Rights You Have

You may change the allocation rates or amounts of your savings in your private pension account and your contributions a maximum of six times a year.

You may change your pension plan a maximum of four times a year.

The rights arising from the private pension contracts may, as a principle, only be exercised by the participant. Except leaving the system and entitling to retirement, the exercise of rigths may be agreed to be exercised by the person who pays contributions on behalf of, and to the account of, the participant.

You are entitled to withdrawal up to 60 days after signing a pension contract. In this case, all investments made until such withdrawal will be refunded along with returns, if any, within ten business days of withdrawal application.

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.

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.

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.

The company will provide the participant with a written recommendation to move the savings to lower risk investment funds at least two years prior to prospective entitlement to retirement in order to ensure that their savings have minimal exposure to financial market risks.