Individual pension cancellation is usually carried out by notifying the bank’s customer service verbally that you wish to withdraw from the private pension plan. Alternatively, the cancellation request can be submitted in writing at a branch using a signed petition.
How Are Mandatory Individual Pension (BES) Cancellations Processed?
To cancel a mandatory individual pension contract, you must act within the 2-month withdrawal period. Mandatory BES opened for employees covered by SGK can be terminated free of charge at the employee’s request. Once the 2-month withdrawal period expires, cancellation procedures differ and typically require a different approach.
Key details for cancelling a mandatory individual pension contract:
- If you joined a mandatory BES, you can unconditionally withdraw from the system within 2 months of contract inception.
- While the 2-month withdrawal period is ongoing, you can cancel via any channel provided by the bank or insurance company.
- You may request cancellation using the pension company’s phone number, fax or e‑mail address.
- When applying to cancel an automatic BES, you will receive an exit information form, a withdrawal declaration and account statement within five business days by e‑mail.
- Complete the company’s exit form and return it by e‑mail or fax as instructed.
- After the company receives the employee’s withdrawal declaration, the automatic BES contract will be cancelled.
If the 2-month withdrawal period has passed, cancellation requests are generally handled only through the company’s customer service channels.
How to Cancel a Voluntary Individual Pension Contract?
Cancellation steps for voluntary BES depend on whether the withdrawal period is still active. The main points for cancelling according to the withdrawal period are outlined below:
- Voluntary BES cancellations are normally processed through the pension company’s customer service.
- Call the insurance company’s customer line and request cancellation verbally to initiate the process.
- If you are still within the withdrawal period, you can usually cancel the contract by creating a cancellation instruction.
- When the 2-month withdrawal period is active, you may also need to complete a written cancellation petition to finalize the termination.
- After the company sends the cancellation form by e‑mail or post and you return it signed, the voluntary BES cancellation will be completed.
What Are the General Features of the Mandatory BES?
The mandatory BES opened for SGK‑registered employees has the following characteristics:
- Mandatory BES is established only for employees covered by SGK.
- Employers initiate mandatory BES enrollments for their eligible staff.
- Automatic BES generally applies to employees under the age of 40.
- After the contract begins, you have 2 months to request cancellation.
- Premium contributions for mandatory BES are calculated as 3% of the employee’s salary.
- Employees who join the scheme receive a one-time state contribution of 1,000 TL paid on their behalf.
To benefit from ongoing state support, participants must make regular contribution payments for at least three years.
How Can You Check Your BES Account?
BES account inquiries are made through the e‑Government (e‑Devlet) portal.
To check BES via e‑Devlet, sign in with your Turkish ID number and e‑Devlet password. After logging in, you can access the BES query screen to see details of any mandatory or voluntary contract linked to your identity.
- Open the e‑Devlet website and click the “Giriş Yap” (Sign In) option.
- Enter your T.C. identity number and e‑Devlet password to log in.
- After successful login, navigate directly to the individual pension query screen to view contract details.
On the mandatory pension inquiry screen you can review automatic BES contract details and state contribution information.
General Characteristics of the Individual Pension System
The private pension system is organized under two main categories: voluntary BES and mandatory BES. Other general features include:
- Voluntary BES can be opened by any Turkish citizen over 18.
- Mandatory BES contracts are only opened for SGK‑registered employees.
- Each citizen may hold one BES account.
- Contribution amounts and schedules are determined according to program rules and can vary by year.
- Participants who contribute for 10 years become eligible for retirement benefits and may receive larger state contributions.
- If you leave the system before 10 years, a partial share of state support may still be payable depending on the duration of contributions.
- To qualify for any state contribution, contributions must be paid for at least three years without breaching continuity rules.
Advantages of the Individual Pension System
Key advantages of BES include:
- Regular contributors can acquire retirement rights after long‑term participation (for example, after 10 years under specific conditions).
- Contribution amounts are flexible and can be adjusted according to the participant’s preferences.
- Payment frequency can be monthly, quarterly, semi‑annual or annual.
- Participants who leave before the 10‑year mark may still receive a portion of the state contribution.
- When eligible for retirement, participants may withdraw their accumulated savings as a lump sum or convert them into a pension stream.
How Much Is the State Contribution to BES?
State contributions vary depending on the duration of regular payments and whether the participant meets withdrawal or retirement conditions.
General state contribution rules:
- The standard state top‑up for BES is up to 25% of the participant’s total accumulated contributions, depending on eligibility and duration.
- Participants who terminate the contract without meeting retirement conditions may still receive a share of the state contribution in proportion to the years they contributed.
- Participants with 3 to 6 years of contributions are typically eligible for 15% of the total state contribution amount.
- Those with 6 to 10 years of regular contributions may be eligible for 35% of the state support amount.
- Participants who contributed for 10 years and terminate the contract before retirement may be eligible for 60% of the state contribution.
If you contribute for more than 10 years and then retire, you are generally entitled to receive the full state contribution amount.
Conditions to Receive State Contribution
To benefit from state contributions under either voluntary or mandatory BES, the following conditions apply:
- Participants must pay at least the minimum required contribution amount on a regular basis.
- If contributions are missed three times in a row, the right to receive state support may be forfeited.
- A minimum of three years of contribution payments is required to qualify for state contributions.
Important: If the total contributions paid in a single year exceed ten times the minimum wage, the right to state support for that year may be revoked.
Contact Numbers for BES Cancellations
You can initiate BES cancellation requests through the following bank and insurer phone numbers:
- ING Bank: 444 1 666
- Garanti Bankası: 444 0 336
- Ziraat Bankası: 0850 222 97 00
- Vakıfbank: 444 92 37
- Yapı Kredi: 0850 222 0 444
- Avivasa: 444 11 11
- Denizbank: 0850 222 0 800
- TEB: 0850 200 0 666
- Halkbank: 0850 222 0 400
- Türkiye Finans: 0850 222 22 44
- İş Bankası: 0850 724 55 00
Use these numbers to submit BES cancellation requests to the respective institutions.
How to Cancel BES at Vakıfbank
To cancel BES at Vakıfbank, follow these steps:
- Call 444 92 347.
- When prompted by the voice response system, enter your T.C. identity number.
- The system will ask which transaction you wish to perform; state that you want to cancel BES.
- Confirm the cancellation by entering the verification code provided by the system.
Once these steps are completed, your individual pension cancellation will be processed.
How to Cancel BES at Garanti Bank
To cancel BES with Garanti Bank, follow this procedure:
- Call 444 0 336.
- Answer the voice response prompts and enter your T.C. identity number when requested.
- Explain the reason for your call and state that you want to cancel BES.
- The voice response system will instruct you which digit to press to submit the cancellation request; press that digit to confirm.
After these steps, the BES cancellation will be completed.
When Will the Refund Be Made After BES Cancellation?
Refunds following BES cancellation are typically processed within 10 business days. If you cancel your BES with any bank or insurance provider, the cash balance in your BES account will be returned to you within this time frame.
How to Cancel BES at İş Bankası
To cancel BES at İş Bankası without visiting a branch, follow these steps:
- Call 0850 724 55 00.
- When the voice response answers, enter your T.C. identity number.
- State the purpose of your call and request to speak with customer service.
- Tell the customer representative you want to cancel your BES; the representative will register your cancellation request.
If you prefer to cancel in person, visit your nearest İş Bankası branch with your T.C. identity card and submit the cancellation at the teller window.
How to Cancel BES with Anadolu Hayat Emeklilik
To cancel an Anadolu Hayat Emeklilik BES via SMS, follow these steps:
- Open a new message on your phone.
- Type: CAYMA [space] T.C. identity number.
- Send the message to 5755.
- You will receive a confirmation SMS from Anadolu Hayat Emeklilik confirming the cancellation.
Receiving the confirmation SMS completes the individual pension cancellation process.