Rights You Have
What are the inherent rights of participants?
Changing Fund Allocation Rates
Changing Pension Plan
Exercising of Rights
Right of Withdrawal in the Grace Period and the Investments Made
Modification and Suspension of Contribution
The contribution amount may be modified throughout the term of the pension contract.
The payment of contributions may be suspended at any time throughout the term of the pension contract. For every month of suspension (if there is no contribution made to the contract in three sequential months, it is accepted that payment of contribution is suspended) Additional Administrative Fee can be collected, maximum amount of 2 TL.
Withdrawing from the System
Any participant who withdraws from the system before being entitled to retirement will forfeit any and all rights related to the period of time that may have elapsed since the entrance thereof to the private pension system.
Applications to leave the system due to disability are only acceptable if the participant is entitled to disability pension, pursuant to social security legislation. In the event that the participant should pass away before retirement, their savings will be paid to their beneficiaries; if beneficiaries are not listed in the pension contract then they will go to the legal inheritors of the deceased’s assets, without prejudice to the provisions of Turkish Civil Code No. 4721, dated November 22, 2001.
Entitlement to Retirement and Repayment of Savings
Once a participant remains subscribed for at least 10 years from the date of entrance to the system and is 56 years old or more; he/she becomes entitled to retirement.
Any participant who is entitled to retirement may claim savings from the respective private pension account either wholly or partially. Any participant who prefers to receive his/her savings partially may request the savings to be paid from the respective private pension account monthly, quarterly, biannually or annually. In the event that the participant is party to more than one pension contract then he/she will be entitled to retirement under all such contracts once he/she becomes entitled to one.