The Group Pension Contract is a pension system that offers advantageous terms for your corporation.
Thanks to the special pension plans of AvivaSA Emeklilik ve Hayat, with a lower deduction structure than the plans in the Individual Pension System, it is now much easier for the employees of your corporation to reach their retirement dreams!
You may include your employees in the system with ful corporate contributions, with corporate and employee contributions or with ful employee contributions at your choice, and secure their retirement dreams through the group pension plans of AvivaSA Emeklilik ve Hayat.
"The Vesting-Entitlement??? practice means that employees joining the system with corporate contributions may become entitled to all of the contributions paid by their employers only under a specified period of vesting."
The employer group pension contract may include a period of up to five years before the participant may become entitled to all of the contributions paid by the employer and the returns on them.
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* Hak kazanma süresi bir yıldan az olamaz.
An employee in the system with corporate contributions will become entitled to all of the contributions paid by the sponsor organization in the name and for the account of the employee, and the returns on them, if:
Under the vesting-entitlement??? practice, employees joining the system with corporate contributions become entitled to all of the contributions paid by their employers according to their entitlement periods determined by the employer as of the contract starting date.
In Turkey, the vesting practice has become legal under the Insurance Act of 3 June 2007. Click to reach the relevant articles of legislation about the entitlement period practice, which is detailed by the Private Pension Regulation of 9 April 2008. (The link to the applicable regulation: http://www.egm.org.tr/?sid=21)
Within five years from 3 June 2007, provided that a resolution is adopted by the competent bodies of associations, foundations, credit unions, and professional organizations with defined legal entity, that have made pension commitments to their members or employees, the pension savings and the amounts of commitment may be partly or completely transferred to the private pension system or annuity insurances without any deduction for the entrance fee or expenses. All procedures related to transfer, including sales of immovable property, are exempt from taxes, duties and charges.
Click for the necessary steps that foundations must follow to get integrated into the PPS and for www.egm.org.tr relevant Regulation.
Step 1 For transfer, a resolution must be adopted by the competent bodies of the service provider.
Step 2 Following the adopted resolution, a notice is made to the Treasury Undersecretariat.
Step 3 The electronic data set is forwarded by the service provider to the Pension Supervision Centre simultaneously with the notice made to the Undersecretariat.
Step 4 The Undersecretariat examines the information and documents sent by the service provider and evaluates the suitability of the savings for transfer and the conformity of the actuarial report to the specified principles and procedures. The matter is finalized by the Undersecretariat within three months following the completion of the documents.
The contributions paid by employers to the private pension system in the name of employees may be recorded directly as an expense in the calculation of commercial profit.
The amount that may be deducted may not exceed 10 % of the gross salary received by the employee in the month of contribution payment, and the annual amount of the minimum gross wages in a given year.
Employees may deduct 10 % of their monthly gross salaries from their tax bases on condition that such deduction does not exceed the annual amount of the gross minimum wages in a given year.