Who audits the pension companies, and how? How is the security provided?
The pension companies, in accordance with clearly set procedures and principles, are overseen and audited by;
- The State Ministry which the Treasury Department is affiliated to
- The Treasury Department
- Independent actuarial auditors
- Independent external auditors
- The internal auditor of the company.
In addition to all these audits, the operations of the pension companies are subject to oversight by the Treasury Department on a daily basis to ensure secure and effective functioning of the Private Pension System and to protect the rights and interests of the participants. The Treasury Department has authorized the Pension Monitoring Center to provide functions in regards to daily oversight, audit, transaction consolidation, custody of the information of the participants, informing the public and the participants and generating statistics for the operations of the pension companies. In its monitoring and audit activities, the Pension Monitoring Center obtains the information regarding the participants' fund transactions from the Capital Markets Boards and the institution authorized by the Board Takasbank. The Treasury Department may assign additional tasks to the Pension Monitoring Center.
Yes. If you are not happy with the pension plan you have chosen and the return generated through the pension investment funds, you may change your pension company whenever you wish after your 1 year is up with the pension company which you have entered into an agreement or 1 year after your last change of company.
What is Takasbank?