Turkey’s Treasury Proposes Cuts to Pension Fees, Milliyet Says

The Turkish Treasury proposed a draft law reducing management and entry fees charged by private pension companies and will notify the providers this week, Milliyet reported, without saying where it got the information.

The ceiling on management fees will be cut to 2 percent from 8 percent and the fund management charge lowered to 2.2 percent from 3.65 percent, the Istanbul-based newspaper said. The entrance fee will be cut to 10 percent of the gross monthly minimum wage, which is now 940 Turkish liras ($525), from 50 percent, according to Milliyet.

To contact the reporter on this story: Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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