FREQUENTLY ASKED QUESTIONS
What is the Private Pension System?
The Private Pension System is a private pension system that enables individuals to earn an income in which they can maintain their living standards during their retirement periods by directing the savings they make during their active working lives to long-term investment. By participating voluntarily in this system, people can provide an additional income to the pension income provided by the social security system.
The system is based on collecting, evaluating the contributions / savings and paying the person money or salary.
When did the system start?
The Private Pension Savings and Investment System Law was adopted on March 28, 2001 and the number 24336 of 7 April 2001 was published in the Official Gazette. The law came into force on 7 October 2001, 6 months after its publication. On 27 October 2003, the pension companies started to operate with the approval of their first pension plans.
What is the purpose of the Private Pension System?
The primary objective of the Private Pension System is to provide an additional income during the retirement period by directing individuals' retirement savings to investment. Individual retirement thus increases the welfare of individuals during the retirement period when active working lives are over. The system also contributes to the country's development by creating long-term resources for the economy.
Is it necessary to be attached to the Social Security Institution or to be working in order to participate in the system?
Anyone with a license can be included in the system. There is no commitment or working condition regarding the Social Security Institution in the Private Pension System. The Private Pension System complements the compulsory social security system.
Individual Pension System, health and so on. services?
Private Pension System; It does not provide health services or other services available in the Social Security Institution.
Will the rights in the social security system lose their validity after joining the Private Pension System?
No. There is no commitment or working condition regarding the Social Security Institution in the Private Pension System. The rights arising from the social security institution will continue.
Is the Private Pension System safe?
Individual Pension System in Turkey, the world created by examining best practice, guaranteed by the state and is an example of a well-functioning system to show up. Pension activities of the companies The accounts and transactions of the Undersecretariat of Treasury, funds, portfolio managers and custodians of the Treasury are subject to the supervision of the Capital Markets Board (CMB).
The activities of pension companies are subject to daily supervision and supervision of the Undersecretariat of Treasury in order to ensure the safe and effective operation of the Private Pension System and to protect the rights and interests of the participants. The Undersecretariat of Treasury has assigned the Pension Monitoring Center to carry out this duty.
Is there a guarantee for death in the Private Pension System?
No. There is no death guarantee in the Private Pension System. However, if the participant dies during the contract period, all of his savings, state contributions and returns shall be paid to the beneficiaries or legal heirs specified in the pension contract, if any.
What is a private pension contract?
It is a contract regulating the principles and procedures regarding opening an individual pension account, paying contributions to the account, directing the paid contributions to investment in preferred funds and paying the accumulated funds to the right holders and other rights and obligations of the parties in this scope.
How many types of pension contracts are there? Who are the parties to the Convention?
The pension contract can be concluded as an individual or group pension contract. The group pension contract is issued as an individual or employer group pension contract linked to the group.
Private pension contract: A contract in which the company and the participant take part as part of the individual pension plan. Group private pension contract: It is a contract in which the company and the participant take part as a party depending on the group pension plan. Employer group pension agreement: A contract signed between a sponsoring organization and the company on the basis of an employment relationship or in favor of the participant and paid contribution by the sponsor on behalf of the participant.
How is the pension right earned from the system?
As of the date of entry into the Private Pension System, the company is entitled to retirement on condition that it is in the system for at least 10 years and completes the age of 56.
If there is more than one contract, does leaving the old one affect the entitlement to retirement?
Yes, the time spent on the system resulting from the terminated contract is lost. The date of entry into the system shall be changed according to the oldest contract in force.
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