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Incorporation of Private Pension Companies and Funds
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Att. Revan Sunol
Overview
The private pension system is regulated mainly by the Private
Pension Savings and Investment System Law No. 4632 (“Law”), the
Regulation on the Incorporation and Working Principles of Pension
Companies published in the Official Gazette, dated 08.01.2008 and
numbered 26750 (“Regulation”), and the Regulation on the Principles
regarding the Incorporation and Operation of Pension and Investment
Funds, published in the Official Gazette dated 28.02.2002 and num-
bered 24681 (“Fund Regulation”).
A private pension company (“Company”) shall commence opera-
tion upon obtaining the required approvals from the Undersecretariat
of Treasury (“Treasury”) and the Capital Markets Board (“Board”),
and shall establish a fund for the collection of contributions in compli-
ance with the pension agreements executed with the participants. The
contributions collected by the Company are put to use through a pen-
sion investment fund (“Fund”). The Fund consists of the assets put
together with the purpose of managing the contributions collected from
the participants, which are monitored in private pension accounts on
behalf of the contributors within the scope of the pension agreement.
The Company may also obtain an operating license in the branch-
es of life insurance and accident insurance. If the Company operates in
any branch other than the pension branch, accounts shall be kept sep-
arately for each branch.
Company
Permission for Incorporation
The application for permission to incorporate shall be made to the
Undersecretariat and permission is granted by the Ministry. The
MISCELLANEOUS
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Article of November 2012