Pension benefits are granted upon reaching the retirement age stipulated by law for the mandatory pension system. In this case, the member has the right to withdraw the accumulated assets up to that age in two forms:

• As a lump sum, withdrawing all assets at once.

• As a monthly pension, receiving payments until the assets in their account are fully depleted.

One of the advantages of private pensions is the possibility of receiving a pension five years before reaching the retirement age stipulated by the Social Security Law. In this case, the member has the right to withdraw the accumulated assets up to that age in two forms:

• As a lump sum, withdrawing all assets at once.

• As a monthly pension, receiving payments until the assets in their account are fully depleted.

If the member becomes permanently unable to work during the membership period, they have the right to withdraw the assets in their account in the same manner as in cases of old-age pension. 

The employer establishes a professional pension plan for their employees by signing a contract with the pension management company, which provides a pension fund for employees.

Any contribution made by the employer on behalf of the employee is considered as if it were paid by the employee themselves.

In the professional pension scheme, both the employer and the employee contribute to the employee’s designated account. The Professional Pension Fund represents the employer’s (private or public) initiative to secure voluntary pension benefits for employees.

There are two types of professional pension funds:

1. Employer-Only Professional Fund

2. Joint Employer-Employee Professional Fund

Beyond the financial benefits for both employer and employee, enrolling employees in the professional scheme serves as a recognition and incentive for employee loyalty.