TURKEY - Investment contributions to the voluntary Individual Pension System (IPS) rose from e109m in 2004 to e539.5m, according to the Pension Monitoring Centre's quarterly report.
Concurrently, the number of IPS pensions contracts more than doubled in the last year, rising from 248,942 to 646,280.
The system was set up in 2003 as part of social security reform in Turkey.
Comparing with the first year, the growth rate of the group pension contracts (147%) is slightly higher than individual pension contracts (142%).
New regulation aimed at providing incentives to the group pension plans, such as the introduction of vesting periods, fund transfer opportunities to the system from other pension schemes, is expected to boost the group contracts in the next few years.
Less than 1% (2,299) of the 234,666 participants who qualified to transfer their accumulations to another pension company by contributing at least one year changed their provider.
Industry sector analysts said the targets reached by end October were well above 2005 IPS targets, and the introduction of the incentives, coupled with the new income tax regulation that exempts the earnings of pension funds from withholding tax, would encourage many more people to buy pension contracts for investment purposes.
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