BES runs to 300 billion liras

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With the effect of increasing the state contribution from 25 percent to 30 percent, a significant increase was observed in the participation in the Private Pension System.

Developments in the Individual Pension System (BES) were discussed in the Bloomberg HT publication.

According to the data of Pension Monitoring Center dated 25 March 2022, the total fund size in BES including OKS reached 276 billion liras. There was an increase of more than 200 thousand in the number of participants compared to the beginning of the year.

BES fund size is rapidly approaching 300 billion liras. The positive effects of our children under the age of 18 being able to enter the PPS and the increase in the government support rate to 30 percent continue to be reflected in the PPS. According to the data of the Pension Monitoring Center dated March 25, 2022, the total fund size in the BES, including OKS, reached 276 billion liras. Since the beginning of the year, the size of the funds in the system has increased by 32 billion TL, including the state contribution. The total number of participants in the system, including OKS, reached 13 million 500 thousand. There was an increase of more than 200 thousand in the number of participants compared to the beginning of the year.

Looking at the data of the participants under the age of 18 as of the mentioned date, the number of participants reached 276 thousand 903 as of 25 March, while the number of contracts reached 292 thousand 633. The total fund size under the age of 18 has exceeded 675 million 176 million liras, including the state contribution.

According to the data provided by the Turkish Insurance Association, the insurance industry in Turkey managed to move its total assets over the 400 billion TL limit in 2021. In the sector, which has grown by more than 30 percent for two consecutive years (32% in 2020, 39% in 2021), the channel, which has grown above this average in the last two years, was the life and pension branch.

While the amount of funds provided by the insurance sector to the economy was 361 Billion TL, it was observed that 36 percent of this fund consisted of bonds and bills and 18 percent of precious metals.
In the insurance sector, where the amount of compensation assumed increases every year, the amount of compensation undertaken in 2021 increased by 44.7 percent compared to the previous year, with 63.6 billion TL.

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