By-law regarding the management costs in Individual Retirement System has been revised and updated through a new by law.
26.5.2015
By-law regarding the management costs in Individual Retirement System has been revised and updated through a new by- law which was published in the Official Gazette numbered 29366 dated 25.5.2015. According to the new regulation the sum of management costs and entrance fee incurred by the pension companies will be limited to the 8.5% of monthly minimum wage for every year for the first 5 years of any pension contract in Individual Retirement System. Beginning from the 6th year, total management costs will be limited to a set of specific ratios of the state contribution amount accumulated in the plan members pension account. Also beginning from the 6th year of the pension contract, a specific portion of the total fund management costs incurred by the pension fund company will be returned to the plan members pension account.