OYAK

OYAK, (Ordu Yardımlaşma Kurumu/Armed Forces Pension Fund) provides its members with "supplementary retirement benefits" apart from the official retirement fund, T.C.Emekli Sandığı/SSK, to which they are primarily affiliated.

In addition to the retirement benefit, OYAK pays "disability benefits" to the members on duty when they become partially or fully disabled as well as "death benefits" to the heirs of the deceased member if the death occurs during the member's subscription to the Foundation.

OYAK is incorporated as a private entity under its own law subject to Turkish civic and commercial codes. OYAK while fulfilling its legal duties, as set in the Law, also provides its members with social services such as loans, home loans and retirement income systems.

The initial source of OYAK's funds is a compulsory 10 percent levy on the base salary of Turkey's 200,000 serving officers who, together with 25,000 current pensioners, make up OYAK's members.

OYAK, in order to raise maximum income to provide efficient social benefits, manages its funds in both portfolio and equity investments.

OYAK, with its headquarter in Ankara, has equity investments in 26 companies, concentrated in the automotive, cement, financial, service and iron&steel sectors. Some of the investments are joint ventures with well-known international names, such as Renault and STEAG

http://www.oyak.com.tr/