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Turkey: Insurance sector glad of new legal arrangement

Turkey: Insurance sector glad of new legal arrangement
New arrangement enables Turkish citizens abroad to join private pension system: Head of Turkey's insurance association

By Gokhan Ergocun

ISTANBUL (AA) - Turkey's new legal arrangement which enables Turkish citizens living abroad to join the country's private pension system (PPS) with foreign currencies is important for citizens and the insurance sector, the head of the Insurance Association of Turkey said on Friday.

Having those citizens join the PPS will contribute to the system in terms of fund amount and number of participants, Atilla Benli said in a press release.

He noted: "Approximately 6.5 million Turkish citizens live abroad and 5.5 million of them are residents in the western countries."

"I am pleased that our citizens living abroad can benefit from the PPS," he added.

Previously, those citizens, who want to join the system, had to convert currencies to the Turkish lira.

Blue card owners, who were out of Turkish citizenship admittedly, can also join the PPS with the same conditions.

Turkey contributes to the saving accounts in the PPS.

source: News Feed
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