The total fund amount of the participants in the Turkish Private Pension System and the state contribution fund amount has reached 306.8 billion Turkish Liras, and the total fund size of those included in the system with automatic participation has reached to 23.2 billion Turkish Liras.
The Turkish Private Pension System, which aims to ensure that the welfare level of individuals does not decrease during their retirement period, and also contributes to the national economy with the funds it creates by increasing the level of long-term savings in the country, is approaching its 19th year as to started on the date of October 27, 2003.
According to the Pension Monitoring Center (EGM) data, the total number of participants in the private pension system has reached 14 million 44 thousand 320. While 7 million 528 thousand of these participants were voluntary participants, the rest became a participant in the system with the automatic participation of employees to the Private Pension System.
The number of people who retired from the Private Pension System and started to receive income from the system has also reached 186,266 as of August 5 2022.
While the fund amount of the voluntary participants in the Turkish Private Pension System reached 272 billion 456 million Turkish Liras, the state contribution fund amount was 34 billion 408.5 million Turkish Liras. Thus, the total size of the funds of the participants and the state contribution fund amounted to 306 billion 864.5 million Turkish Liras. Within this system, TRL 212 billion 894.7 million of its funds are used in interest-free funds, and TRL 81 billion 696.6 million in interest-free funds.
Considering the TRL 23 billion 257.7 million private pension fund in the Auto Enrollment System, the total size of the Turkish Private Pension System reached TRL 330 billion 122.2 million (approximately USD 18.5 Billion) as of August 10 2022.
With these latest figures, the fund size in the system has increased 85 Billion Turkish Liras in total compared to 2021. When the private pension fund amount and state contribution fund amounts are taken into account, an increase of TRL 85 billion 835.1 million was observed in the total fund size from the end of 2021 to August 10, 2022.
