Treasury Statement About Revoke Right in Automated Participation System

Undersecretariat of Treasury issued a statement about revoke right use in the Automated Participation System. In this statement Undersecretariat of Treasury announced that: “Revoke right of employees in Automated Participation System which employees are automatically will be involved to the Pension plan via employers, is a right of worker and cannot be passed to another person or employer.”

 

Treasury also mentioned in statement that, “As is known, by operation of `6740 the Amendment of the Private Pension Savings and Investment System Law`, a Turkish citizen or among the ones under age 45 who are working in Turkey by operation of 29 May 2009 dated 5901 no Turkish Citizenship Law who started working by operation of 31 May 2006 dated 5510 no Social Insurances and General Health Insurance Law’s 4th article’s first clause’s (a) and (b) subclauses, are involved in a Pension plan with a pension contract which is prepared by employers according to the related laws.

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In the Official Journal issued in 17 December 2016 with 29921 no. “Regulation on the Amendment of the Regulation on the Individual Pension System” 22/E article’s first clause states that, “According to the related pension plan, by deducting the first participation fee from the firm’s cash account which will be deducted from employee’s fee, the employee has to be informed about the deduction the next day of the transaction via mail or secure electronic mail. Employee could use the revoke right in two months following the notice. After fulfilling the revoke period, employee can leave the system anytime desired. The revoke right, should be noticed to the employer or the firm via mail or secure email by ordering the clauses of pension contract. In following ten days after notice, if there is any prepaid participation fee is paid back to the employee with the investment income if there is.”

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    yasemin Written by:

    Yasemin Kılıç yaseminkilic@istanbulinvestments.com

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