Page 29 - Turkinsurance Digital Magazine

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Number of participants in the Individual Pension System (BES)

has exceeded 6.9 million as of August 2018. According to 2016
statistics, average age of participants in the system increased up to
39.4 and weighted average age based on total fund size increased
to 45.5. The number of males is higher than females, and majority

of the participants are self-employed, housewives and workers.
28.1 percent of participants reside in İstanbul.

Individual Pension System (BES) has reached launched in the beginning of 2017, stipulates
6 million 970 participants as of August 2018. employees working in companies and public sec-
Fund size has exceeded 12.7 billion USD; after tor to be included in the system automatically.
the system went through a significant reform Employees younger than 45 enter the system
with the initiation of auto-enrollment last year. automatically phase-by-phase. The phases will
Effective since January 2017, auto-enrollment continue in 2019 and will enable many more
has so far brought 4 million 836 participants employees to make savings through BES. Com-
and 519 million USD fund size into the system. pared to the same period of last year, total fund
As a result, 14.6 percent of Turkey’s population size in BES has increased by 17.3 percent; while
have become BES participants, increasing total the number of participants increased by 2.1 per-
number of participants in the system up to 11 cent. Number of participants who are entitled to
million 807 thousand 401. retire from the system increased by 38.4 percent
and reached 79 thousand 879. Total number of
Fund size grows by 17.3 percent in a year pension contracts are currently over 8.2 million.

Developing and growing with each passing year, Most of the participants are between 35
BES makes a significant contribution to nation- and 44 years old
al economy and increases the level of welfare
for individuals during their retirement years. Dominance of male population in BES stands
Auto-enrollment system (OKS), which was out in statistics. According to the 2016 annual

Total population (80.810.525)

Number of BES participants
(6.970.991)

Number of OKS
participants
(4.836.410)

Source: Pension Monitoring Center