Recent Amendments To The Individual Pension Legislation

Two recent amendments have been made to the Turkish legislation on individual pension. The legislation amending the Regulation on the Actuarial Audit of Entities which Commit to Pension has been published in the Official Gazette dated 25 August 2016. Also, the law amending the Individual Pension Savings and Investment System Law no. 4632 has been approved by the Parliament and published in the Official Gazette dated 24 August 2016.

Amendments to the Regulation on the Actuarial Audit of Entities which Commit to Pension

In accordance with the recent amendments, entities which sponsor a pension plan for their members or employees (referred to as "service providers" in the legislation) are no longer required to inform the Undersecretariat of Treasury of changes made to the contact and management information, or to the pension commitments. Also, the frequency with which information must be supplied by the service providers has changed. The Treasury will now determine