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Turkey New Legislation will increase buyers

Turkey is planning to ease restriction on the purchase of real estate by foreigners, according to reports in the Turkish press this morning.

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Gulluk, Bodrum, New Luxury 149,000M3 Marina Now Passed To Be Built

Gulluk has now announced the new luxury 149,000m3 marina to be built soon. This is a major benefit to this already popular resort. Read on for more de...

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Pensions in Turkey: Frequently Asked Questions

We are often asked to give advice to those looking to retire to Turkey. Many of the questions surround the topic of pensions. We have compiled the following list of the most common questions and answers to help you:

Am I entitled to claim my UK pension whilst living in Turkey?

Yes. The UK state pension is paid at the same rate you were receiving in the UK. Similarly, if you were claiming a Turkish pension, this would be paid at the same rate you were receiving in Turkey if you choose to relocate to the UK. Details are passed to the government on request and payments can be made into your bank account of choice.

What happens to my pension if I have been insured in both the UK and Turkey?

Providing your National Insurance payments have been kept up to date, your pension entitlement should remain. A situation where contributions have been split between two countries is referred to as a "pro-rata" pension. On claiming initially, both countries will look into your situation, how long you have paid contributions in each country, and work out your entitlement on a pro-rata basis.

I have not yet reached retirement but wish to carry on paying my UK pension contributions. Is this possible?

Yes. Organise to pay your National Insurance contributions personally to continue your entitlement to your UK state pension.

Do I still receive extra for my dependents?

Providing all of your contributions are up to date, you should still be entitled to claim for dependents.

Can I organise a personal pension fund in Turkey?

Yes. Some leading professional services companies like Price Waterhouse Coopers (PWC), with 4 offices in Turkey including Istanbul and Izmir, do offer personal pension options on a pay-as-you-go (PAYG) basis. There are varying funds, but generally, you pay an agreed sum monthly which is then invested and accumulates over time. The returns depend solely on the levels of your contributions and investment performances.

Where can I go for further information?

Please refer to the Department for Work and Pensions for further information:
http://www.dwp.gov.uk/international/benefits/state-pension/state-pension-arrangements-in-social/#turkey

Please note: This information is correct at time of press and based on our own research on time of publication and intended as information and guidance only.