Help & Advice

What are the differences of Private Pension products from the existing social security systems?

The Private Pension System is a phase in the transition to multi-stage pension systems. It is not a substitute or an alternative for the social security system, but rather a complementary system.  Accordingly, enrollment in the Private Pension System does not lead to any changes in regards to your enrollment in or obligations towards the existing  social security institutions. Unlike the existing social security system, enrollment in the Private Pension System is voluntary and based on individual accounts. Your payments are invested in the private pension funds that you select and kept in accounts that belong to you exclusively, and paid back to you when you retire.  Whereas enrollment in the government operated social security system is mandatory and contributions collected from individuals are gathered in a common pool. The pension payments made during retirement are financed from the pool and through the contribution payments made to the system by individuals working at that time.

  1. How often can I change the distribution of the contribution amounts among the funds within the pension plan?

    In the Private Pension System, there are pension plans as products, and pension investment funds within each pension plan.

  2. Who is Garanti Asset Management?

    Operating since 1997, Garanti Asset Management is a 100% subsidiary of Garanti Bank A.Ş. The company provides investment fund management and corporate portfolio management services.

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