Help & Advice

How does the system protect the rights of the participant?

The pension companies are continuously audited by the Treasury Department, the CMB, independent actuarial auditors, independent external auditors and the company's internal auditor.
In the case that a weakening in the pension fund's financial structure to a degree that may threaten the rights and interest of the participants is detected, the Ministry that the Treasury Department is affiliated to may request the following from the company's board:
A. To increase the capital, pay the unpaid portion of it, notify the partners to make payments on capital and to stop dividend payments
B. To sell off subsidiaries and fixed assets partially or completely or to stop the sell off, not to acquire new subsidiaries and fixed assets
C. To have the unencumbered assets blocked at a designated bank and prevent the disposal of these assets without permission.
D. To take measures towards improving the financial structure of the company.
Additionally, the Ministry that the Treasury Departments is affiliated to is entitled to transfer the funds and the portfolio (agreements of the participants) of the pension company to another pension company if the financial structure of the company is not improved.
The pension investment fund assets purchased by the pension companies on behalf of the participants are held in custody at Takasbank. The fund assets of the pension companies and participants are completely separate.

  1. Can I change the pension company?

    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.

  2. 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.

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