Ziraat Bank individual pension application (Bireysel Emeklilik Başvurusu) is completed via Ziraat Emeklilik’s online BES platform. You can access plans that include both interest-bearing and interest-free fund options at https://besonline.ziraatemeklilik.com.tr/main/p/Login.aspx. Begin your inquiry by entering your Turkish ID number and mobile phone information on that page. You can also use the “BES Satın Al” page on Ziraat Emeklilik’s site to complete the process with a more guided flow.
What Is the Individual Pension System?
The individual pension system allows a working person to build a personal savings balance during their active employment by making monthly contributions until retirement. These plans are offered by pension companies and banks. Typically, participants commit to a monthly amount—often at least 150 TRY—and the accumulated fund is paid out according to the plan when retirement occurs.
Who Can Join the Individual Pension System?
Turkish citizens who are at least 18 years old and have full legal capacity (as defined by the Turkish Civil Code) may join the individual pension system to save for retirement.
What Are the Differences Between SGK and the Individual Pension System?
The pension paid by the Social Security Institution (SGK) is a right that accrues when you complete the required insured days and premiums. The individual pension system is intended to supplement the SGK pension, since SGK payments alone may not maintain the same standard of living in retirement. Individual pensions provide an additional source of income supported by state contributions.
What Are Ziraat Bank Individual Pension Opportunities?
Ziraat Emeklilik offers customers the option to start a pension fund with a minimum monthly contribution of 150 TRY. Features include:
- 25% government contribution
- Both interest-bearing and interest-free fund options
- Up to six fund changes per year
- Funds without management fee deductions
- Exemption from upfront entry fees
- Payment frequency options: monthly, quarterly (3 months), semiannually (6 months), or annually
Can SGK Premiums Be Transferred to the Individual Pension System?
The individual pension system and SGK are separate schemes and do not directly integrate as equivalent guarantees. Individual pension plans are managed by private or state pension companies and depend on the participant’s monthly contribution. While the system complements SGK, SGK premium payments cannot be directly credited as individual pension contributions.
Some providers allow multiple individual pension accounts for a single household so spouses and children can each have a BES account. When applying the government contribution, each family member’s BES account receives its own share. This enables larger total savings and greater benefit from state contributions when several family members participate.
What Is the Scope of Ziraat Emeklilik’s Entry Fee?
Ziraat Emeklilik does not charge an upfront entry fee for individual pension applications. Instead, an entry fee is deferred and applied to the exit balance if applicable.
Deferred entry fee details:
- For participants who have not completed five years in the system, a maximum cumulative deduction equivalent to 8.5% of the annual minimum wage is applied as the five-year total deduction limit. Amounts are calculated using the applicable annual minimum wage multipliers for the years following exit, and the deferred amount is deducted from the participant’s accumulated balance.
- No deferred entry fee is charged in cases of death, disability, or retirement-qualified exits.
- For requests that change the terms, the first item’s rules apply.
How Are Deductions Managed at Ziraat Emeklilik?
Ziraat Emeklilik does not apply management fee deductions; it charges only the total fund expense ratio. Under pension legislation, companies apply a total fund expense deduction to cover fund operating costs.
For example, a participant enrolled in the Participation Standard Pension Investment Fund may see a daily expense deduction of 5.15/100,000 and an annual fund operating expense ratio of 1.88%. Combining these gives a daily total fund expense of 5.25/100,000 and an annual total fund expense of approximately 1.91%.
What Are Participant Rights in Ziraat Bank’s Individual Pension System?
Ziraat Bank’s BES is administered by Ziraat Emeklilik and includes protections designed to safeguard both the institution and participants.
- Participants select their investment preferences and contribution amounts when signing the pension contract. The contribution schedule you choose can only be changed by you.
- BES offers advantages to both individuals and employers. Companies that support employee participation may also benefit from various tax incentives.
- If you remain in the system for at least 10 years and have reached 56 years of age, you become eligible for retirement benefits. These conditions encourage long-term participation and protect accumulated savings. It is also possible to exit the system early by paying applicable withholding taxes.
What Is Withholding Tax (Stopaj) and Why Is It Applied?
Withholding tax (stopaj) is an income tax applied when you withdraw your accumulated individual pension savings and leave the system. Banks apply a withholding deduction on the income portion of your withdrawal.
Typical withholding rates:
- Participants who retire or exit due to death, disability, or liquidation may be charged 0% to 5% depending on the provider; some banks do not apply a withholding tax for these cases.
- Participants who remain in the system for 10 years but are not yet eligible for retirement can face a 10% withholding deduction at some institutions.
- Participants who leave before 10 years and without retirement eligibility may face a 15% withholding deduction.
Each institution sets its own withholding policy. Generally, customers who complete 10 years are often exempt from withholding deductions.
Ziraat Bank (BES) How to Apply for the Individual Pension System
Applicants can apply to Ziraat Bank’s individual pension system quickly and online.
To apply for Ziraat Bank BES:
- Click the “Apply” button on the application page.
- Step 1: Fill in participant information.
- Step 2: Enter your address details.
- Step 3: Review available fund options.
- Step 4: Specify your contribution amount.
- Step 5: Choose your payment method for monthly BES contributions and complete the application.
CLICK HERE TO APPLY FOR ZIRAAT BANK BES
Ziraat Bank (BES) Pension Inquiry
Participants of Ziraat Bank’s individual pension system can check their pension status by clicking the “Inquire” link below and following the instructions.
CLICK HERE TO INQUIRE ABOUT ZIRAAT BANK BES
What Is Mandatory Individual Pension?
From January 9, 2017, a mandatory individual pension scheme was introduced for certain employees, in which 3% of salaries were directed to BES accounts and a 25% government contribution was applied. Public employees over 45 could opt out without withholding tax, while those under 45 faced withholding tax upon early exit.
When canceling a mandatory BES enrollment, you will be notified of the cancellation within 10 days.
How Much Is the BES Deduction on Minimum Wage?
For employees whose gross wages are calculated according to the minimum wage, a 3% BES deduction applies. For example, using the 2020 gross minimum wage of 2,943 TRY, the BES deduction would be 88.29 TRY. For a public official with a salary of 5,266 TRY, the mandatory BES deduction would be approximately 157 TRY.
What Is a Participation Fund?
An investment fund aims to maximize returns by following a predefined portfolio strategy in capital markets. Participation funds are a common choice for those who want to apply for an individual pension and invest in their future.
- Investment funds are managed by professional teams who optimize returns on behalf of participants.
- They enable small savers to access advantages typically available to large investors.
- Funds diversify across assets such as foreign exchange and equities to broaden potential returns.
- Small investors can access investment types with higher return potential through pooled funds.
- Large-scale trading within funds can save time and transaction costs, benefiting individual participants.