There are associations, foundations, funds, professional organizations subject to legal entity or other commercial companies (in short, “service providers”) that make retirement commitments to their members or employees in Turkey.
The commitments made by some of these service providers can be classified under first pillar pension system, whereas others are under the second pillar pension system. Regardless of the class they belong to, pension commitment plans that feature retirement-related service, benefit and other commitments, as well as plans characterized as defined contribution, defined benefit, or hybrid, are subject to actuarial supervision by Turkish Insurance and Private Pension Regulation and Supervision Agency.
The Actuarial Supervision Portal, the platform that provides the necessary system for the performance of the actuarial supervision task, has been offered to Turkish Insurance and Private Pension Regulation and Supervision Agency by Pension Monitoring Center since 2021.
On the other hand, the amounts related to existing savings and commitments as of January 1, 2021, can be transferred partially or completely to the Private Pension System until December 31, 2023, from all service providers -except from the ones that make commitments to their members or employees under first pillar pension system. For the transfer, a decision must be taken by the authorized bodies of the provider, however, the decision of the authorized body may not be sought for the transfer of savings and commitments that are not based on defined benefit.