The Regulation on the Amendment of the Regulation on the Private Pension System of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) was published in the Official Gazette today.
Accordingly, with the amendments made to the Private Pension Savings and Investment System Law No. 4632 on January 22, 2022, the participants in the Private Pension System (BES) can transfer all or part of their receivables, excluding the state contribution, arising from individual pension contracts, through a transfer of receivables contract. opportunity was given.
In this context, necessary amendments were made in the Regulation on the Private Pension System and the application procedures and principles of the transfer of receivables were regulated. Thus, in case of an urgent cash need, the participants were able to use their credits by transferring their receivables from BES contracts to banks in order to avoid the grievances caused by terminating their PPS contracts completely and losing their rights in the system.
Participants will be able to invest their savings above the amount of receivables they have transferred to the bank in the funds they prefer.
After 28 September 2023, when the regulation will come into effect, participants who have savings in BES will be able to transfer their receivables from the relevant PPS contract to the bank for the loans they will use, limited to the loan period, and will have easier access to the financing they need.
In this process, necessary inquiries will be made by the stakeholders through the central information system to be developed by the Pension Monitoring Center, and upon the approval of the transfer of receivables contract, some of the participant’s rights arising from the PPS contracts will be transferred to the bank until the loan obligations are completed.
The participant, who transfers his receivables to the bank, will not be able to terminate the relevant contracts and transfer his savings in his private pension account to other companies during the period in which the transfer of receivables contract is in effect.
However, in this process, participants will be able to continue to deposit contributions to BES contracts, monitor their savings, and use their savings over the amount of receivables they have transferred to the bank in the funds they prefer.
When the loan debt subject to the transfer of receivable agreement is paid, the transfer of receivable agreement will expire. If the loan debt is not paid, the bank will collect the remaining debt amount from the transferred receivable by terminating the pension contract.
On the other hand, in addition to the transfer of receivables application in the published regulation, improvements were made regarding other operational issues that are needed.