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BNP Paribas Cardif Turkey Highlights Growth and Advantages of BES
The Individual Pension System (BES) continues to play a key role in supporting long-term savings in Turkey. With nearly 18 million participants and a fund size exceeding 2.5 trillion TL, the system has reached historic levels. BNP Paribas Cardif Turkey emphasized that BES maintains its structural strength while offering participants attractive long-term advantages and updated state contributions.
Record Growth in Participants and Funds
According to data from the Pension Monitoring Centre, BES has become Turkey’s most comprehensive savings platform. The inclusion of both voluntary BES and Automatic Enrolment System (OKS) has strengthened the system’s coverage, with total participants approaching 18 million. The total fund size has surpassed 2.2 trillion TL, reflecting strong public interest and trust in the system.
Gökhan Sertsöz, Deputy General Manager of Bank and Agency Insurance at BNP Paribas Cardif Turkey, stated that BES is an essential component of individual financial security. He noted that factors such as regulatory improvements, digital accessibility, and fund performance have also contributed significantly to the steady growth of the system.
Long-Term Sustainability and Stability
Sertsöz underlined that sustainable value creation within the BES depends on the reliable and effective management of participants’ contributions. He added that state incentives should be seen not only as short-term benefits but also as strategic tools for macroeconomic stability and long-term prosperity. Transparent communication, consistent fund performance, and the improvement of financial literacy were highlighted as key to ensuring continued success.
Updated State Contribution Regulations
With the new regulation published in the Official Gazette on 7 January 2026, the state contribution rate for individual savings was revised from 30% to 20% as of 1 January 2026. Sertsöz explained that this change reflects a natural phase in the system’s maturity and stated that BES remains a powerful mechanism for regular savings, inflation protection, and income generation after retirement.
He also emphasized that while state support remains important, the true strength of BES lies in its fund returns and long-term savings discipline. Professionally managed investment funds within BES create significant compound returns, enabling participants’ savings to grow steadily over the years.
Tax Advantages in BES
Sertsöz reminded that BES offers ongoing tax advantages. Taxes are applied only to the gains, not the principal invested. The withholding tax rate is 15% for withdrawals before 10 years, 10% for those who have completed 10 years but not yet reached age 56, and only 5% for participants meeting both conditions. This taxation structure continues to make BES one of the most advantageous tools for long-term retirement savings.
