Current right to partial payment of the Individual Retirement System (BES)

The right to partial payment to the Private Retirement System (BES) has arrived. The regulations on the subject were published in today’s edition of the Official Gazette. The regulation will come into force in 6 months.

According to the Regulation of Partial Payment in the Private Pension System prepared by the Agency for Regulation and Supervision of Insurance and Private Pensions, those who have BES will be able to use up to 50 percent of their savings in cases such as home purchase, marriage, natural disasters . and education, without terminating their contracts.

The details of the agreement are as follows:

Partial payment request

ARTICLE 5- (1) The participant who has not exercised his or her right to partial payment for at least five years may, within this period, be entitled to a contribution amount of at least five monthly gross minimum wages in force as of the date of the application, up to fifty percent of its savings in the circumstances and conditions specified in this Regulation, may request the company to partially pay the amount up to

(2) The Participant has the right to receive partial payment within three years from the date of partial payment; Except in cases of retirement, death or disability, the user may use the contract after partial payment, provided that he or she agrees not to terminate it by leaving the system. For applications submitted within the scope of Article 7, this period applies over four years.

(3) The company prepares the necessary infrastructure so that the participant who wants to exercise his or her right to partial payment can obtain the partial payment request form from the secure page created in the name of the participant on the company’s website. The participant must complete the partial payment request form; It is signed and delivered to the company by mail or by electronic communication upon approval. The Company partially verifies the compliance of the information on the payment request form with this Regulation through the infrastructure provided by the pension monitoring center. If the application does not comply with the conditions provided for in these Regulations, the participant will be informed of the reason within three business days following the date on which the application form arrives at the company. If the application is accepted, the company will credit the amount subject to partial payment to the account indicated by the participant within a period of ten business days from the date on which the application form reaches the company. If the participant exercises his or her right to partial payment for training purposes, this amount will be paid to the insurance or pension company from which the participant will take out annual income insurance, within the scope of Article 7.

(4) The partial payment date is considered to be the date on which the last order to sell the fund shares that must be sold for the amount requested by the Participant with partial payment is given.

(5) Requests for partial payment may not be submitted for employer group pension contracts, certificates issued based on contracts established within the scope of additional articles 2 and transitional 2 of the Law, and contracts on which there is a lien or encumbrance. or that are the subject of a current credit transfer contract.

(6) Contracts with ongoing commitments within the scope of the second paragraph or accounts receivable derived from these contracts cannot be transferred within the scope of article 26/C of the Regulation of the Private Pension System published in the Official Gazette dated 11/ 09/2012. and numbered 28462.

Partial payment in case of marriage or home purchase

ARTICLE 6- (1) A participant who has a contract valid for at least five years may request partial payment of this contract in the case of house purchase or marriage. In each of the cases listed in this paragraph, the right to partial payment may be exercised only once on a participatory basis.

(2) The participant who benefits from the right of partial payment for the purchase of a house must present to the company a copy of the property title with which an easement has been established in a condominium or apartment, which shows at least fifty percent percent participation in the ownership of the same. the home acquired in his name, up to two months before the date of application or within two months following the date of partial payment.

(3) The participant who benefits from the right to partial payment for marriage submits to the company a copy of the civil registration certificate obtained through e-government, proving that he or she was married within two months prior to the date of application or within two months. from the date of partial payment.

(4) In case the documents listed in the second and third paragraphs are not submitted during the partial payment application, the part of the partial payment amount that exceeds the division of the amount in the state contribution account to the ratio that forms the basis for calculating the state contribution provided for in additional article 1 of the Law, will be transferred from the date of partial payment of the documents listed in the second and third paragraphs. If it is submitted within two months from the date of payment, it will be paid together with the payment of the state contribution.

Partial payment in case of training.

ARTICLE 7- (1) The participant, who has a contract that has been in force for at least five years, may request partial payment of this contract if he is enrolled in any university formal education program of universities operating in Turkey. provided that she is not more than twenty-one years old on the date of application. The right to partial payment within the scope of this article may only be used once per participant.

(2) The participant who will benefit from the right to partial payment for the training will present to the company a copy of the student certificate obtained through electronic administration.

(3) The participant may benefit from the right to partial payment by contracting an annual annuity insurance product with monthly, quarterly or annual payments and a period of four years. Annuity insurance offers prepared by insurance or pension companies according to the participant’s expectations, age, amount of partial payment to be received and similar characteristics are presented at the participant’s choice through the pension monitoring center.

(4) The participant’s savings subject to partial payment are immediately paid to the participant’s preferred insurance or pension company as an annual premium for the income insurance policy within ten business days after acceptance of the application for partial payment.

Partial payment in case of natural disaster

ARTICLE 8- (1) In regions where a disaster affecting public life has been declared, participants who have been damaged by the disaster may apply for partial payment within six months from the date of the natural disaster. Within the scope of this article, the right to partial payment may be exercised on a participatory basis, only once and limited to fifty percent of the amount of savings last calculated before the date of the natural disaster.

(2) The participant who will benefit from the right of partial payment within the scope of this article must present to the company a copy of the document announced by the Institution.

(3) In applications made pursuant to this article, the deadline and accrual limit conditions specified in the first paragraph of article 5 are not required.

State contribution

ARTICLE 9- (1) The participant who receives a partial payment will have the following amount from his account, limited to the amount in the state contribution account of the corresponding contract on the date of payment of the state contribution;

a) In cases falling within the scope of article 6, twenty percent of the amount subject to partial payment,

b) In cases falling within the scope of articles 7 and 8, twenty-five percent of the amount subject to partial payment,

The order is given to sell the fund shares for the amount corresponding to the interest rate and the cash amount obtained on the day of conversion of the fund shares into cash is deducted from the state contribution account and paid to the participant together with the amount of the partial payment.

(2) state contribution;

a) In cases where the presentation of documents is made after the request,

b) In case of training, if it is documented that the contract is not subject to undue partial payment after the termination of the participant’s annual income insurance contract,

It is paid within ten business days following the date of presentation of the document.

(3) For the state contribution paid in excess or unduly to the participant within the scope of the right to partial payment, the provisions of Article 12 of the Regulation on the state contribution in the Private Pension System regarding the unfair contribution of the State apply by analogy. .

Improper partial payment

ARTICLE 10- (1) Participant;

a) Once the partial payment has been made based on one of the conditions provided for in article 6, at the end of the deadlines provided for in the same article, such situations do not occur or the necessary documents are not presented,

b) Failure to submit a document within two months following the date of termination of the annuity insurance indicating that you have not used a loan from the annuity insurance contract established with partial payment made within the scope of Article 7, have not terminated the contract, or has not modified the duration of the four-year contract,

In such cases, the participant will be deemed to have exercised his or her right to partial payment and the amount of partial payment paid to the participant will be considered improper partial payment.

(2) The Company, within one month following the date the partial payment amount paid to the participant is accepted as improper partial payment; Provided that it is limited to the amount in the state contribution account of the participant, it gives an order for the sale of the fund’s shares in the amount corresponding to the amount in the status of improper partial payment, which constitutes the basis for calculating the state contribution defined in additional article 1 of the Law, and the cash amount obtained on the day of conversion into cash of the fund shares is deducted from the State contribution account and credited to the Ministry account. In the rest related to the implementation of this paragraph, the provisions of article 11 of the Regulation on State Contribution in the Private Pension System will apply with respect to unauthorized state contribution.

Failure to comply with the commitment to remain in the system

ARTICLE 11- (1) The Company will pay the amount of the state contribution paid within the scope of the partial payment right to the participant who does not fulfill its commitment in the second paragraph of article 5, at the late payment interest rate specified in the article . 51 of the Law on Public Credit Collection Procedure No. 6183 of 7/21/1953. It is deducted from the amount to be paid to the participant in accordance with the provisions of Law No. 6183, together with the interest calculated according to the corresponding tax office. In other matters related to the implementation of this paragraph, the provisions of Article 12 of the State Contribution Regulations in the Private Pension System regarding unfair State contributions will be applied by analogy.

(2) The Company deducts from the amount to be paid to the participant the part corresponding to the proportion of the amount of partial payment paid to the participant who exercises his/her right to partial payment within the scope of Article 7 and does not fulfill his/her commitment in the second paragraph of article 5, which constitutes the basis for calculating the State contribution defined in additional article 1 of the Law. It is paid to the Ministry’s account. In the rest related to the implementation of this paragraph, the provisions of article 11 of the Regulation on State Contribution in the Private Pension System will apply with respect to unauthorized state contribution.