The Private Pension System allows you to save during your working life so you can enjoy greater financial comfort in retirement. It is not an alternative to Social Security but rather a complementary and supportive arrangement. Recently included in government policy, this system is becoming more widespread and, in some companies, is even mandatory. Generally voluntary, its aim is to provide an additional income stream for retirement. The Private Pension System is a legally regulated program supported by state contributions. Its main objectives are:
- To enable individuals to save securely for use during retirement
- To encourage saving and channel funds into investment
- To provide participants with additional retirement income through monthly pensions or lump-sum payments
- To create financial resources for the economy
- To increase employment
Axa Life and Insurance Private Pension System
Axa Insurance has offered private pension planning and expert guidance to its clients for many years. Through the Axa Life and Insurance Private Pension System, you can maintain your standard of living in retirement and turn your savings into investments. While the Private Pension System is separate from Social Security, it does not provide health or other social services.
Who Can Benefit from the Private Pension System?
Anyone aged 15 or older is eligible to participate in the Private Pension System.
How Do You Retire Through the Private Pension System?
After joining the Private Pension System, you become eligible for retirement procedures once you reach age 56. To qualify, you must remain in the system for at least 10 years from your entry date and be at least 56 years old. Once retirement is approved, you can receive your payments according to the terms specified in your contract.
What Rights Do You Have in the Private Pension System?
After signing your retirement contract, you have the right to make various changes within the system. With Axa Insurance’s experienced advisors, you can select the retirement plan that best fits your needs. You may change your contribution amount and, if allowed by your contract, transfer your accumulated funds to another company — provided you have remained in the system for at least two years since enrollment. The contract also permits temporary suspension of payments. Within a single contract, you can change your fund allocation up to six times per year and alter your retirement plan up to four times per year. You may leave the system at any time before retirement; in the case of early withdrawal, applicable withholding taxes and any entrance fee deductions will be applied to your savings and to portions of the state contribution subject to payment. After qualifying for retirement, you can choose between a lump-sum payment, scheduled payments, or an annual income insurance option.
What Is Planning in the Private Pension System?
Within Axa Insurance, your retirement plan is designed by experts based on your financial circumstances and available resources. Once your plan is defined, a retirement contract is signed to protect both your and the company’s rights.
What Advantages Does Axa Insurance’s Private Pension Offer?
Your private pension accounts are held at the settlement and custody institution (Takasbank), where you can track your daily fund units. Retirement investment funds are exempt from certain withholding taxes, providing tax advantages during the investment phase. By joining the Private Pension System, you also benefit from a 25% state contribution, helping your savings grow more rapidly. Sales and promotion of private pension products are conducted by certified private pension intermediaries, ensuring professional guidance and accurate advice when you enroll.
You are free to leave the Axa Insurance Private Pension System at any time, and you may suspend payments if you wish.
What Are Axa Insurance’s Private Pension Programs?
Axa Insurance offers four main private pension plans.
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Support Pension Plan
Contributions under this plan can be made monthly, quarterly, semiannually, or annually. The minimum monthly contribution is 150 TL. At the request of the participant or the person for whom contributions are made, the contribution amount during the contract period can be set at 150 TL.
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Plus Pension Plan
The minimum contribution for this plan is 200 TL. Contributions can be paid monthly, every three months, every six months, or annually.
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Full Pension Plan
An initial contribution amount is determined in advance, with a minimum initial contribution of 10,000 TL. The initial contribution must be paid at the proposal stage for the contract to take effect. Ongoing contributions can be made monthly, quarterly, semiannually, or annually. The minimum monthly contribution under this plan is 300 TL.
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Comfort Pension Plan
Contributions are accepted monthly, every three months, every six months, or annually. The minimum contribution is 125 TL. This plan is one of Axa Insurance’s most popular pension options.
Bank Collection Fees and Blocking Periods for Pension Plans
To view the bank collection fee schedule and blocking periods related to pension plans, please consult Axa’s official payment methods information.
Axa Insurance Contact Information:
Phone: 0850 250 99 99
For detailed information: www.axahayatemeklilik.com.tr