TÜRKİYE’DE BİREYSEL EMEKLİLİK FONLARINA GENEL BİR BAKIŞ

Öz

Bu çalışmada, küresel emeklilik piyasalarındaki son gelişmeler ve Türkiye’de bireysel emeklilik reformu ile 2003 yılı sonrası gelişmeler üzerine odaklanılarak bireysel emeklilik fonları piyasası (gönüllü Bireysel Emeklilik Sistemi kapsamında) genel olarak değerlendirilmiştir. Literatür incelemesi bulguları göstermiştir ki Türkiye’de gönüllü bireysel emeklilik (sistemi) fonlarının ortaya çıkışı, toplam tasarruf oranı ve sermaye piyasası gelişimini olumlu etkilemiştir. Bireysel emeklilik fonları, müşterileri için emeklilik sonrasında ek gelir imkanı sunarlar. Gönüllü bireysel emeklilik sistemine katılımın artması ve sistemde kalma süresinin anlamlı derecede artırılabilmesini temin etmek için, mevcut sistemin daha sadeleşmiş olarak yeniden inşa edilmesi gerekli görülmektedir.

Anahtar Kelimeler

• Emeklilik Fonları
• Emeklilik
• Gelişmekte Olan Ülkeler
• Türkiye

AN OVERVIEW OF VOLUNTARY PRIVATE PENSION FUNDS IN TURKEY

Abstract

We provide an overview of the voluntary pension fund market in Turkey by starting with recent developments in the global pension markets and then focusing on the pension fund reform in Turkey and the following developments since 2003. Findings from the literature indicate that the reforms on the introduction of voluntary pension funds in Turkey have positive implications for the overall national savings rates and capital market development. Voluntary pension funds create extra income for beneficiaries after their retirement. However, redesigning the system in a simplified structure is necessary in order to increase participation, inclusion and also to ensure persistency.

Keywords

• Pension Funds
• Retirement
• Developing Countries
• Turkey

Kaynakça

1. ALESTALO, Noora, Vesa PUTTONEN. 2006. “Asset Allocation in Finnish pension funds” Journal of Pension Economics and Finance 5 (1):27-44 DOI: https://doi.org/10.1017/S1474747205002295.
2. ANADOLU HAYAT. 2019. https://www.anadoluhayat.com.tr/files/yatirimci-iliskileri/yatirimci-sunumlari/2017/2017-03-31-Investor-Presentation.pdf (Accessed on December 30, 2019).
3. APILADO, Vincent P. 1972. “Pension Funds, Personal Savings, and Economic Growth” Journal of Risk and Insurance 39 (3):397-404
4. BAYAR, Yılmaz. 2017. “Individual Pension Funds and Capital Market Development in Turkey” Review of Economic and Business Studies 9 (2): 95-109.
5. BERSTEIN, Solange M., Romulo A. CHUMACERO. 2006. “Quantifying the Costs of Investment Limits for Chilean Pension Funds.” Fiscal Studies 27(1): 99-123
6. BLAKE, David, Bruce N. LEHMANN and Allan TIMMERMANN. 1999. “Asset Allocation Dynamics and Pension Fund Performance” The Journal of Business 72(4, October): 429-461
7. BODIE, Zyi. 1990. “Pension Funds and Financial Innovation.” Financial Management
8. BROOK, Anne-Marie, and Edward WHITEHOUSE. 2006. “The Turkish Pension System Further Reforms to Help Solve the Informality Problem.” OECD Social, Employment and Migration Working Papers 44, OECD Publishing.

9. CAPITAL MARKETS BOARD (CMB). 2020. https://www.cmb.gov.tr/Sayfa/AltSayfa/23 (accessed on November 11,2020).
10. CAPITAL MARKETS BOARD (CMB). 2019. https://www.spk.gov.tr/Sayfa/AltSayfa/286 (accessed on December 3, 2019).
11. CATALAN, Mario, Gregorio IMPAVIDO and Alberto R. MUSALEM, 2000. “Contractual savings or stock market development - Which leads?” Policy Research Working Paper Series 2421, The World Bank.
12. CATALAN, Mario.2004. “Pension Funds and Corporate Governance in Developing Countries: What Do We Know and What Do We Need to Know?” Journal of Pension Economics and Finance 3 (2): 197–232. doi:10.1017/S1474747204001532.
13. COMERT, Hasan and Erinc YELDAN. 2018. “A Tale of Three Crises in Turkey: 1994, 2001, and 2008-09.” University of Massachusetts, Amherst, Political Economy Research Center Working Paper No: 465.
14. CORBO, Vittorio, Klaus SCHMIDT-HEBBEL. 2003. “Macroeconomic Effects of the Pension Reform in Chile.” Pension Reforms: Results and Challenges, 241–329. Santiago: International Federation of Pension Fund Administrators.
15. DALKILIC, Nilufer. 2013. “Özel Emeklilik Fonlarının OECD Ülkelerinde Değerlendirilmesi”, Marmara University Journal of Financial Researches and Studies, 4 (8): 35–53.
16. DAVIS, Edward. 2003. “Linkages Between Pension Reform and Financial Sector Development.” Asian Development Bank.
17. ENACHE, Cosmin, Laura Raise MILOS, Marius Cristian MILOS. 2015. “Pension reform and capital market development in Central and Eastern European countries.” Economic Research. 28.
18. ERTUGRUL, Hasan Murat, Fulya OZORHON, 2019 (forthcoming). “The Effect of Private Pension Scheme on Savings: A Case Study for Turkey.” Borsa Istanbul Review.
19. ERTUGRUL, Hasan Murat, Pinar Fulya GEBESOGLU, Burak Sencer ATASOY (2018). “Mind The Gap: Turkish Case Study of Policy Change in Private Pension Schemes.” Borsa Istanbul Review. 18 (2): 140-149.
20. GILLAN, Stuart L. and Laura T. STARKS. 2000. “Corporate governance proposals and shareholder activism: The role of institutional investors” Journal of Financial Economics 57 (2, August): 275-305.
21. GOKCEN, Umut and Atakan YALCIN. 2015. “The case against active pension funds: Evidence from the Turkish Private Pension System.” Emerging Markets Review, vol. 23(C): 46-67.
22. HRYCKIEWICZ, Aneta. 2009. “Pension reform, institutional investors’ growth and stock market development in the developing countries: does it function?” NBP Working Papers 67, Narodowy Bank Polski, Economic Research Department.
23. HU, Yuwei. 2012. “Growth of Asian Pension Assets: Implications for Financial and Capital Markets” Asian Development Bank Institute, Working Paper No: 360.
24. IMPAVIDO, Gregorio, Alberto R. MUSALEM, & Alberto R. TRESSEL. 2001. “Contractual savings institutions and banks' stability and efficiency” Policy Research Working Paper Series 2751, The World Bank.
25. KAYA, Emine Öner, Bekir KAYA. 2015. “Türkiye’de Hayat Sigortası Şirketlerinin Finansal Performansını Belirleyen Firmaya Özgü Faktorler: Panel Veri Analizi”, Marmara University Journal of Financial Researches and Studies 7 (12): 93–111.
26. KIM, Hee-S. 2008. “Spillover Effects of Pension Funds on Capital Markets: The Mechanism and Preconditions” Available at SSRN: https://ssrn.com/abstract=2805804 or http://dx.doi.org/10.2139/ssrn.2805804
27. LIANG, Ren and Li BING. 2010. “Management of UK Pension Funds and Financial Market Development: 1970-2008”. IEEE Proceedings. 2010 International Conference. 4. 594 - 598. 10.1109/ICIII.2010.623.
28. MENG, Channarith and Donald Pfau WADE. 2010. “The Role of Pension Funds in Capital Market Development.” GRIPS Discussion Paper.
29. NIGGEMANN, Taro and Jörg ROCHOLL. 2010. “Pension Funding and Capital Market Development” SSRN working paper.
30. OECD (2017), Pensions at a Glance 2017: OECD and G20 Indicators, OECD Publishing, Paris. http://dx.doi.org/10.1787/pension_glance-2017-en
31. PEKSEVIM, Seda and Vedat AKGIRAY. 2019. “Reforming the Pension System in Turkey: Comparison of Mandatory and Auto-Enrolment Pension Systems in Selected OECD Countries” OECD.
32. RAISA, Milos Laura. 2012. “Spillover Effects of Pension Funds On Capital Markets. The Eu-15 Countries Case,” Annals - Economy Series, Constantin Brancusi University, Faculty of Economics 4, December, pp. 164-170.
33. RADDATZ, Claudio and Sergio L. SCHMUKLER. 2008. “Pension Funds and Capital Market Development: How Much Bang for the Buck?” Policy Research Working Paper; No. 4787. Washington, DC: World Bank.
34. RUDOLPH, Heinz P. 2019. “Pension Funds with Automatic Enrollment Schemes: Lessons for Emerging Economies” Policy Research Working Papers.
35. SAHIN, Serkan, Zeynel Abidin ÖZDEMİR and Yıldırım Beyazıt ONAL. 2019. “Türkiye’de Bireysel Emeklilik Sisteminin Sermaye Piyasasının Gelişimi Üzerine Etkisi” Dokuz Eylul Universitesi Iktisadi ve Idari Bilimler Dergisi 33 (2): 517-541.
36. SAMWICK, Andrew. 2000. “Is Pension Reform Conducive to Higher Saving?” The Review of Economics and Statistics 82 (2): 264-272.
37. SOCIAL SECURITY INSTITUTION (SGK). 2020. http://www.sgk.gov.tr/wps/portal/sgk/tr/kurumsal/kurumumuz/tarihce.
38. STEWART Fiona, Romain DESPALINS and Inna REMIZOVA. 2014. “Pension Funds, Capital Markets and the Power of Diversification” World Bank, Policy Research Working Paper No: 8136.
39. SUN, Shouji and Jiye HU. 2014. “The Impact of Pension Systems on Financial Development: An Empirical Study” The Role of Law and Regulation in Sustaining Financial Markets 4, Routledge. http://dx.doi.org/10.2139/ssrn.2481749
40. THOMAS, Ashok, Luca SPATARO and Nanditha MATHEW. 2014. “Pension funds and stock market volatility: An empirical analysis of OECD countries.” Journal of Financial Stability 11 (1): 92-103.
41. TOGAN EGRICAN, Asli and Fatih KAYHAN. 2020. “Voluntary Private Pension Funds and Capital Market Development.” Working paper. Turkish Capital Markets Association, 2014. “The Handbook of the Turkish Capital Markets.”
42. VITTAS, Dimitri, 1995. "Sequencing social security, pension, and insurance reform," Policy Research Working Paper Series 1551, The World Bank.
43. VITTAS, Dimitri. 1999. “Pension Reform and Financial Markets.” Harvard Institute for International Development, Development Discussion Papers, No: 697.
44. WALKER, Eduardo and Fernando LEFORT. 2002. “Pension Reform and Capital Markets: Are There Any (Hard) Links?” Abante, 5 (2):77-149.
45. WEYLAND, Kurt. 2005. “Theories of Policy Diffusion Lessons from Latin American Pension Reform.” World Politics 57 (2):262 - 295.
46. THE WORLD BANK. Averting the old-age crisis. Oxford, Oxford University Press, 1994.
47. THE WORLD BANK DATA (GDP Growth) https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=TR. 2020