funds, foreclosure, bankruptcy, pledge and the like, may transfer the credits to the banks through the transfer contract, with the exception of the contracts.

WILL TAKE EFFECT AFTER 6 MONTHS

In this context, the credit transfer agreement will lapse after the bank is notified through the pension monitoring center that the amount subject to the credit transfer agreement has been collected or the related loan debt has been closed.

The bank will be able to make a request to collect the remaining debt of the transferred account receivable 30 days after the due date of the loan debt.

In this case, in the payment of the remaining amount of the debt, the related debt will be deducted from the cash amount to be paid to the participant for the termination of the pension contract and will be paid to the bank.

The application will take effect after 6 months. (Reuters)