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Amendment to the regulation on BES state subsidy

According to the amendment to the regulation by the Minis-
try of Treasury and Finance which was published on Official
Gazette on 5 December 2018, 1.000 TL state subsidy pay-
ment (which is debited to pension accounts on entry) will be
calculated in the next calculation period following the end of
starting period, instead of the “calculation period following
the month when the right of withdrawal is due, unless the right
of withdrawal is exercised.”

The regulation defines “starting period” as the 2 months-long
period that follows the date when employee is notified of the
initiation of their pension plan. According to the Article 4/A
recently added in the regulation, if an employee who has left
the system by terminating all of their existing pension con- be paid in cash. Between 6th and 10th year, rates will be 65
tracts re-enters the system, their state subsidy payment for percent committed to 35 percent paid; while 40 percent will
starting period will not be recalculated. be committed and 60 percent will be paid for contracts that
have lived 10 years or longer. In case the certificate is termi-
According to the regulation, state subsidy payments will be nated because the holder exercises their right to retire or dies/
debited in two different ways: committed payments will be deb- experiences disability, 100 percent of the accumulated state
ited and monitored in the commitment account of the employ- subsidy savings will be debited to the holder’s cash account.
ee, while the amounts to be paid in cash based on vested part
of the committed amounts will be debited in the cash account Within the scope of the amended regulation, 30 percent of the
of the employee. Between the 3rd and 6th year of a pension state subsidy amounts that are paid in cash will be invested in
certificate, 85 percent of the amount saved in the state subsidy covered bonds, and asset backed or mortgage backed securi-
account will be recorded as commitment, but 15 percent will ties that are ranked as investable by rating agencies author-
ized by the Capital Markets Board (SPK).

Strategic partnership from Acıbadem Sigorta ve Aegon Emeklilik ve Hayat

Acıbadem Sigorta and Gökhan Gürcan, CEO of Acıbadem Sigorta ve Hayat, said:
Aegon Emeklilik ve “With our senCard Membership Program, which is the reflec-
Hayat signed a strate- tion of significance we attach to health and insurance sector,
gic cooperation agree- our entire concentration is to combine our value propositions
ment in private health in a single ecosystem, and ultimately, to become the ‘Healthy
insurance. The new and happy living coach’ for all our stakeholders. In accord-
agreement signed on 1 ance with this target, we are pleased that Aegon – market’s
December 2018 aims reliable and service-oriented player – has participated in the
to offer private health senCard Membership Program, which shares our strongest at-
insurance services to tributes with insurance companies and enables them to share
higher number of cus- their know-how with us.”
tomers and expand the
market. Thanks to the new legislation that allows pension companies
to sell health insurance policies, Aegon has received the cer-
During the celebration attended by the managers of both com- tificate required to offer health insurance services. We are be-
panies on 24 December, the first health insurance policy was ginning a new era by expanding our product range in health in-
issued by Aegon for Uğur Tozşekerli. Thus, in accordance with surance. We are combining our powers with Acıbadem Hayat
the new business model, Aegon will continue with its sales and Sigorta through an innovative partnership model that will re-
marketing activities though its enhanced distribution channel; inforce our interest and know-how in the health insurance sec-
and will begin to receive operational and infrastructural ser- tor with new activities in this field,” added Uğur Tozşekerli,
vices and support for the transfer of insurance risks of those General Manager of Aegon Emeklilik ve Hayat.
products from Acıbadem Sigorta, one of Turkey’s largest
health services provider.