Secondary legislation on pension auto-enrolment system

As the date of the entry into force of new pension auto-enrolment system approaches, three amending regulations and two sector announcements were published by the Undersecretariat of Treasury (“Treasury”) last week:

• Regulation amending the Regulation on the Private Pension System;
   
• Regulation amending the Regulation on the State Contribution in Private Pension System;
   
• Regulation amending the Regulation on the Establishment and Operation Principles of the Pension Investment Funds;
   
• Sector Announcement No. 2016/30 on the Implementation Principles of the Private Pension Auto-Enrolment System (“Sector Announcement No. 2016/30”);
   
• Sector Announcement No. 2016/31 on the Authorized Companies within the Scope of the Auto-Enrolment System;
   
• Regulation on the Principles on the Entrance to the Auto-Enrolment System.

According to the above secondary legislation focusing on the auto-enrolment system, clarifications have been made as to the requirements regarding the pension agreements, state contribution amounts and allowance times, nature of the pension investment funds and the requirements for the operations concerning the pension investment funds.

Please click on the PDF below to find out more about the notable changes brought about by these new pieces of legislation.