Turkey raises retirement age [TR]

In a commendable show of resolve, the Turkish Parliament overturned a presidential veto against its intention to raise the retirement age from 58/60 to 65 by 2048. This is seen as an important step to align retirement provision with the EU accession to which this important country strives for very resolutely. The investment provisions of the Pensions Directive appear to be quite another challenge to the Turkish pensions industry with its penchant towards government bond investments.