Private Pension System is an
advantageous investment system that converts savings into income by planning
for the future today. Payments to private pension plans are completely
independent from payments made to social security institutions.
The Pension System is based on voluntary participation. Contributions are
directed to investment through pension funds that enable participants to
sustain their living standards in the future. The participant is eligible
for retirement at the age of 56 after having stayed in the system at least
for 10 years.
Private pension is a flexible and advantageous system that offers the below
mentioned rights and privileges to the participants:
* The system allows the participant to determine the amount of the
contribution (provided that the amount is not below the designated minimum
contribution) and to increase this amount at any time.
* The participant is free to determine the pension funds through which
his/her contributions and savings are to be directed to investment. ,
* The participant has the right to change fund allocation rates at most six
times a year and the pension plan at most four times a year.
* The participant has the right to suspend paying contribution. Within this
period, his/her savings will continue to be invested in pension funds. And
the participant may begin contribution payments at any convenient time again.
* The participant benefits from the tax advantages offered by the system.
* All savings and rights can be transferred to another pension company
provided that the participant has paid contributions at one company for one
full year.
* The participant may leave the system at any time. He/she may choose the
retirement savings to be paid back in a lump sum or as regular income.
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