What is the Minimum Contribution in the HSBC Individual Plan?
The minimum contribution amount in the HSBC Private Pension Plan is 500 TL.
Your contribution will be paid monthly, quarterly, semi-annually and annually; You can deposit with a credit card or HSBC direct debit instructions.
You can contact Allianz Customer Services at 0850 399 99 99 for any questions about payment channels and our service details.
Your Advantages with HSBC Private Pension Plan
From the moment you join the HSBC Individual Retirement Plan, you benefit from many additional benefits.
How Much is the Entry Fee and Management Expense Deduction?
The entry fee for the contract is defined as follows, taking into account the monthly gross minimum wage valid at the date of signing of the offer form:
a) 75% of the monthly gross minimum wage for those leaving within three years from the effective date of the contract
b) It is 50% of the monthly gross minimum wage for those who leave their contracts within three years from the effective date of the contract and leave before five years.
In contracts where an entry fee is defined, the entire entry fee is deferred until the date of transfer to another company or leaving the system. Entry fee is not collected for contracts for which no entry fee is defined, or for agreements that are more than five years from the effective date.
Management Expense Deduction on Contribution Share
Management expense deduction is not applied over the contribution share in the HSBC Private Pension Plan.
Additional Administrative Expense Deduction
Additional administrative expense deduction is not applied in the HSBC Private Pension Plan.
Management Expense Deduction on Savings
In the HSBC Private Pension Plan; the total of the entrance fee and administrative expense deduction is limited to the annual upper limit; In the first 5 years of the contract, as of the 15th day of each calendar month (if not the first business day, if not the business day), one twelfth of the annual upper limit* of the total annual upper limit* of the entrance fee and administrative expense deduction from the savings in the account by selling shares from the pension mutual funds, is obtained by rounding up. Administrative expense deduction is applied over the unit up to the amount.
*Annual Upper Limit for Total Entry Fee and Management Expense Deduction: Limited to 5 years from the effective date of the contract; It represents 8.5% of the monthly gross minimum wage valid as of January of the calendar year on the start date of each contract year.
What is Fund Total Expense Deduction Refund? How is it determined?
From the 6th year of the contract, the fund total expense deduction is returned to the relevant retirement account at certain rates.
The contract year required for this application, which will start on 01.01.2021, and the corresponding return rates are as follows:
| Contract Year |
Return Year |
| 6. starting from the year |
2.5% |
| 7-14 years |
Increasing 2.5% points every year |
| 15 Years and beyond |
%25 |
Important for existing contracts:
When determining the return rate, the date of 01.01.2013 is accepted as the starting date for the contracts in the system before 01.01.2013. For example, a contract that started in 2010 is considered to have started in 2013 and returned.
What is Government Contribution Control? What are the rates?
To be valid for and after the 6th year of the individual pension contract; The total amount of deductions made from the effective date of the contract until the expiration date is subject to state contribution control. The total deduction amount associated with the state contribution is applied for the 6th year and beyond of the contract. Control will be started as of 01.01.2021.
The upper limit for government contribution control rates varies according to the contract year:
| Contract Year |
Government Contribution Control Ratio |
| 6 |
60% |
| 7 |
70% |
| 8 |
80% |
| 9 |
90% |
| 10+ |
100% |
In case the contribution due after 01.01.2016 is not paid within three months following the payment date; It is accepted that irregular payment has been made within the framework of the relevant contract. For contracts that fall within the scope of irregular payment, the participants are informed within 5 business days following the start of the irregular payment situation.
In case of payment of all amounts related to the unpaid contributions of a contract, which is considered to be an irregular payment; It is considered that regular payments have been started for the said contract.
State contribution control for deductions is not applied for contracts with irregular payment status.
Details
Where can it be purchased?
You can have HSBC Private Pension Plan from HSBC branches.
Who can benefit?
Everyone* can now benefit from the Personalized Private Pension Plan.
*Real persons under the age of 18 who do not have the capacity to act can have a Personalized Private Pension Plan through their legal representatives.
