What OYAK is?

 

OYAK is a Complementary Professional Pension Fund.

OYAK is a complementary professional pension fund whose examples are quite common in developed economies and which was established so as to provide additional benefits to its members in case of retirement, death and invalidity only by using the resources provided by its members. Complementary professional pension funds have nothing to do with the social security aids granted by states to their citizens. As can be understood from their name, these structures are complementary.

 

OYAK is Subject to the Law No. 205.

OYAK is a legal entity which is subject to the provisions of private law within the framework of the Law No. 205 and is autonomous in terms of financial and administrative aspects.
 

Members of OYAK are the Members of the Turkish Armed Forces, the Gendarmerie General Command, the Coast Guard Command and the Civilians Stipulated in the Law.

Members of OYAK include the members of the Turkish Armed Forces, the Gendarmerie General Command, the Coast Guard Command and the employees who would like to join therein on their own volition including the civilians as specified in the Law.

 

OYAK is a Member of Pensions Europe.

OYAK is a corporate supporter member of the organization called “Pensions Europe” since 2003. The above-mentioned organization performs activities aimed at providing a regulatory financial framework in order to ensure that the pension funds in Europe can offer sufficient, sustainable and more secure pension rights.

 

OYAK Does Not Have Any Asset That Belongs To Its Own Legal Entity.

As a legal entity, OYAK manages the savings composed of the subscription fees of its members and investment revenues and transfers all of the profits made out of these savings to the accounts of members in order utilize them until the date of retirement. Therefore, all assets managed by OYAK are registered in the name of those who are the members of OYAK as of that date. OYAK does not have any separate “money” or, in other words, “asset” that belongs to its own legal entity.

 

OYAK manages the Savings of its Members with the Objective of Profitability and Efficiency.

OYAK manages all savings of its members under the title of trustee according to the principles of profitability, efficiency and corporate investment.

 

OYAK also Offers Social Services to its Members.

While OYAK provides its members with pension benefit, pension and the benefits of demise and invalidity within the framework of the legislation, it also provides various services such as housing, lending, the Donation-Based Pensioner Income System (DBPIS) and the Pre-Saving Fund for Housing (PSVH).

 

OYAK Pays Significant Amounts of Taxes Together with its Affiliates.

OYAK is an institution that pays various taxes in contrast to what is alleged by missing information. The institution paid TRY 4.6 billion (1.14% of the taxes collected) in taxes together with its Affiliates in 2015.

 

What OYAK is not?

 

OYAK is not Affiliated to any Institution. 

OYAK is not under the hierarchical oversight or administrative tutelage of the Ministry of National Defense or of any other administrative organization. OYAK is not an administrative organization involved in the central or provincial organization thereof. OYAK is not covered by the Law No. 3046 (the Law on the Establishment and Duties of Ministries).

 

OYAK is not a Part of the Turkish Armed Forces.

OYAK is not involved in the organizational structure of the Turkish Armed Forces.

 

OYAK Does not Have any Allocation from the State Budget.

OYAK is not a special budget institution which has any allocation from the general budget, the budgets of regulatory and supervisory institutions or the budgets of local administrations or to which revenues are allocated by the state. OYAK is not covered by the Law No. 5018 (the Law on Public Finance Management and Control) and its tables.

 

OYAK is not a Part of the Public Social Security System.

OYAK is not a part of the social security organizations of the state and has never received and does not receive any allocation from the budgets of these institutions.

 

OYAK Has Never Received any Support From the State.

OYAK does not utilize any public resource. OYAK did not and does not receive any support or contribution from the state including the phase of establishment.

 

OYAK Does Engage in Any Activity in the Field of Defense Industry.

OYAK is not a commercial institution that engages in the activities of defense industry. Within this framework, it does not have any commercial relation with the Turkish Armed Forces.

 

OYAK is not a Company.

OYAK is not a corporation or limited liability company. It does not have any capital and issued share certificates. Therefore, the state or persons have never possessed any OYAK share certificate.