How do I become a pensioner?
You may become entitled to become a pensioner if you have stayed in the Private Pension System for at least 10 (ten) years following your enrolment and turned the age of 56 (fifty-six).
When you become eligible for retirement, you may opt to not withdraw your savings and to continue contributing to your private pension account.
Alternatively, you may withdraw all or part of your savings in your private pension account. Our company will send your termination details and request form along with your account statement in 5 (five) business days following the receipt date of your application for leaving the system; these will be sent to your electronic mail address or fax number predefined in our system; or if unavailable, to your mailing address.
If you sign and send your leaving request form to our company via fax or mail, your savings in your Private Pension account and if any, the amounts accrued in your State Contribution account will be paid into your designated account in 20 (twenty) business days from the receipt date of your form by the company. (A company that fails to fulfil its obligations within the specified period is required to add twice the amount of positive returns earned by the participant in the preceding month from the fund portfolio the participant owned on the transmission date of his/her retirement request to the participant’s savings account.)
If you wish to have only a portion of your savings paid, you may request for payment of your savings from your private pension account in monthly, quarterly, biannual or annual instalments according to a payment plan to be prepared. You may change the payment periods and amounts you have determined as such up to 2 (two) times a year.
Once you start receiving part of your savings in instalments, you may no longer make any contribution payments into the related private pension account, nor combine your accounts. Yet, even in such a case, you still reserve the right to receive your whole savings at any time desired. For your remaining savings, you may still use your right to change the fund allocation and to make transfers.
In the event that the participant has more than one pension contracts in the same or different companies, the participant’s date of enrolment in the system is determined considering the oldest-dated contract in respect of date of enrolment in the system among the effective contracts. In such cases, in order to earn the right to retirement on all pension contracts, the participant should have earned this right at least on one of them and combined his/her accounts.
The participant having more than one pension agreement shall exercise his/her right to retirement by sending a request to any of the companies where he/she has effective contracts by the date of entitlement to pension and combining his/her accounts related to the other contracts with the accounts under the current contract with that company to which the participant has sent such a request.