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Effects of Global Financial Crisis on Turkish Individual Pension System

Year 2014, Volume: 3 Issue: 2, 246 - 264, 30.06.2014
https://doi.org/10.15869/itobiad.59711

Abstract

Developments in health sector and increases in welfare have raised the life expectancy of people. The individuals living longer than projected by pension schemes have posed a threat for financial sustainability of public pension systems which mostly have  defined benefit pension plans. Countries have shifted from defined benefit plans generally based on pay as you go to funded defined contribution plans based and from single-tiered pension system to multi-tiered pension system in order to both maintain financial sustainability of public pension systems and enable individuals to maintain their standards of living at retirement. However large fluctuations in assets and returns of pension funds during financial crises have shaked individuals’ confidence in funded pension plans. We examine the effects of global financial crisis on Turkish individual pension system in light of data provided from Pension Monitoring Center and Organisation for Economic Co-operation and Development by using descripyive analysis. We found that there was significant slowdown in rate of increase in total net asset value of individual pension funds, negative returns provided by pension funds comprised of predominantly common stocks, therefore a shift from common stocks to bonds in asset allocation of pension funds and a significant slowdown in rate of increase in number participants to individual pension system during global financial crisis.

Key Words: Global Financial Crisis, Pension Systems, Individual Pension System

References

  • Antolin, Pablo,“Private Pensions and the Financial Crisis: How to Ensure Adequate Retirement Income from DC Pension Plans”, OECD Journal: Financial Market Trends 2, (2009): 1.
  • Antolin, Pablo ve Stewart, Fiona, “Private Pensions and Policy Responses to the Financial and Economic Crisis”, OECD Working Paper on Insurance and Private Pensions, No: 36, (2009).
  • Casey, Bernard H., “The Implications of the Economic Crisis for Pensions and Pension Policy in Europe”, Global Social Policy, V:12, I:3, (2012): 246-265.
  • EGM, erişim tarihi 11.01.2013, http://web2.egm.org.tr/webegm 2/chart/besgosterge/wg_sirketview_tablolu.asp?raportar1=31.12.2010&raportar2=11.01.2013&sirketlist=100&raportip=10&yayin=W.
  • EGM, “Bireysel Emeklilik Sistemi Gelişim Raporları 2004-2011”, erişim tarihi 17.12.2012, http://www.egm.org.tr/?pid=360.
  • Eich, Frank, “The Financial and Economic Crisis and Pension Systems: International Experiences”, Pension Corporation Research, erişim tarihi 10.01.2013, http://ssrn.com/abstract=1594106.
  • Gaftoniuc, Daniela, “The Impact of the Financial Crisis upon Pension Funds”, The International Conference on Economics and Administration, Bükreş, Kasım 14-15, (2009): 309-315
  • Impavido, ‎Gregorio ve Tower, Ian, “How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter”, IMF Working Paper, No: 151, (2009).
  • Natali, David, “Pensions after the Financial and Economic Crisis: A Comparative Analysis of Recent Reforms in Europe” European Trade Union Institute Working Paper 7, (2011).
  • OECD, “Funded Pensions Indicators: Personal Pension Funds’ Assets”, erişim tarihi 10.01.2013, http://stats.oecd.org/viewhtml.as px?QueryName=595&QueryType=View.
  • OECD, “Pension Markets in Focus Issue 9”, erişim tarihi 10.01.2013, http://www.oecd.org/daf/fin/private-pensions/pensionma rketsinfocus.htm.
  • OECD, “Pension Markets in Focus Issue 6”, erişim tarihi 10.01.2013, http://www.oecd.org/daf/fin/private-pensions/pensionm arketsinfocus.htm.
  • OECD, “Pension Markets in Focus Issue 5”, erişim tarihi 10.01.2013, http://www.oecd.org/daf/fin/private-pensions/pensionm arketsinfocus.htm.
  • Sermaye Piyasası Kurulu, “İstatistiksel Veriler”, erişim tarihi 20.12.2012, www.spk.gov.tr.
  • Tapia, Waldo, “Impact of Financial Crisis on Pension Systems on LAC”, OECD/IOPS Global Forum on Private Pensions: Pension Reforms and Developments in Latin America, Rio Janeiro, Ekim 14-15, (2009).
  • Türkiye Cumhuriyet Merkez Bankası, “Veriler”, erişim tarihi 20.12.2012, www.tcmb.gov.tr.
  • Yermo, Juan, “Revised Taxonomy for Pension Plans, Pension Funds and Pension Entities”, erişim tarihi 05.04.2013, http://www.oecd.org/finance/private-pensions/2488707.pdf.

Küresel Finansal Krizin Türkiye’de Bireysel Emeklilik Sistemine Etkileri

Year 2014, Volume: 3 Issue: 2, 246 - 264, 30.06.2014
https://doi.org/10.15869/itobiad.59711

Abstract

Dünyada sağlık alanındaki gelişmeler ve refah artışı insanların yaşam beklentisini artırmıştır. Bireylerin emeklilik planlarında öngörülenden daha uzun süre yaşamaları, çoğunlukla tanımlanmış fayda planına sahip kamu emeklilik sistemlerinin finansal sürdürülebilirliğini tehdit eder duruma gelmiştir.  Ülkeler hem kamu emeklilik sistemlerinin finansal sürdürülebilirliğini sağlamak hem de bireylerin mevcut yaşam standartlarını emeklilikte de devam ettirebilmeleri için genellikle dağıtım modeline dayalı tanımlanmış fayda planından, finansman kaynaklı tanımlanmış katkı planına; tek katmanlı emeklilik sistemlerinden çok katmanlı emeklilik sistemlerine geçmektedirler. Bununla birlikte finansal krizlerde emeklilik fonlarının varlık ve getirilerindeki büyük dalgalanmalar, bireylerin finansman kaynaklı emeklilik planlarına güvenlerini sarsmaktadır. Bu çalışmada Emeklilik Gözetim Merkezi ile İktisadi İşbirliği ve Kalkınma Örgütü’nden elde edilen veriler ışığında betimsel analiz kullanılarak küresel finansal krizinin Türkiye’de bireysel emeklilik sistemi üzerindeki etkileri incelenmiştir. Çalışma sonucunda küresel finansal kriz süresince bireysel emeklilik fonlarının toplam net varlık değerindeki artış hızının azaldığı, hisse senedi ağırlıklı emeklilik fonların negatif getiriler sağladığı, bundan dolayı emeklilik yatırım fonlarının portföy dağılımlarında hisse senedinden tahvile bir kayma olduğu, bireysel emeklilik sistemindeki katılımcı sayısı artış hızının önemli oranda azaldığı bulgularına rastlanmıştır.

References

  • Antolin, Pablo,“Private Pensions and the Financial Crisis: How to Ensure Adequate Retirement Income from DC Pension Plans”, OECD Journal: Financial Market Trends 2, (2009): 1.
  • Antolin, Pablo ve Stewart, Fiona, “Private Pensions and Policy Responses to the Financial and Economic Crisis”, OECD Working Paper on Insurance and Private Pensions, No: 36, (2009).
  • Casey, Bernard H., “The Implications of the Economic Crisis for Pensions and Pension Policy in Europe”, Global Social Policy, V:12, I:3, (2012): 246-265.
  • EGM, erişim tarihi 11.01.2013, http://web2.egm.org.tr/webegm 2/chart/besgosterge/wg_sirketview_tablolu.asp?raportar1=31.12.2010&raportar2=11.01.2013&sirketlist=100&raportip=10&yayin=W.
  • EGM, “Bireysel Emeklilik Sistemi Gelişim Raporları 2004-2011”, erişim tarihi 17.12.2012, http://www.egm.org.tr/?pid=360.
  • Eich, Frank, “The Financial and Economic Crisis and Pension Systems: International Experiences”, Pension Corporation Research, erişim tarihi 10.01.2013, http://ssrn.com/abstract=1594106.
  • Gaftoniuc, Daniela, “The Impact of the Financial Crisis upon Pension Funds”, The International Conference on Economics and Administration, Bükreş, Kasım 14-15, (2009): 309-315
  • Impavido, ‎Gregorio ve Tower, Ian, “How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter”, IMF Working Paper, No: 151, (2009).
  • Natali, David, “Pensions after the Financial and Economic Crisis: A Comparative Analysis of Recent Reforms in Europe” European Trade Union Institute Working Paper 7, (2011).
  • OECD, “Funded Pensions Indicators: Personal Pension Funds’ Assets”, erişim tarihi 10.01.2013, http://stats.oecd.org/viewhtml.as px?QueryName=595&QueryType=View.
  • OECD, “Pension Markets in Focus Issue 9”, erişim tarihi 10.01.2013, http://www.oecd.org/daf/fin/private-pensions/pensionma rketsinfocus.htm.
  • OECD, “Pension Markets in Focus Issue 6”, erişim tarihi 10.01.2013, http://www.oecd.org/daf/fin/private-pensions/pensionm arketsinfocus.htm.
  • OECD, “Pension Markets in Focus Issue 5”, erişim tarihi 10.01.2013, http://www.oecd.org/daf/fin/private-pensions/pensionm arketsinfocus.htm.
  • Sermaye Piyasası Kurulu, “İstatistiksel Veriler”, erişim tarihi 20.12.2012, www.spk.gov.tr.
  • Tapia, Waldo, “Impact of Financial Crisis on Pension Systems on LAC”, OECD/IOPS Global Forum on Private Pensions: Pension Reforms and Developments in Latin America, Rio Janeiro, Ekim 14-15, (2009).
  • Türkiye Cumhuriyet Merkez Bankası, “Veriler”, erişim tarihi 20.12.2012, www.tcmb.gov.tr.
  • Yermo, Juan, “Revised Taxonomy for Pension Plans, Pension Funds and Pension Entities”, erişim tarihi 05.04.2013, http://www.oecd.org/finance/private-pensions/2488707.pdf.
There are 17 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Yılmaz Bayar

Metin Kılıç

Publication Date June 30, 2014
Published in Issue Year 2014 Volume: 3 Issue: 2

Cite

APA Bayar, Y., & Kılıç, M. (2014). Küresel Finansal Krizin Türkiye’de Bireysel Emeklilik Sistemine Etkileri. İnsan Ve Toplum Bilimleri Araştırmaları Dergisi, 3(2), 246-264. https://doi.org/10.15869/itobiad.59711

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